Elderbridge ex Firstplus interest rate hike

[Fred]

Some consumers receiving increase letters of 0.5% to date. No justified reason given. Makes the gap between base rates & average rates charged by this company at an all time high. This, given the nature of the market & peoples inability to benefit from competition is putting a ridiculous amount of pressure on customers finances.

This is wrong & something needs to be done about it. Will update when more is known.

[Trax01]

Re: Elderbridge ex Firstplus interest rate hike

Just got it myself, hence registering here.

They didn’t reduce it when the rate went down by 0.25% but, have increased it by 0.5% now the rate has gone back up.. not happy.

Did anyone win with any previous FOS or unfair terms claims in court for when the rate didn’t increase with the big decreases in rates years ago? I know there was complaints back then.

Thinking of an initial complaint, but not sure which tact to make.

[Fred]

Re: Elderbridge ex Firstplus interest rate hike

Just got it myself, hence registering here.

They didn’t reduce it when the rate went down by 0.25% but, have increased it by 0.5% now the rate has gone back up.. not happy.

Did anyone win with any previous FOS or unfair terms claims in court for when the rate didn’t increase with the big decreases in rates years ago? I know there was complaints back then.

Thinking of an initial complaint, but not sure which tact to make.

What is it you would like to know ?

[Trax01]

Re: Elderbridge ex Firstplus interest rate hike

What is it you would like to know ?

Everything.... lol

I will firstly call them tomorrow and see if I can get an answer to why they say they are raising my rate, to see if I get more than what’s in the letter, which I may be able to use against them.

i will complain about why they have never decreased the rate when the FHBR decreased but now are when it increased, despite them not being a lender, just a business that purchased the debt. I will also mention the OFT Imposing of Requirements letter, and the undertaking It implied. I will have to have a more proper read of that.

I am sure previously an ombudsman agreed to not uphold complaints, provided First Plus undertook to not increase rates when they went back up, overheares knowledge when I worked there. Though that might have been that she knew about the OFT thing, which I beleieve was about the same time.

I suppose my initial questions are:

Have any cases with FOS been provided with a final decision? If so, have any won? If they are on hold, why?

Also, what happened with the claim against Elderbridge in court? Was it supposed to go to mediation last year? Did it get resolved, and if so, can you say?

I am not in arrears, or hardship and no PPi, so my case is purely about the interest rate, and it would be good to see if there is any way to push for a refund on overpayments if we can argue the rates should have reduced.....

And if if it all fails, and I have no chance, then at the least I intend to register as many complaints as possible, which I will refer to the FOS, no matter of validity, so at least they will not profit from my rate increase, with each referral now costing £750 a pop.

The website that brought the mass action seems to be defunct, and these forums quiet about Elderbridge recently, but a mass of FOS complaints from us all would at least cost them a lot of money. Perhaps interest may increase here, now we all have had a rate increase letter.

Thanks in advance.

[Fred]

Re: Elderbridge ex Firstplus interest rate hike

Have sent a PM for now...........thanks for showing an interest.

[Fred]

Re: Elderbridge ex Firstplus interest rate hike

Well, got a typical copy letter from them. How incredibly unclear & frightening is this then, FHBR 10.0000% ? WoW !
--------------------------------------------------------------------------------------------------------------------------------

Elderbridge Ltd. PO BOX 908
Newport, NP20 9NX
Private and Confidential
Mr X
8th January 2018
Account Number: xxxxxxxxx
Dear Mr X
CHANGE OF INTEREST RATE
Property Address: Xxxxxxxx

Following a recent change in the Finance House Base Rate (FHBR) your loan interest rate will change from 8.6440% to 9.1440% with effect from 7th March 2018.
Your new interest rate will be made up of the current Base Rate of 10.0000%, plus the additional rate of 0.8560-%as outlined within your original loan offer.

The FHBR is set and published by the Finance and Leasing Association and provides companies with a base on which to calculate lending charges. Elderbridge regularly reviews the FHBR and any decision to vary the rate of interest applicable to your loan is made after taking into account any change in the FHBR.
We need to change your repayments so that your capital balance will be repaid within the remaining term.
Your new monthly payments will be:-
£xxxx on Xth April 2018 with subsequent monthly payments of €xxxxx on or immediately after the Xth of each month
Please note the payment amounts provided are for your contractual monthly payments only. If you have set up a formal arrangement to make overpayments this should be added to the above amounts. If you have misplaced the letter confirming the amount of the arrangement, please contact us and we will confirm the amount for you.
As you do not pay by direct debit you will need to change your monthly payments to include the payment changes noted above. If you would like to set up a direct debit payment, please contact us.
You can settle your loan at any time by giving us notice and paying off the amount you owe together with a discharge fee. If you would like a settlement figure, we would be happy to provide this for you.

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Re: Elderbridge ex Firstplus interest rate hike

Very strange, mines identical, but my rates changes from 8.7400% to 9.2400%, so slightly higher than yours.

however on the next line, it says my new interest is made up of the 10.000% plus additional 0.7600%, as outlined in my offer, but I am sure the offer had no such figure...

10 minus 0.76 does equal 9.24 though.... perhaps they have let us know how their internal calls work by mistake?

i wonder what answer they are going to give me about their base rate of 10%......

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So, called elderbridge, and they confirmed to me my interest reduced by 0.5% in October 2016, and now the rate has gone up, my rate has to reflect that. I vaguely remember it doing that.

the worry is, they will ratchet up with future increases, and the last reduction was a set up for that.

guess I don't have a complaint at the moment, but will in the future?

if I did want to complain about the lack of previous reduction, would that be against firstplus or elderbridge?

[Salsa]

Hi

Does anyone have an idea of the number of customers currently complaining to the financial ombudsmen regarding the interest rates?


Thanks

[Fred]

Hi

Does anyone have an idea of the number of customers currently complaining to the financial ombudsmen regarding the interest rates?


Thanks

No, to be honest there are no "publicly available" systems that would allow for such a specific request. The business knows why of course, so ask them, please let us know if they give you an informative reply. My guess is not.

I can get you data on Firstplus/Elderbridge complaints in general ?

[redstar]

Hi I too have interest increase from Elderbridge .. the Fso obudsman are sugusting refund of interest charges from 2013 to 2016 plu 8 per cent of simple interest until original date loan loan settlment can anyone advise me ?? The loan was 8k taken 2007 mussed 3 payments at ge moneys advise lol no seriously ... current balance is just over 6000k ... minthly payment was 127 now 134 ... very confused please should I accept this and roughly what would it mean for the loan

[Salsa]

Has anyone else received a letter today notification of payment correction? They advised the wrong payment amount from the last interest rate rise letter in Jan, How can we trust these people to get anything right? I have raised a complaint with Elderbridge today for what it's worth, getting so fed up Financial ombudsman seems to be dragging their feet too.

[Fred]

Has anyone else received a letter today notification of payment correction? They advised the wrong payment amount from the last interest rate rise letter in Jan, How can we trust these people to get anything right? I have raised a complaint with Elderbridge today for what it's worth, getting so fed up Financial ombudsman seems to be dragging their feet too.

You need to post a redacted copy please, because, in my view the one I have seen makes little sense.

[Salsa]

Here you go Fred.

[Fred]

Here you go Fred.

So, in effect, they can supply you with notification/s of increase regardless of the content, priceless............can you add up the sum of charges based on what they have stated ?