+ Reply to Thread
Results 1 to 25 of 25

Thread: Firstplus Requirements – OFT FOI Release

  • Share
  • Thread Tools
  • Display
  1. #1
    Legal Beagles's Avatar

    News



    Joined
    Aug 2007
    Posts
    13,869
    Mentions
    2 Post(s)

    Thumbs up Firstplus Requirements – OFT FOI Release


    On 7 December 2010 the OFT exercised their powers by issuing a notice addressed to Firstplus Financial Group PLC (“Firstplus”) requiring it to (a) follow its existing policies and procedures to ensure compliance with relevant legislation and official guidance, and (b) not to change those policies and procedures for a period of three years without prior notification to the Public Authority. This notice of requirements was issued at the end of an investigation into the operation by Firstplus of an interest variation provision included in its standard contract for second charge loans. However, the notice did not contain any indication of the facts uncovered during the investigation or the reasons for deciding that a notice of requirements was justified and appropriate.

    Ray Watson is the former head of Credit Regulation at the OFT, then Director, - now with DEMSA

    Nigel Cates is former head of Consumer Credit Enforcement at the OFT, then Deputy Director at the OFT (as he was when these emails were written). He moved to the Financial Ombudsman to become Senior Ombudsman, and now is Head of Service Recovery Policy at HSBC.

    David Blocksidge was Head of Debt Management Team at the OFT and is now Manager, Credit Authorisations, Financial Conduct Authority.

    Go to top
    Go to top
    Go to top

    Go to top






    Read more at: http://legalbeagles.info/firstplus-r...#ixzz3X5gNwDWR

    SOme background - http://www.thisismoney.co.uk/money/c...base-rate.html



    Full documents including requirements draft and letters to Barclays/FirstPlus * Firstplus Financial Group Plc a wholly owned subsidiary of Barclays Bank PLC. Firstplus Financial Group Plc is authorised and regulated by the Financial Conduct Authority (Financial Services Register number: 309325). Registered in England. Registered No. 3315543. Registered office: 1 Churchill Place, London... Read more »
    Read More -> Firstplus Requirements – OFT FOI Release


    More...
    Last edited by Amethyst; 12th April 2015 at 12:54:PM.

  2. #2
    Fred's Avatar

    VIP Member



    Joined
    Sep 2013
    Posts
    1,241
    Mentions
    16 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    If any had doubts over regulation before then please let us know what you think after reading the above.:lb:

  3. #3
    Halifax71's Avatar

    Member



    Joined
    Dec 2009
    Posts
    97
    Mentions
    0 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    I've been asking the oft, the phso, the CMA and the phso again, what the reasons were for the reprimand. All have so far refused citing public interest, necessity, and the potential to harm firstplus.
    This collusion, I.e just propose this to us and we'll ensure it doesn't go public, and their incompetence, I.e no material harm, are an absolute disgrace.
    Material harm?? I've asked the above bodies why my loan liability had increased by £8,000. There has to be legitimate increases in costs in order for the lender to do this under the utccr. Guess what, public interest, necessity and potential harm.
    This is a huge issue, they have all colluded, lied and treated this markets customers with complete disdain.
    Formal responses to ongoing complaints are due soon but unless those supposedly charged with safeguarding consumers actually start doing their jobs then they will deserve the criticisms that will ultimately come their way.

  4. #4
    Fred's Avatar

    VIP Member



    Joined
    Sep 2013
    Posts
    1,241
    Mentions
    16 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    I have to agree on the relationship issues put forward & the contentious issues in retrospect, there will no doubt be a backlash as a minimum.

    There is no doubt for me that there is a serious problem here & it is/has been covered up by regulatory support in a way not in line with their objectivity.

    A business would take advantage of this scenario either way.

  5. #5
    jeremyadavies's Avatar

    Junior Member



    Joined
    Apr 2015
    Posts
    1
    Mentions
    0 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    Hello Halifax 71 I have read several of your posts. MY parents too out a loan with these Sharks 8 or 9 years ago for about 100K, they have paid over 80k back in those years and are trying to sell, the settlement figure is £112k, madness, we expected about £102k ( even that is ridiculous) but were gobsmacked by this figure with no attempt to explain why, do you know of any solicitors we could speak to about taking on the case? You seem quite clued up on these thieves, any suggestions?

    - - - Updated - - -

    ALso could you send me a reply to [email protected] I will get it quicker, thanks in advance!

