Firstplus - No Actual Loan Agreement?!

melf_2

Hi there,

Very briefly, we took out a secured loan from FisrtPlus in May 06 for £70000. Due to huge debt problems we sold our property in December and paid FP £48000. The settlement figure they gave us was £83000 so we now have a balance of £35000. As we did not, and still do not have a new property (living in temp accom) the loan is unsecured (only proof is through our solicitors who have a fax from FP confirming this) Problem is that we have not had a new loan agreement. We have requested it over and over again, like talking to a brick wall. Put in official complaints, all recorded delivery to FP, FLA, FSA, Ombudsman but no one is able to help. Trading standards is looking at it now. Sought legal advice and best advice we received was 'go bankrupt'. Great.

Where on earth do we stand? I've managed to get one person to tell me our payments are £400pm for 25years. Refused to put in writing to me and they are ignoring all letters. Obviously we had agreement for the secured £70000 but what now? Should we have a new agreement?

Anything we can do???

melf_2

Hi there,

I've already written to the Chief Exec, albeit not to an actual name. That was on 1st March adn I have not had a response. Letter was sent recorded delivery.

Might be worth resending to him but I'm sure he's already had it.

peterg1965

melf wrote: »

Hi there,

Very briefly, we took out a secured loan from FisrtPlus in May 06 for £70000. Due to huge debt problems we sold our property in December and paid FP £48000. The settlement figure they gave us was £83000 so we now have a balance of £35000. As we did not, and still do not have a new property (living in temp accom) the loan is unsecured (only proof is through our solicitors who have a fax from FP confirming this) Problem is that we have not had a new loan agreement. We have requested it over and over again, like talking to a brick wall. Put in official complaints, all recorded delivery to FP, FLA, FSA, Ombudsman but no one is able to help. Trading standards is looking at it now. Sought legal advice and best advice we received was 'go bankrupt'. Great.

Where on earth do we stand? I've managed to get one person to tell me our payments are £400pm for 25years. Refused to put in writing to me and they are ignoring all letters. Obviously we had agreement for the secured £70000 but what now? Should we have a new agreement?

Anything we can do???

I am staggered that the settlement figure was £13,000 more than the original loan! Surely this is either wrong or the company has absolutely no moral values at all. This is a disgrace, what APR was the loan?

melf_2

You aren't the only one thats staggered! I have no idea whats going on. The original loan was apr of 10.4% I think. The balance I have no idea about as we have no new agreement? Company is Firstplus and they have been horrendous to deal with.