First Plus do it again!!

[vad921]

Yep, my wife and I received a letter from First Plus yesterday advising that they are raising the interest (again) on our secured loan. Apparently, this reflects, "the increased underlying costs associated with borrowing and prevailing market conditions".

They really shouldn't be able to get away with this robbery!

[kallis3]

I agree vad. They are making money hand over fist from people who already have loans anyway, they should not be allowed to just put up the interest rate willy nilly.

They will find people falling behind in their payments, houses being repossessed and they won't be able to sell them.

I saw something on tv last night about a house NR repossessed and put on the market for £170,000 and it has just sold for £69,000.

[chris.g]

Unfortunately, I can see it becoming a lot worse before it gets any better.....Can people remember 'Boys from the Black Stuff'???......

On the housing front, our local housing association(used to be council but it was privatised and all the housing stock sold off to them)have stopped building. They have pulled down loads of houses, building new ones on the land BUT half of the new houses are for sale. No-one is buying so they have stopped building.....what about all the families who are going to need a place when they can no longer afford their mortgage repayments and/or go br??? There are 17,000 applicants in the Sunderland area alone waiting for housing........
Hubby was telling me the other day that a woman went to a well known house builder's plot, asked how much a house was, £150k. She told them she could only get a £100k mortgage and they said 'Ok, we'll take that'!!!!

[kallis3]

And it can only get worse!!!!!!!!