Do Your Own Debt Consolidaton And Save! Know Exactly When You Will Be Out Of Debt, And Sooner Than You Think. No: New Loans, Credit Checks, Monthly Fees, Discussing Your Situation With...
First Plus secured loan
Mar 7th, 2008, 7:26pm
ok peeps, missed our first payment on 26th Feb, and its taken them all of 8 days to send us our first arrears letter, and very pretty it is too....lots of bold red highlighted bits.
Its asking us to ring them to discuss the reason for the arrears (if they had read and acknolwedged my letter dated 23rd January, then they would know EXACTLY what financial situation we are in, and could probably guess why we havent paid, but of course that is far too much to expect them to be in the slightest bit interested in one of their existing customers)
Anyway, reason for posting...shall i ignore the letter, or should i be drafting a letter explaining our decision to let the house go? cheers peeps
brett11
Gold Member
Re: First Plus secured loan
Reply #1 - Mar 7th, 2008, 7:29pm
My thoughts are, why spend your money on sending letters out if you are leting the house go?
awaywiththefaeries
Gold Member
Re: First Plus secured loan
Reply #2 - Mar 7th, 2008, 7:47pm
My advice Pinks is don't speak to them or write to them until you have somewhere new to live and you're all sorted.
~x~
dmq
Full Member
Re: First Plus secured loan
Reply #3 - Mar 7th, 2008, 8:49pm
In my experience with an unsecured loan 3 months went by and then the default then the 7 days to pay or was it 14 then the court papers dropped through the letter box but as i say that was unsecured.. But i suppose they all operate the same
pinkminkee
Topic Starter
Gold Member
Re: First Plus secured loan
Reply #4 - Mar 8th, 2008, 8:59am
cheers peeps, my way of thinking was the same as Away and Brett, and I was also hazarding a guess as to allowing 3 - 6 months to find somewhere to move to and then be gone, so likewise i am thinking the same as you dmq. am getting about 3 or 4 phone calls a day now from our debtors, which I am not answering.........even had one at 7.45 this morning
think it may be time to change our phone number
dawny35
Full Member
Re: First Plus secured loan
Reply #5 - Mar 8th, 2008, 9:20am
towards the end i had alot of trouble with first plus and if your definatley letting the house go ignore them because they can get pretty heavy. After all was done with me i ended up owing them 40K which was included in my bankruptcy. Thatll teach them to lend 125%.
pinkminkee
Topic Starter
Gold Member
Re: First Plus secured loan
Reply #6 - Mar 8th, 2008, 11:26am
lol serves em right then
dawny35
Full Member
Re: First Plus secured loan
Reply #7 - Mar 8th, 2008, 11:39am
totally agree, in my opionon they are one of the worst lenders out there.
pinkminkee
Topic Starter
Gold Member
Re: First Plus secured loan
Reply #8 - Mar 8th, 2008, 4:59pm
tell me bout it....its partly due to their disgraceful lack of morals and constant increase of interest rates when all around are lowering theirs, that we have come to the decision to pack up and move on..........they are very unlikely to get much money out of us once the mortgage company have taken their bit...stuff em I say
confused.com
Gold Member
Re: First Plus secured loan
Reply #9 - Mar 8th, 2008, 6:02pm
Pink, agree with others. We ignored FP as they were ignoring us. We, like you, detailed everything in writing and they didn't want to know.
How did the viewing go btw?
Mr C
pinkminkee
Topic Starter
Gold Member
Re: First Plus secured loan
Reply #10 - Mar 8th, 2008, 9:00pm
cool beans, i shall sit tight and collect lots of letters...you never know if I am lucky enough i may get enough to make myself a paper house to live inb
as for the house, ta for asking Mr C, it was nice enough, not much bigger than we have now but the advised that after the first 6 months tenacny it was a renewable on a month my month basis .Which apparently is the standard and just means if its a long term let as long as you pay your rent each month you can stay put.......I wish these agencies explained their rules and regs a bit more clearly to relative newbies like us lol. Still regardless it wasnt worth the asking rent. Going to look at another on monday........plenty around
brando
Junior Member
Re: First Plus secured loan
Reply #11 - Mar 11th, 2008, 2:43pm
Hi Pink
Unfortunately, no advice to give but wanted to wish you all the best with finding a new place to live.
We have a sec loan with FP and have just received a letter to say that our rate is dropping by 0.6%!!! Won't do them much good as they won't be receiving any more payments and then won't get much once N Rock have sold our house and taken their bit back .
I guess the next letter we receive from FP will be arrears, but should be long gone by then, with any luck .
Anyway, the best of luck to you.
Mr & Mrs B.
pinkminkee
Topic Starter
Gold Member
Re: First Plus secured loan
Reply #12 - Mar 12th, 2008, 1:48pm
gosh thats decent of FP to drop your rate lol. i spoke to FP arrears dept, a couple of days ago and although they suggested I contact them to see about extending the term of the loan, it would not help much anyways as we would still be paying them a fortune. i did make a point of saying that as a direct result of them ignoring our letters and consistently increasing our rate when all aornud peeps were dropping theirs, that FP has pushed us towards a situation whereby we could not afford to pay our FP loan and our mortgage, so we aren't paying either.
It was an amusing start to the phone call with them..the usual
FP: do you realise you are a 1 payment in arrears? ME: yes! FP: are you able to make that payment today? ME: no! FP do you know when you will be able to make that payment? ME: I won't!
and so the convo progressed. I also mentioned to them that when the repossession finally took place by the mortgage company, that as a result of FP lending us 125% of the quity and as a result of property prices dropping, that FP are very unlikely to get much of the equity as the mortgage company will take most of it to repay the loan we have to them.........course the longer we drag out the repossession the more arrears accrues on top of our initial mortgage balance, plus fees etc etc, the less FP are going to get from the remaining equity........and once we both file for BR, they wont get a penny.
It will be worth all the hassle just to see the outcome of FP's lack of help and greed, translate into not very many pounds ha!
The only thing we want to be a success is for the mortgage company Birmingham Midshires to get all their money back, as they have been more than helpful and kind and I would recommend them to anyone looking for a mortgage
FP and all the unsecured lenders can go stuff emselves with a big rock n jump in the sea...no the sewers, thats the best place for em, wouldnt want to pollute the sea with their kind of toxic waste
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