Firstplus HELP Please...

DanJarv

Really Need Help, as a young and stupid Couple myself and my Wife took out a loan with Firstplus, the loan was totally impractical for us, it was a secured loan of £48k, PPI of £12k meaning a total loan of almost £60k, the APR was 10.4% we have been paying this loan for almost 11 years now at around £540 per month - thats a staggering £71k already paid and we still have a balance of £51k...Please help, we cant afford to keep this up, we need help, is there anything we can do?

sourcrates

Hi Dan,

Welcome to the forum.

Its difficult dealing with an unafordable secured loan, as by its very nature, if you dont make the contracted payments, then you are at risk of losing your home.

One thing i would suggest though, with regard to the PPI, are you not aware of the mis-selling scandal surrounding payment protection insurance ?

I strongly suspect you may have a good case for mis-selling, i would perhaps look into putting in a written complaint to your lender about this.

They probably have a dedicated team dealing with PPI complaints, i would check first on there website.

DanJarv

I have already put a complaint in, through Barclays online process...I've also contacted Elderbrige, im trying to find a solicitor who may help...Any advice is much appreciated, i thought it was just us but there are literally thousands of people in the same situation with the same company...

chevalier

what was the secured loan for? Ie what it for an asset that you can sell to pay back a lump sum? Or do you have a mortgage with equity that you could transfer this loan sum to so that you were paying it back at a lower interest rate? If the answer is no then you might want to post up an SOA on here to see if we can make more savings in your expenses.

good luck
chev

National_Debtline

I agree that your best bet is to post a SOA next for more guidance. You may need to consider cutting back on non-essentials or even defaulting on credit debts to accommodate this loan. As it is secured it must be maintained to prevent a risk of repossession. If you could maintain the loan but that would mean missing payments on credit cards etc. then there are options for this.


You may also be able to refinance and reclaim mis-sold PPI as well, but if you do consider re-mortgaging then you should look at some independent financial advice to make sure the loan is more suitable this time.


Laura
@natdebtline