Repossesion - Firstplus

opinions4u

I'm not convinced that the FOS can order them to accept you on to any product, service or scheme.

Amanda1880

Hi

Yes in an interlocking IVA with ex hubby.

House worth 100k approx, first charge owed 94k second 50k so as u can see major neg equity, loan was given in 2005 when they were giving 120% ltv. Meantime husband left me with 2 children and cannot pay both liabilities and neither can he as he is now paying for rented flat.

Went to shelter for advice they recommended MRS, first charge agreed no problem and to a 27k shortfall, Firstplus refused based on figures they amended themselves on our i&es and a valuation they say is 15k more than anyone elses.

I understand they stand to lose 50k which is a massive amount of money however, in whatever circumstance they gain to get nothing and actually if they agreed to MRS i can put it into my IVA arrangement and they will get a return albeit small. If the house is sold market value they will get nothing likewise if it gets repossessed.

So altho i can see their issue they stand to benefit nothing at all by blocking the scheme, they are putting me and my family on the streets for nothing and its very frustrating, i have asked for a review and provided backing from Shelter, my LA and Insolvency Practitioner all trying to point out from different angles the situation but as yet they still wont bend.

I can no longer pay the loan so just making sure the first charge get paid as they have been fantastic and very supporting, so going to get alot of hassle now and they will more than likely go for repossesion however, not sure how a court would take it given ive accepted i have a problem, tried to address it and FP have said no.

I realise the ombudsman cannot make them overturn their decision but my solicitor said they can make it known what the beat course of action is maybe that may help i dont know.

Very worrying times!

Thanks

piglet74

My parents had their home (family home, 4 generations brought up in it) repossessed last year, it was done my the 2nd charge company, like that they thought they would not be that bothered as the first charge was paid, but they repossessed, 8 days later it was up for sale. Tho they have yet to be contacted re; the shortfall,

I hope it all works out for you, I can honestly say a repo is the ugliest thing I have ever seen I if I were you I would enquire about an assisted sale or even a voluntary surrender before I would let them repossess, good luck with it all.

Amanda1880

Hi

Thanks for the reply, I really dont want to lose my home and just thought that as Firstplus will stand to lose in every scenario then really what is the point of repossesing it surely on top of the shortfall there would be costs that will incur in addition due to the repossession.

What is this company thinking of surely it would be in their interest to cut their losses and gain a small amount through my IVA but so far that is not happening.