www.iva.co.uk

chris.g wrote:

Hiya Vad, have you decided which route your taking yet? I agree the figures are very high and it would scare the poo out of me!!!! What was the APR?

chunkeyleadley wrote:

Originally posted by vad921

Hi all,

Just received the settlement figure for our First plus loan:

In October 2005 we ended up taking out £74,000 (loan) + £18,000 (PPI) totalling £92,000 @ £835 p.m.

Our settlement figure on 03 March 2008 is as follows:

Total Amount payable under the Agreement £241080.65
Less rebate on early settlement -£152927.99
Plus admin charges £150
Total amount payable by 31/03/2008 £88302.66

Staggering! With interest rates increases we are now paying £960 p.m. In 2.5 years of paying between £835-£960 p.m. we haven't even paid £4k off!!!!! They don't even say how it was calculated and just refer you back to the terms and conditions which say nothing about early settlement calculations.

I appreciate that the biggest issue is the PPI, which I currently have a complaint in with the Financial Ombudsman, but it is still staggering the see it.

This is not the the agreement we signed up for and companies should not get away with this!!!

As you can see from my other posts this has really put my wife and i under serious financial pressure!!


Hello, I'm new to this thing but have just found myself in the same situation with First Plus. We wanted to borrow £25,000 but were talked into £30,000, I stupidly took it out over 25 years to make payments smaller intending to pay of sooner and was then talked into taking out insurance with cash back. The insurance payment of £7347.00 was apparently paid UP FRONT by first plus to the insurance company and then ADDED to my loan to make £37,347.00 and I am being charged interest on the full amount! We have currently paid out roughly £22,000 over the last 4 and half years and have just had a settlement figure of £39,237.36! After wiping away the tears I have become very angry at first with myself for being so stupid then with them because looking back at the phone calls, I know they knew how to put me into this situation.

The biggest issue is the PPI. By paying before the 5 years you lose most of it! We were not told this. I wrote a four page letter to the Financial Ombudsman re mis-selling of the PPI but I also covered First Plus methods too. We were desperate and approached F+ because they were a familiar brand. Initially we approach them for about £25k and ended up with £74k + £18k PPI. They took advantage of us when we were in a difficult position. They refused point blank the £25k then astonished us by saying they could only lend us £74k. Take it or leave it. Apparently we did not fit into their funding criteria with £25k. At most, at that time, we had £30k equity so £74k was something we had never even contemplated prior to the 'phone calls with First Plus. May set up a Facebook community for all First Plus angry customers!! If I can help in anyway re wordings of letters etc please just ask.