Firstplus no annual statement... ever!!

baileyboy09

Hello,


I wonder if someone could help/ give some advice please. We took out a FP loan 8 years ago, they have taken huge amounts of money from us every month and when I recently asked for a settlement figure, it appeared to be very close to the original loan figure, my question is it obligatory to send an annual loan statement for a secured loan as I have never received one and am finding it difficult to work out how we have paid so little from the loan as by my calculations we are paying the 5k a year, so I would like to know how this has been calculated. Any assistance would be appreciated as I believe this is wrong, thanks in advance

nomoneytoday

You will pay more interest in the beginning, as the open balance is higher. Over time it decreases.

MUM40

Do you have PPI on this loan? as they may of missold this to you. Check the other first plus group messages.

Apples2

What was in your agreement?
Are you on track to finish it on the same date you agreed when signing for it? If so, there is no problem.

Have you missed any payments or taken payment "holidays"?

baileyboy09

I cannot track anything, I know the term is 25 years and the APR appears to be whatever they feel like however I can not track the progress of the loan as I have never received an annual statement, that was my original question as I thought that an annual statement was good practice and should be sent? And obviously this IS a problem to me, I asked for advice or comments not someone's interpretation of what a problem is for me ... thanks and no PPI, I did not take it out thankfully :-)

Gaz83

baileyboy09 wrote: »

I cannot track anything, I know the term is 25 years and the APR appears to be whatever they feel like however I can not track the progress of the loan as I have never received an annual statement, that was my original question as I thought that an annual statement was good practice and should be sent? And obviously this IS a problem to me, I asked for advice or comments not someone's interpretation of what a problem is for me ... thanks and no PPI, I did not take it out thankfully :-)

There is very little help anyone on here will be able to give you without details such as amount borrowed, term, or the APR.

It is true that, with loans, you pay off more interest at the start of the loan, hence why a settlement figure just a few years into the loan will be a lot higher than people expect - because most of what you've been paying is interest.

For example, my £114,000 mortgage would still have a balance of £96,000 after 8 years, despite me having paid nearly £55,000 to it, if I wasn't making overpayments. I would have paid £37,000 in interest in 8 years.

Apples2

baileyboy09 wrote: »

I asked for advice or comments not someone's interpretation of what a problem is for m

With absolutely zero information we are only trying to help with the scant figures given.

If we were to start making our own interpretation of the problem we might suggest you are looking for a loophole which gets you out of repaying your loan (which you haven't even considered of course!).

Darklinglion

You've gone 8 years without any way to review your payments etc? I'd be doing the easiest thing first. Ring them and ask them? They'll have a better idea than we will!

cavework

FP don't send out statements you have to request one.
They are not required by law to do so.
You can ring and ask for all payment records right back to when you first took out the loan.
I did this

Time_to_face_the_music

Read this before you ask them for statements etc:

http://www.firstplus.co.uk/assets/content_doc/Service_Charges.pdf

It appears they charge to provide a statment :mad:

TTFTM x

cavework

They did not charge me and there was shed loads