Elderbridge ex Firstplus interest rate hike

[Salsa]

I haven't tried not sure where to start!

[Trax01]

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

Don't know whether to advice to accept or not, others might be able to tell how far court claims got (that were settled out of court), and if they got more. Though there appears to be very little information on what others have received.

What exactly are FOS saying? Refund of all interest charges between 2013 and 2016? Why only up to 2016, what happens to future interest? I haven't started a complaint myself, but was thinking along the lines of wanting interested recalculated gong back to when the BOE base rate reduced, as I am at the original interest rate from 10 years ago, which I bet will rise now the rate goes up over the next few years.

Its very difficult to find what others have claimed, and what success they had with FOS or court claims, not sure why though. Or whether to claim against Elderbridge or the new owners.

[Peter67]

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.

Hello every one, I had secured loan of 65000 pounds from 2004 and paying 8 to 9 %, around 600 pounds per month paid over 13 yrs, this comes around 13 x 12 x 600 = 93000 pounds but still my loan balance = 55000 pounds , meaning I have only paid 11000 but I have to continue pay another 12yrs approximately. This is clearly something wrong. should the government take action immediately against them?. If I can remember, prior to 2007 when interest rate going up or down, they have taken action correctly by sending letter saying that due recent Bank of England interest change hence they increased or decreased interest rate...but note this point ..after 2007 when interest rate going down to 0.5% they have not taken any action at all. Now recently they started again when the interest rate gone up and they increased interest rate. Do you think we can claim some money back from them? do you think we need to expose this to media such as Evening Standard? are we living in the democratic country?

[MIKE770]

Like what happened to us few years ago 2011/12 Bank of Ireland increased Interest rates to 4.85% and the government and authorities did nothing=fact. ex Bristol & West Building Society mortgage

[Fred]

Hello every one, I had secured loan of 65000 pounds from 2004 and paying 8 to 9 %, around 600 pounds per month paid over 13 yrs, this comes around 13 x 12 x 600 = 93000 pounds but still my loan balance = 55000 pounds , meaning I have only paid 11000 but I have to continue pay another 12yrs approximately. This is clearly something wrong. should the government take action immediately against them?. If I can remember, prior to 2007 when interest rate going up or down, they have taken action correctly by sending letter saying that due recent Bank of England interest change hence they increased or decreased interest rate...but note this point ..after 2007 when interest rate going down to 0.5% they have not taken any action at all. Now recently they started again when the interest rate gone up and they increased interest rate. Do you think we can claim some money back from them? do you think we need to expose this to media such as Evening Standard? are we living in the democratic country?

Yes, there have been successes in claiming back the increased liabilities imposed by alleged unjustified increase/s Section 4.4 of the SCLG (second charge lending guidance) is the key to this argument.

[redstar]

Why are pay day lenders acted on but Elderbridge can behave immorally my opinion overcharge ignore people where are the media oh not as important disgrace they have Ge money barclays etc firstplus all on books no evidence as to why there can bounce it back to original lender and vice a versa this is a disgrace why is nought being done.. overcarging interest rates dont make sense .. what is going on???,

[Moz89]

I had firstplus loan and it cost me my home, marriage, and health. When i first approached Firstplus about taking out a loan with them they were clear that it was a second mortgage and as such followed the BOE base rate. Like you all, the interest rate increased and the base rate decreased considerably. My interest continued to increase because of the needs of the business. I lost my job and the PPI that I took out with them was useless as they said it was not fit for my needs. I have complained to fos several times. They took over a year to tell me that the business was within their right to charge whatever interest they chose because it was a flexible interest secured loan. I am interested in the section 4.4 of the SCLG mentioned and wondered how to use it in a complaint. Thanks

[Dug16]

This company is morally corrupt. They will do everything
they can to screw customers who have diligently
paid their excessive charges
love to know one person who has succeeded in getting rates reduced and charges refunded.
authorities don’t really seem interested

[Fred]

This company is morally corrupt. They will do everything
they can to screw customers who have diligently
paid their excessive charges
love to know one person who has succeeded in getting rates reduced and charges refunded.
authorities don’t really seem interested

As I wrote above, there are several who have had success in differing ways but, on an individual basis. Consumers will get nowhere if they do not follow up their legitimate complaints to the levels that may change things...........................

[redstar]

Elderbridge have increased their rates again! My Fos case is overvtwo years yet FOS say they can't make decision as Elderbridge say ot GE money's responsabolity and vice a versa ! Anyone know who was responsanle when Firstplus sold loans to Elderbridge .. surely FOS have an idea of what they decided in padt and should after years of these cases have a stance? PS Yes I've an FOS case with GE its over a year old opened at FOS suggustion.

[Fred]

Elderbridge have increased their rates again! My Fos case is overvtwo years yet FOS say they can't make decision as Elderbridge say ot GE money's responsabolity and vice a versa ! Anyone know who was responsanle when Firstplus sold loans to Elderbridge .. surely FOS have an idea of what they decided in padt and should after years of these cases have a stance? PS Yes I've an FOS case with GE its over a year old opened at FOS suggustion.

Your fIrstplus loan has just increased or GE ?

[redstar]

Sorry fred I was Ge who sold to Elderbridge FOS say they don't know who is responsabile As there were so many cases with Firstplus selling loans surely FOS should know !I was askinfg if Firstpkus were held accounrable or the company loans were sold to

[redstar]

So my case was with FOS obudsman they have paassed back to investigator is this joke

[Marcpotto]

Hi,I am wanting to send off a sar for first plus Barclays Elderbridge ? It’s for a loan taken out in 2006 with firstplus but I’m unsure where or who to send SAR to!?
Please can somebody help?

[Fred]

Hi,I am wanting to send off a sar for first plus Barclays Elderbridge ? It’s for a loan taken out in 2006 with firstplus but I’m unsure where or who to send SAR to!?
Please can somebody help?

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

They manage the accounts on behalf of Barclays