FirstPlus and UE?

[malamute]

Hi All,

I won a PPI claim on a secured loan last year and the loan was re set accordingly.

I'm up to date with it with no issues but I was wondering a couple of things:

1. its around 41k left to pay (based on credit report) is there any chance i can get it converted/changed to an unsecured loan or would it have/need to be a lower amount?

2. I've read that there are some issues with my lender's interest rates clauses and calculations - can the agreements be flawed?

Just curious if anyone else had had dealings with this lender or type of loan.

[still looking]

Re: FirstPlus and UE?

I have had many a fight with these gangsters, the only way you can change it to unsecured is to have your house repossessed and have a short fall in paying these nasty Barclays gangsters back.

I will owe them approx £38,000 no money in the house to pay them, has been repossessed by the Coventry, so all they can do now is shout and scream and threaten.

I hate this company with a vengeance, they ruined my life, my marriage etc.

But hey a silver lining, I am better off, have a better rented house and know they will have to go to court to get a offer, which won't be much.

[vint1954]

Re: FirstPlus and UE?

It depends on when the loan was taken out, but it may not be regulated if above £25k.

You need to check the agreement to see if it mentions being regulated under CCA 1974.

It is not always wise to try UE on a debt securred on your house.

[malamute]

Re: FirstPlus and UE?

I have had many a fight with these gangsters, the only way you can change it to unsecured is to have your house repossessed and have a short fall in paying these nasty Barclays gangsters back.

I will owe them approx £38,000 no money in the house to pay them, has been repossessed by the Coventry, so all they can do now is shout and scream and threaten.

I hate this company with a vengeance, they ruined my life, my marriage etc.

But hey a silver lining, I am better off, have a better rented house and know they will have to go to court to get a offer, which won't be much.

Thanks for your reply - I'm so sorry to hear of the stress they've caused you.

Hubby and I were naive to think it would help us - nope! We are looking to move in the next two years and in a ideal situation I was wondering if there was a way of getting it off our house so we can use any profit/equity on our house towards the next one.

I looked at an early settlement figure and it simply doesn't make sense. Given the payments made on it, to redeem early the amount they asked for settlement was larger than we even borrowed. Which is even worse if the profit/equity from the sale of our first house is enough to pay it all off.

When we looked at our credit report the amount reduces with each payment (not by the payment amount obviously as the payment amount includes interest) and the amount outstanding gives a figure of just under 40k - we've paid off 10k. But the settlement figure they provide is £52k.

Surely if you've been paying a loan for 5 years your settlement figure would not be higher than the original loan?! Can't be fair?!

Out of curiosity I asked for an early settlement of my actual mortgage and given we are not on a fixed rate - the settlement figured was the amount of the outstanding loan (give or take a few pounds as interest in calculated daily). When I asked for an early settlement on an unsecured loan a few years back it was about the same as the amount outstanding also.

With my limited understanding I've looked at the terms of the FP loan (taken out Feb 2007) and I don't understand them enough to question them.

I'd never go UE in the way I have with my C/C because it is currently secured.

I'd just like to see if there was a way of getting it unsecured.

[still looking]

Re: FirstPlus and UE?

Malamute,

There is just no way First Plus would make the loan unsecured. And I can assure you if you tried to sell your house and there was even a £1,000 short fall for FP they would put the block on it, It happened with me, £5,000 short and they blocked a sale, now they will get nothing as I will go BR as my total debt is about that figure £45,000 even though I only borrowed £40,000 in 2006.

They are greedy and they know the money is safe secured on your house so there is no chance in hell they would agree to an unsecured loan.

Sorry for the bad news.

[malamute]

Re: FirstPlus and UE?

Malamute,

There is just no way First Plus would make the loan unsecured. And I can assure you if you tried to sell your house and there was even a £1,000 short fall for FP they would put the block on it, It happened with me, £5,000 short and they blocked a sale, now they will get nothing as I will go BR as my total debt is about that figure £45,000 even though I only borrowed £40,000 in 2006.

They are greedy and they know the money is safe secured on your house so there is no chance in hell they would agree to an unsecured loan.

Sorry for the bad news.

I've have heard that this can sometimes be the case - and I hate them all the more.

The fact I hate them so much makes my resolve a little harder - for the time being at least I'm going to stay positive that there's something that can be done.....

[still looking]

Re: FirstPlus and UE?

I wish you luck Malamute, have you joined the First Plus forum just google first plus forum, you may pick up some good advice there.

[Never-In-Doubt]

Re: FirstPlus and UE?

I wish you luck Malamute, have you joined the First Plus forum just google first plus forum, you may pick up some good advice there.

This one here? --> Complaints against Barclays - First Plus Complaints

Feel free to post the correct link

If it helps a user we are happy to post links to other sites.

[still looking]

Re: FirstPlus and UE?

Thanks NIDDY, they helped me a lot in my fight with Barclays first plus, was I'm in hurry, just off to start shift at hospital. !!!!!