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“My wife and I took out a £290000 loan with First Plus...”

Written on: 28/01/2010

My wife and I took out a £290000 loan with First Plus approximately two years ago. Like most of the other reviews, the amount has not gone down at all despite paying £249 per month. We have our mortgage with Northern Rock with an outstanding amount of £195000 secured and £29000 unsecured. We recently had our property valued at £195000 which puts us in negative equity. We decided that selling it privately would leave us with shortfall and having been told by First Plus that may refuse our sale, we decided after legal advice to hand the keys back to Northern Rock. I cannot say enough good things about Northern Rock, who were so helpful and understanding. First Plus however were the complete opposite. Two days after cancelling the direct debit and numerous times explaining to them that we were handing the keys back, the phone calls started. Twice a day, every day. I explained time and time again of our position and offered them £50 per month. They flatly refused,and told me that they would reposses the property!!! How many times do I have to explain? Leave well alone. They are worse that loan sharks.

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