  6. #6
    Halifax71's Avatar

    Member



    Joined
    Dec 2009
    Posts
    97
    Mentions
    0 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    Hi Jeremy - first of all you need to understand that over the course of a loan there is a shift in the split between interest and capital repayment, hence even after 8 to 9 years of a 25 year loan the capital might not have reduced too much. I've not gone into this much as I don't think there is anything specifically unfair in early settlement calculation assuming they're still not using the old rule of 78. http://moneyfacts.co.uk/guides/loans/rule-78-guides/

    If you're happy with that concept, and if not I can provide an example later, then it is not acceptable in my opinion for them to still owe more than the original loan. I wouldn't bother with a lawyer, this place will do just fine.

    If you haven't asked already you need to ask for a full breakdown of the settlement, for example it needs to be understood what methodology they are using to calculate the early repayment charge.

    Once we have that we can advise further.

  7. #7
    Fred's Avatar

    VIP Member



    Joined
    Sep 2013
    Posts
    1,241
    Mentions
    16 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    Some older BBC stuff;

    http://news.bbc.co.uk/1/hi/programme...ox/8146083.stm :tinysmile_twink_t2:

  8. #8
    Fred's Avatar

    VIP Member



    Joined
    Sep 2013
    Posts
    1,241
    Mentions
    16 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    After all the hard work, there still seems to be little interest in the disclosure, almost like this sort of thing is normal.

    What a pitiful shame it is still ignored along with consumer rights.

  9. #9
    Fred's Avatar

    VIP Member



    Joined
    Sep 2013
    Posts
    1,241
    Mentions
    16 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    Second charge (unregulated especially) contracts are allegedly "unfair" in that the providers do pretty much as they please along with the additional protection of the FOS in their incapacitated role on this subject.

    Consumers suffering with one of these contracts face, unlimited charges,unlimited interest rates & little by way of any sympathetic consideration/s. Certainly it is of some members views that a "more fool you for signing" takes precedence.

    There is no "balance" here just dictation for consumers trapped with no escape.

  10. #10
    Fred's Avatar

    VIP Member



    Joined
    Sep 2013
    Posts
    1,241
    Mentions
    16 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    The PHSO makes an interesting comment on the reprimand investigation into the activities of the OFT in that Firstplus were given the opportunity to amend their RCAPPM (rate change & policy procedures manual) prior to any decision on the reprimand. Suggesting that the action would prevent the matter resulting in anything more than a slap on the wrist for Firstplus.

    It must also be noted that interest rates were at their highest when the limited details on the reprimand were made public. Indicating any matters would remain as they stood at the time & the future as it stands now was not considered.

    Also the legal advise the OFT had enquired/instigated over the issues faced regarding the terms, has, mysteriously disappeared.

  11. #11
    Fred's Avatar

    VIP Member



    Joined
    Sep 2013
    Posts
    1,241
    Mentions
    16 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    This has got to be one of the worst & most bias examples of regulation I have ever read.

    Not only is it obvious the regulator (the OFT) at the time was sympathetic to the business but, all the systems & procedures put in place by sister authorities backed all of the non-disclosure including & embarrassingly so the, PHSO had to wait for a legal judgement in order to adjudicate in stereo typical supportive fashion.

    How bent is our regulatory system ?

  12. #12
    meellis's Avatar

    VIP Member



    Joined
    Sep 2011
    Posts
    1,897
    Mentions
    11 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    I am unsure if bent is correct but it is only there to appease those who say that things should be regulated. Place a regulator there and you have passed the buck of bad or non regulation to somebody else, then before a regulator can find there teeth change the rules or body and start everything again. It is bad that there are so many things so wrong with the OFT's investigation/reprimand but with them gone and the FCA in there place it is the long slog to get them to take things like their responsibilities and duties seriously before even getting them to consider any investigation. All the while the consumer suffers but if that is in the shadows then it is ok for them to drag their heels.

  13. #13
    Fred's Avatar

    VIP Member



    Joined
    Sep 2013
    Posts
    1,241
    Mentions
    16 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    "Bent" as in the above is, in my opinion, a very good & concise description.

    How peculiar that the loan providers (protected) continued to increase their profits even in the face of the PPI that they are, still, to this day disputing.

    They continued & are continuing to re-possess homes, attempt to re-possess homes, enforce charges that would never be allowed on any first charge mortgages.

