I have secured loan with First Plus?

secured loan problem

…..but their customer service is a disgrace

(1) Its variable rate of APR, which I accept, but WHY NOT REDUCE THE RATE WHEN THE BASE RATE GOES DOWN ?

(2) Had had an emergency that cost me £500 so I asked for a payment holiday to get back on my feet. They refused, but the person on the phone said “You need to pay or you will receive a re-posession order”

I accept that I am responsible for the majority of my debts because of previous problems. but why don’t these creditors help us out more ? With the Global Credit Crisis , surly its in their best inerests too, to help people to preven their COMPANIES from going down.
To respond to some of the answers already given.

(1) This loan was taken out after a relationship break up, and I am not complaining about the fact that is variable rate, I am simply pointing out that when rates go down, the cost goes down, as is the case with a Mortgage.

(2) I agree that it is too easy to get credit, but what I object to is the rudness that they used on the phone. I am still a “customer” and have right to customer service. Having debts does not make a person any less deserving of proper customer service.

(3) When my car developed a mechanical fault that was quoted at £1600, id imagine that very few people would have that kind of money tucked away.

(4) My lodger lost her job and was unable to pay rent…again, a situation out of my control, so please don’t judge me.
I do accept resposnibility for my debts but a number of UNFORSEEN CIRCUMSTANCES are what prompted me to call 1st choice.
All those of you who seem to be judging me, I only hope you never go through any difficulties outwith your own control.

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Categories : secured loan



good points, but i think credit is FAR too easy to get. It should be a planned last resort, not the normal way of getting what you want.


Plan for emergencies and dont borrow money you cannot pay back. Simple as that. Then the companies wont go down. You signed an agreement when you took a loan, dont moan about the responsiblilites now. Youre trying to blame the fact that you cannot manage money effectively on the companies. I agree they should be flexible, but they are not there to cater to your every whim.


Companies like 1st plus will not reduce the rate when the base rate goes down due to the large amount of un-serviced debts they hold.

They give credit when other companies will not and for this they take a risk that you won’t pay. This is why they are so much more expensive. You are paying a little bit of all the loans that went wrong.

Other than this, if you are having problems paying and finding the help provided by your loan provider lacking, you can go and see the citizens advice beaureu (sorry about the spelling). They have specially trained people who can advise you on your options.


Am sorry but you need to accept responsibility for all your debts and try to not live beyond your means.


Sorry to hear you are in this situation, but is this a question or a rant?

I suppose the only bit that is, is: “but why don’t these creditors help us out more?”

To which I would say… poor customer service in this example (clearly), but i expect a lot of these companies are now feeling real strain given the market conditions and operators are under pressure to ensure people keep repaying. Several smaller sub-prime companies have already folded, and they may well be terrified of the same happening if they can’t get the repayments through the door…

As such they are in a bizarely similar position to yourself, and are not in a position to offer you a payment holiday.

The only other point I would raise is that you are being spoken to rudely by somenone likely on minimum wage who really doesn’t care, didn’t set out in life to be a call centre operator, and is likely being badgered constantly about targets… I know its not an excuse, but I would lower my expectations in the future.


First Plus is owned by Barclays and they are trying to sell it to affray their potential exposure to the sub-prime loans crisis. Therefore they will keep putting charges up. I am also with them and hate them.

I have started 2 actions against them
1. To try and get my interest rate reduced – no luck so far but I have taken it to the financial ombudsman
2. To get them for false advertising – they still say a 7.9% apr typical – again taking it to the ombudsman.

I have a third prong – do you have insurance with them? Let me know

The final thing is to try to get more money coming in

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You get £18 just for joining

I got my total to £140 without spending any money.

Good Luck

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