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Firstplus Requirements – OFT FOI Release

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  • #16
    Re: Firstplus Requirements – OFT FOI Release

    Firstplus was part of the Woolwich as I remember & came with Barclays acquisition in or around year 2000.

    The American version similar in name only.

    Comment


    • #17
      Re: Firstplus Requirements – OFT FOI Release

      barclays bank acquired firstplus from usa, there are 380 list's available, originally known as FILBUK 428 LIMITED

      Comment


      • #18
        Re: Firstplus Requirements – OFT FOI Release

        Originally posted by royfoot View Post
        barclays bank acquired firstplus from usa, there are 380 list's available, originally known as FILBUK 428 LIMITED
        http://www.telegraph.co.uk/finance/2...-for-300m.html

        This makes it a little clearer.

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        • #19
          Re: Firstplus Requirements – OFT FOI Release

          Can someone please tell me in plain English whether there is any action I can take about the first plus loan?

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          • #20
            Re: Firstplus Requirements – OFT FOI Release

            Hi,
            after all the interest rate hikes, I now learn that Barclays also frontloaded interest. Twelve years after I took out a £33,000 loan and repaid around £324/month, I've been given a settlement figure of £27,400! How is this possible? How is this legal?

            They said on the phone that since the loan was taken out before 2008 and over £25,000 it wasn't regulated. Again, how is this possible? Whatever happened to the Unfair Terms regulation?

            I urgently need a lawyer now. If anyone on here would like to take on this case, please message me.

            Thanks!

            Comment


            • #21
              Re: Firstplus Requirements – OFT FOI Release

              Yikes indeed !

              You've been paying £324 a month for 12 years ? on £33k ? What was the percentage rate and what term was it over ?

              for example though at 8% PA £33k would be paid off in 14 years including interest & capital ( total paid would have been nigh on £55k (£33k capital and £22k interest )
              Seems you have paid around £46k so far.

              Do you have a copy of the agreement at all ?
              Early repayment penalties ?
              Common Sense .... if in doubt, use it !

              “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

              Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

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              • #22
                Re: Firstplus Requirements – OFT FOI Release

                Originally posted by missetoile View Post
                Twelve years after I took out a £33,000 loan and repaid around £324/month, I've been given a settlement figure of £27,400!
                Have you asked for a settlement figure because you plan to redeem the loan and/or sell the property, or do you have an issue with repayments/arrears and are being threatened with legal proceedings?

                Di
                I am a Litigation Executive at Joanna Connolly Solicitors a firm which specialises in consumer credit.

                This forum’s site rules don’t allow me to give advice by PM but if you need to contact me please email di@joannaconnollysolicitors.co.uk. Our initial advice is always free.


                Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

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                • #23
                  Re: Firstplus Requirements – OFT FOI Release

                  Originally posted by Diana M View Post
                  do you have an issue with repayments/arrears and are being threatened with legal proceedings?

                  I think this post on your other thread answers my question >


                  Originally posted by missetoile View Post
                  I've refused to pay on the basis that the loan was mis-sold, and now they are threatening repossession.
                  . . . .
                  Also, how do I stop eviction now without paying?
                  I am a Litigation Executive at Joanna Connolly Solicitors a firm which specialises in consumer credit.

                  This forum’s site rules don’t allow me to give advice by PM but if you need to contact me please email di@joannaconnollysolicitors.co.uk. Our initial advice is always free.


                  Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

                  Comment


                  • #24
                    Re: Firstplus Requirements – OFT FOI Release

                    Originally posted by Amethyst View Post
                    Yikes indeed !

                    You've been paying £324 a month for 12 years ? on £33k ? What was the percentage rate and what term was it over ?

                    for example though at 8% PA £33k would be paid off in 14 years including interest & capital ( total paid would have been nigh on £55k (£33k capital and £22k interest )
                    Seems you have paid around £46k so far.

                    Do you have a copy of the agreement at all ?
                    Early repayment penalties ?
                    Hi Amethyst,
                    thank you for you picking up my cry for help! I have a copy of the agreement, yes. I took out £33,000 at 7.9% in June 2005. (I also had PPI, which I have claimed back since.) The initial monthly repayment on the loan (Without PPI) was £247.48, but as you know First Plus has massively hiked the rates and never passed on any reductions. I have paid incrementally more and am now at £324, so around £77 per month than I had initially signed up for.
                    I'm completely stunned that I was today told to repay £27,402 to settle the account. On my letters from Elderbridge, it always says "account balance: XXX", which I took to be the balance. I mean how is "account balance" not an account balance? Since Elderbridge also never sends out statements of account, I really don't know how I am supposed to know that the "account balance" on a letter is not the actual balance.

                    Do you have any advice, and can you recommend a lawyer? I will also do a renewed push next week to get this in the press. The OFT has a lot to answer for.

                    Many thanks!

                    Comment


                    • #25
                      Re: Firstplus Requirements – OFT FOI Release

                      Firstplus/Elderbridge list your account balance & interest separately so it shows on your credit report as the loan amount (balance) is being paid/reduced but, the interest applied to the loan is not available. This is why a lot of folks get a nasty shock when getting a redemption figure. Also it is known that they use favourable redemption equations to calculate your figures.

                      Originally posted by missetoile View Post
                      Hi Amethyst,
                      thank you for you picking up my cry for help! I have a copy of the agreement, yes. I took out £33,000 at 7.9% in June 2005. (I also had PPI, which I have claimed back since.) The initial monthly repayment on the loan (Without PPI) was £247.48, but as you know First Plus has massively hiked the rates and never passed on any reductions. I have paid incrementally more and am now at £324, so around £77 per month than I had initially signed up for.
                      I'm completely stunned that I was today told to repay £27,402 to settle the account. On my letters from Elderbridge, it always says "account balance: XXX", which I took to be the balance. I mean how is "account balance" not an account balance? Since Elderbridge also never sends out statements of account, I really don't know how I am supposed to know that the "account balance" on a letter is not the actual balance.

                      Do you have any advice, and can you recommend a lawyer? I will also do a renewed push next week to get this in the press. The OFT has a lot to answer for.

                      Many thanks!

                      Comment

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