Unenforceable?

[Bilbo]

I have an unregulated loan with Firstplus for £73,000 and got my PPI paid back to reduce my loan amount which gave me a couple of issues. Firstly, I never wanted it paid back to reduce my amount but I never had that option, secondly, I have only signed the loan agreement once so was it the loan I signed for or the PPI?

Finally, could it be said that FirstPlus had put a variation in the loan when the removed the PPI and should this unregulated loan then become regulated as a result. To say I was naïve when I took out the loan was an understatement and if I had seen all the repayments and charges before I signed it, I never would have taken it out in the first place.

[PlanB]

Re: Unenforceable?

I have an unregulated loan with Firstplus for £73,000
.

Hello Bilbo and to AAD

Is this a secured loan on your home?

Plan B x

[Bilbo]

Re: Unenforceable?

Hi Plan B

Sorry, I should have explained a bit more, yes, it is a secured loan.

[PlanB]

Re: Unenforceable?

it is a secured loan.

Okay.

While we take a look at the PPI refund issue can you tell us whether you have any arrears on this loan which may cause you problems in the future? Or is this only a PPI issue?

Who is your original (first charge) mortgage with and is that all up to date?

Plan B x

[Bilbo]

Re: Unenforceable?

Plan B

My first charge is with Skipton and there are no arrears on this, Due to personal circumstances, the other loan is in arrears and firstplus have handed it over to a collection agency. The house is in negative equity and firstplus had previously agreed to accept a full and final payment of £30,000 but now want more than double this, even though there is only about £20,000 equity left in the house if it was sold.

[Never-In-Doubt]

Re: Unenforceable?

PPI or any refund should only be repaid against the actual balance if you're in arrears. If you're not then any refund must be paid separately to you.

Your port of call is the Financial Ombudsman (FOS). They're the ones who can reverse the decision to repay the loan with missold PPi premiums.

[Never-In-Doubt]

Re: Unenforceable?

Bilbo

Can you please send me an email with the £77,000 refinance agreement which included the PPi as you've only sent the agreement for the £35k loan.

Thanks

[Never-In-Doubt]

Re: Unenforceable?

Thanks for email. I've sent over to Solicitor to look at for you. Bear with us. Back in touch in couple of days

[Bilbo]

Re: Unenforceable?

Thanks for your patience and support in relation to this loan agreement, it really is appreciated.

[Never-In-Doubt]

Re: Unenforceable?

Hi - thanks for your email.

Ive passed to Jo. She'll make contact ASAP.

Cheers.