Elderbridge ex Firstplus interest rate hike

[Bluefoot]

Thank you to REDSTAR, MIKE770, DAVET07 and FRED for your responses.

I have completed the SAR-GDPR long version form Click here for link to document and its ready to be posted 'Recorded Delivery'.

Should I send this SAR along with a separate complaint letter at the same time or combine them both?

I would assume that the SAR goes to one section of Elderbridge and the complaint goes to another so it would make sense for them to be separate.

So send both together, but separately?

I was concerned about which one of these should be sent first, but they are separate entities?

[Fred]

Firstly complain to Elderbridge, if your loan is live and with them. Once they have given their final response then complain to the FOS.

Keep it simple, lots of info on here, ie loan not what is was meant to be etc

I think the FOS opinion is that they agree it should have acted like a mortgage. No one sticking their neck out at this moment in time but that is the rumours I have heard. I am currently pre court with FP & Elderbridge but I am awaiting an offer from them as they say they want to mediate.

Agreed, simple letter of complaint should push then into looking at what they have done for others.

[Davet07]

Just joined as I finally see that we all may be getting some where with FirstPlus/Elderbridge!!!
Took out a 95k loan in 2006 due to Carol Voderman being so good at math and advertising FirstPlus thought it must be a good idea to consolidate my debts...FP forced me to pay off all credit card debt first before they would advance the money!
At this time I was paying credit cards with 0% interest rates and moving them around for the best deals at the time so poor advice from FirstPlus to shift £40k+ from 0% credit cards to what was them 8.4% variable (APR), but they said this is what is required so I was over a barrel.
Its been a nightmare for many years as I took it out as it stated in the contract the interest would follow the base rate, but low and behold!!!
I have challenged FP and Elder so many times and even paid solicitors for advice in 2012 and 2018, but got no where.
Elderbridge have previously informed me that as it is an [unregulated] loan they don't have to send me any details of accruing interest, statements or any thing else.
Very little sent to me over the many years and when I do get a response the money, interest etc. just doesn't add up?
Luckily I have recorded all communication with them during these complaints.
The market crash crippled my finances and I was taken to court in a heart beat and for 7-8 years worked my stones off to pay my debts (unsuccessfully), flushing £150-200k down the toilet as trapped in bad debt/credit! Spent all my time working and worrying with impossible odds and no financial institution was interested...'best banking practices' was their response!
Repossession orders on both houses, bankruptcy, insolvency, CCJ's the full works for 7-8 years
There seems to be a light at the end of the tunnel

So how do I do it?

Firstly complain to Elderbridge, if your loan is live and with them. Once they have given their final response then complain to the FOS.

Keep it simple, lots of info on here, ie loan not what is was meant to be etc

I think the FOS opinion is that they agree it should have acted like a mortgage. No one sticking their neck out at this moment in time but that is the rumours I have heard. I am currently pre court with FP & Elderbridge but I am awaiting an offer from them as they say they want to mediate.

[MIKE770]

Subject Access Request Letter

[redstar]

Hi Bluefoot I think you may have made typo .. 95k unsecured illegal even pre 2007 .. maybe they are trying to say pre secured loans and fca rulings 2009? Its a minefield they contradicite own findinds fca they should refund certain charges then the rebooted fos says no .. do they fall into cca .. 2009 ruling appeared to say yes but no .. noone is on the little persons side .. get a subject data requst .. put in recorded or signed for post plus email and phone to original lender .. and lenders loans were sold to ... you need to fight .. you need coherent and fact based time line get the data subject access requst .. sars or same thing dsars .. its free but don't exoect them to deliver .. immediately lodge complaint with all parties .. only pertaining to possible abuse of charges .. why it was handled .. possible force of reposse not your personal circumstance ... once complaints ignored or your given a final decision go to fos .. good luck n love the user name x

[Bluefoot]

http://www.elderbridge.co.uk/pages/complaints.html

They manage the accounts on behalf of Barclays

Can you tell me what a SAR is?

[Bluefoot]

Just joined as I finally see that we all may be getting some where with FirstPlus/Elderbridge!!!
Took out a 95k loan in 2006 due to Carol Voderman being so good at math and advertising FirstPlus thought it must be a good idea to consolidate my debts...FP forced me to pay off all credit card debt first before they would advance the money!
At this time I was paying credit cards with 0% interest rates and moving them around for the best deals at the time so poor advice from FirstPlus to shift £40k+ from 0% credit cards to what was them 8.4% variable (APR), but they said this is what is required so I was over a barrel.
Its been a nightmare for many years as I took it out as it stated in the contract the interest would follow the base rate, but low and behold!!!
I have challenged FP and Elder so many times and even paid solicitors for advice in 2012 and 2018, but got no where.
Elderbridge have previously informed me that as it is an [unregulated] loan they don't have to send me any details of accruing interest, statements or any thing else.
Very little sent to me over the many years and when I do get a response the money, interest etc. just doesn't add up?
Luckily I have recorded all communication with them during these complaints.
The market crash crippled my finances and I was taken to court in a heart beat and for 7-8 years worked my stones off to pay my debts (unsuccessfully), flushing £150-200k down the toilet as trapped in bad debt/credit! Spent all my time working and worrying with impossible odds and no financial institution was interested...'best banking practices' was their response!
Repossession orders on both houses, bankruptcy, insolvency, CCJ's the full works for 7-8 years
There seems to be a light at the end of the tunnel

So how do I do it?

[NikkiG]

Hi there,
I have also just discovered this information and after doing a little digging have found out that the FOS are now making payments to those affected.
I have now logged my complaint with Elderbridge , and they have 64 days to close this complaint. They will undoubtedly not be able to satisfy me so I will then have the right to go straight to the FOS as I will have followed the complaint procedure.

my advise would be to do the same! The more pressure applied the quicker the result will be.

[Amethyst]

It sounds like others have started receiving similar letters.

[Davet07]

Will be interested to hear how many more people are getting FOS responses

[Amethyst]

There is a mention of confidential in the letter and it seems likely that the first plus acceptance form may include a confidentiality agreement - I think maybe keep the details to yourself until you've got the form and can assess the situation fully. As its not a FOS adjudication, but a 'goodwill' offer, the FOS won't publish it.... I'll unapprove posts for the moment until you get further along - just to be safe. I think the FOS letter and saying that you do have an offer is fine though.

[EwanHusarmee]

removed

[Davet07]

I can’t believe FP have not asked for a Tomlin order on this to prevent it being public knowledge.
i also can’t believe they have made an offer, is the tide turning in our favour? Did you have any special circumstances on your case or was it just unfair relationships?
you must be ecstatic at the result.

[EwanHusarmee]

removed

[Davet07]

Elderbridge will have to tow the line, otherwise it will cost them more in legal costs to dispute.

Are FP paying you money? Ie you will then have to pay Elderbridge to reduce the debt?