Any Experience with Friends First?

N

newdawn

Registered User
Messages
30
Hi, I have been paying a reduced amount to Friends First for about a year. While I have been paying, from day one, I've never missed a payment. But the reduced rate is still nearly 300 per month. Crazy and I can't keep it up. Anyone have any experiences in this regard? How will my new request for a mark-down of monthly payment be met? Should I send a letter saying , sorry I can only pay x amount now....or write a letter asking if its ok for me to pay x amount. They take it out of my bank account so maybe I should reduce the payment at this end, with my bank? All thoughts welcome.
 
Newdawn,

You might expand more on your query. What type of contract are you paying a premium for; Savings/ Investment/ Pension/ Protection policy?
 
Sorry for lack of information. Not thinking straight. This relates to a personal loan with them. A few years back they sent round offers of loans to certain union members , I think. Anyway for a few years I paid it back, then about a year ago I contacted them to say I just couldn't sustain the amount which was in excess of 400 each month. I completed a form detailing all my expenses and suggested an amount I felt comfortable paying. They rejected that and gave me a higher amount which was still a great improvement on the original monthly payback. Now I feel it is just unsustainable. It hinges on nothing else going wrong in my life. No additional expenses like a visit to a dentist or a medical problem. I am debating the best approach. Whether to state my plan to repay only x amount and wait to hear the fallout or to ask if it would be ok. I'd appreciate your advice. I never know what attitude is best to adopt when trying to reduce monthly loan/card repayments.
 
newdawn;
Don,t reduce and then wait for the fallout.

Rewrite to them, state your case and ask for their help and advice.
If they come back with an unsustainable repayment , write and tell them and then say you will pay XXXX per month.
Cancel their Direct Debit and put payment via Standing order.

Keep copies and notes of all conversations.
They are trying and it is fair to get as much as quickly as possible.
 
You must log in or register to reply here.
Back
Top