    I have it in writing that the FCA were making matters better with the MMR & subsequently the implication of the MCD then, earlier this year they (the FCA) state that secured loans over £25K (signed prior to April 2008) will not come under any mortgage regulatory control. This was following an investigation by the Complaints Commissioner who knew full well, these loans, were not regulated at the time of the complaint, yet, used the ongoing implementation to fob off consumer/s.
    Last edited by Fred; 24th April 2016 at 21:50:PM.

  14. #14
    Fred's Avatar

    VIP Member



    Joined
    Sep 2013
    Posts
    1,241
    Mentions
    16 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    No matter how many times I read this, it still comes out along with the PHSO report, that, the regulator gave an opportunity to the licensee to amend its policies in order to mitigate any regulatory reaction/s.

    This information took a hell of lot of effort to obtain & is, in my view, a shameful contradictory window into our regulatory system & its flaws.

    We need to see the full story on this.

  15. #15
    royfoot's Avatar

    Junior Member



    Joined
    Apr 2017
    Posts
    2
    Mentions
    0 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    firstplus financial, first owned by texas firm taken over by the mafia,when found guilty sold to barclays bank plc
    see http://www.bigtrial.net/2014/07/verd...eXogQviPQbK.99

  16. #16
    Fred's Avatar

    VIP Member



    Joined
    Sep 2013
    Posts
    1,241
    Mentions
    16 Post(s)

    Default 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.

  17. #17
    royfoot's Avatar

    Junior Member



    Joined
    Apr 2017
    Posts
    2
    Mentions
    0 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

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

  18. #18
    Fred's Avatar

    VIP Member



    Joined
    Sep 2013
    Posts
    1,241
    Mentions
    16 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    Quote 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.

  19. #19
    Unregistered's Avatar

    Unregistered
    Guest


    Default 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?

  20. #20
    missetoile's Avatar

    Junior Member



    Joined
    Apr 2017
    Posts
    4
    Mentions
    0 Post(s)

    Default 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!

  21. #21
    Amethyst's Avatar

    Site Owner



    Joined
    May 2007
    Posts
    60,856
    Mentions
    1827 Post(s)

    Default 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 ?
    “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 advice I provide is given without liability, if you are unsure please seek professional legal guidance.

    Find Solicitors offering fixed fees on our sister site - JustBeagle.com

  22. #22
    Diana M's Avatar

    Authorised Representative



    Joined
    Jun 2016
    Posts
    4,754
    Mentions
    853 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    Quote 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 specializes 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 [email protected]. 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

  23. #23
    Diana M's Avatar

    Authorised Representative



    Joined
    Jun 2016
    Posts
    4,754
    Mentions
    853 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    Quote 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 >


    Quote 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 specializes 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 [email protected]. 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

  24. #24
    missetoile's Avatar

    Junior Member



    Joined
    Apr 2017
    Posts
    4
    Mentions
    0 Post(s)

    Default Re: Firstplus Requirements – OFT FOI Release

    Quote 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!

  25. #25
    Fred's Avatar

    VIP Member



    Joined
    Sep 2013
    Posts
    1,241
    Mentions
    16 Post(s)

    Default 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.

    Quote 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!

+ Reply to Thread

Similar Threads

  1. Firstplus PPI Help!!!!!!
    By DRYSTER in forum PPI - Payment Protection Insurance Reclaiming
    Replies: 2
    : 23rd March 2013, 12:17:PM
  2. Firstplus PPI Repayments
    By Boz1 in forum PPI - Payment Protection Insurance Reclaiming
    Replies: 4
    : 21st January 2012, 23:31:PM
  3. Claiming PPI from Firstplus
    By Salem in forum Welcome Forum
    Replies: 1
    : 8th May 2011, 15:39:PM
  4. CPR 40.2 - Standard Requirements
    By Stanley12 in forum General Legal Issues
    Replies: 1
    : 25th February 2010, 20:02:PM

Posting Permissions

  • You may not post new threads
  • You may post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Contact Us



© Celame (UK) Ltd 2017
LegalBeagles® are DPA Registered No. ZA158014
LegalBeagles® is the trading name of CELAME (UK) LIMITED ( 09220332 )
Registered Address: 25 Moorgate, London, England, EC2R 6AY
VAT registration number 206 9740 02
User Alert System provided by Advanced User Tagging v3.1.3 (Lite) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.
Feedback Buttons provided by Advanced Post Thanks / Like (Lite) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
Celame (UK) Ltd Powered by vBulletin® Version 4.2.3
Copyright © 2017 vBulletin Solutions, Inc. All rights reserved.

To find out more about managing your money and getting free advice, visit the Money Advice Service,an independent service set up to help people manage their money.

TOP