Missed Payment Secured Loan First Plus

techno1029

As I said earlier this was a massive decision which I did not take lightly. here is my thinking behind what I did. I have never missed a payment in over 6 years. This year I have made 6 payments upto and inc. June. I wanted the DD reinstating to take the payment for the end of July. So in effect I will make a payment in July. From then on all payments would come out at the end of the month thus making 12 payments in the year, the same as I would of if I had not cancelled the DD. Why if the DD date is changed from beginning of the month to the end of the month have I missed a payment?
I will have made 12 payments, one in each month??

Tixy

You will have missed a payment because your loan repayments are not calculated on a calender month.
When you took out the loan the lender worked out how much you needed to repay by assuming you would make every payment on the due date and calculating the interest on a daily basis on the expected balance each day for the whole term.
By not making a payment on the due date you then you have increased the loan term and increased the interest due fractionally every day for the rest of the term.

techno1029

My intention now is to pay one quarter of the amount as soon as I am contacted. A further quater at the end of the month with the remainder over the next two months. Just wondered if anybody else had done a similar thing and what the consequences were?

Tixy

The consequences are likely to be a missed payment marker on your credit file, probably a missed payment charge and additional interest being added to your balance.

opinions4u

Missed payment on credit file.

Any credit card debt you carry will also become more expensive within 12 months. Mysteriously.

JustWish

Hi, If yougoogle "FIRSTPLUS DIRECT MANDATE" you will be able to download a copy yourself direct from firstplus, fill it out and post it back to them, this month, just pay over the phone via debit card and have the new DD going from August!

techno1029

JustWish wrote: »

Hi, If yougoogle "FIRSTPLUS DIRECT MANDATE" you will be able to download a copy yourself direct from firstplus, fill it out and post it back to them, this month, just pay over the phone via debit card and have the new DD going from August!

Thats great info JustWish...many thanks.

techno1029

Just for other peoples info I have just sorted my missed payment out with FP. I can clear it over the next 6 weeks without too much hassle. After hearing horror stories of their customer services etc I was treated very fairly and a massive weight just lifted of my shoulders. Thanks for everyones input.