First Plus - about to take a loan out

blt

I applied to my mortgage lender for an advance against my house mortgage for £10k. Unfirtunately they declined my request as I had missed a payment (unknowingly) nearly 2 years ago.

Through moneysupermarket, I found first plus and they have accepted me for a loan and are riging me this afternoon with APR, repayments etc.

My intention is to try again with my mortgage provider in 6 months for the money again and basically pay First Plus back.

Has anyone got any advice on First Plus, their experiences etc. what they're like etc? Thanks

PJY3206

Read this. I sincerley hope it convinces you never to deal with First Plus. They are Cowboys and thats with a capital C.

http://forums.moneysavingexpert.com/showthread.html?t=532859

Me_Myself_2

Don't touch them with a bargepole!!!!!!!!!!!!!

Rafter

First Plus, like most secured loan companies, make most of their money out of payment protection insurance which is added up front.

They will also charge you arrangement fees and early settlement charges.

Therefore for a six month loan this is prohibitively expensive.

I'd strongly suggest trying to get a flexible unsecured loan if you can - it may be that one missed payment on your mortgage that long ago won't affect your application too much.

Alternatively try pleading your case with your mortgage company and tell them that their 'computer says no' attitude means they may well lose your business in future?

R.

blt

Hi everyone, I hope someone can offer some more words of wisdom! They have offered me an interest rate of 12.9% and I'm pretty sure I'm not going to get anything better from anywhere else due to credit problems in the past. I can afford the monthly repayment quoted and the salesman actually told me that he wouldn't actually recommend PPI for me which was quite refreshing!

I asked about the fact that it was a variable rate and how often it had gone up. He said that he had been working there 2 years and it had gone up twice. Does that sound right? He also said that no, it hadn't gone down at any point.

CLAPTON

12.9% is a high rate of interest but also consider whether you will be able to afford the repayments if the rate goes up to say 15% or more.

why do you need the loan?

Debt_Free_Chick

Apologies blt, but posts like yours always make me nervous .....

You have missed a mortgage payment .....

You have a poor credit record ......

... which generally means that you don't handle your finances well - at least not well enough to identify and then pay your priority bills.

Then ... you say you "need" a loan for £10k - what on earth for?

Emmzi

Look carefully at early repayment charges for firstplus. Many people end up paying back way over the odds, and rue the day they signed the forms.

Dylanwing

Personally I would not touch Worst Plus with a very long bargepole. Miss any payments, or look to settle early and they will really clobber you - Since joining this board, I have read more negative comments about them than any other similar lender.

Mind you, there may be happy customers out there........