Elderbridge ex Firstplus interest rate hike

[redstar]

Well done Ewan any chance you could give a brief outline on basis you won for us stll nearly 3 years on struggling with cases mine is ge sold to Elderbridge thanks and congrats x

[EwanHusarmee]

Well done Ewan any chance you could give a brief outline on basis you won for us stll nearly 3 years on struggling with cases mine is ge sold to Elderbridge thanks and congrats x

Took out loan in 2004, with PPI lump sum, was offered a mortgage increase to pay it off 2 years later but could not afford the hit of the penalties. Complained then as the FirstPlus salesman had promised that the interest rate would stay competitive and the mortgage offer was 4% and we were paying 8%. Kept complaining, but by the time the PPI lump was taken off the loan, the crash had hit and I had defaulted on loans and credit cards. Went to a solicitor to pursue my complaint but they just went for the missold PPI which we won in 2011 ish. Still miffed at them not honouring the promise to keep the interest rate competitive (and in a financial hole), complained to the FoS in 2015.

My original complaint was more or less ignored, but they added me to the list of people complaining about the interest rates post 2008. Got a letter every six months saying nothing had changed until a few weeks ago when I got an email saying Barclay were making an offer to settle.

[redstar]

Wow and fos had in recent cases said interest was agreed on contracts they cant comment et al thank you gives us all hope well done again and thank you for reply .. a troper

[Bluefoot]

My settlement is now in the bank. Took a while as I mucked up the settlement form, but all done !!!!!

Good luck to everyone else out there. I might short some Barclays stock with the money, as its not Elderbridge who are paying up.

Hey well done!

So does this mean they have paid you and your debt is clear...or have they offered you a settlement amount to be paid?

[Fred]

It seems that some complaints are being rejected over the statute barred scenario...........even in existing contracts........

[Bluefoot]

My settlement is now in the bank. Took a while as I mucked up the settlement form, but all done !!!!!

Good luck to everyone else out there. I might short some Barclays stock with the money, as its not Elderbridge who are paying up.

Well done.
So does that mean the debt has been settled and they have reimbursed you?
Or have you been given a settlement figure that compensates you, but you still owe the remaining debt?

[Davet07]

Any more updates from anyone?

[Davet07]

Can anyone help?

i have disclosure with the court soon apart from Murphy and dye case what other cases will help?
I am disclosing all other evidence like oft reprimand, booklet from FP etc

[Bluefoot]

Can anyone help?

i have disclosure with the court soon apart from Murphy and dye case what other cases will help?
I am disclosing all other evidence like oft reprimand, booklet from FP etc

Hey I have received another letter from Elderbridge stating Finance House Base Rate (FHBR) will be ceased end of last year and they will now use the Bank of England Base Rate. I have been questioning FirstPlus and Elderbridge interpretation of the FHBR for a year and questioned it many times previously so what difference does it make as they will follow neither. It is interesting to note that the FHBR is ceasing to exist...perhaps they realise that we are on to them and they are trying to bury all the con-tricks they have been using by removing this so called standard???

I would like to know more about your position DAVET07 ??

Had a letter from the Ombudsman last summer stating they were looking into it and they said they would contact me shortly...still no reply so will be writing to them soon.

I am also considering solicitors again to pursue this as it seems like it is going nowhere.

[Fred]

Hey I have received another letter from Elderbridge stating Finance House Base Rate (FHBR) will be ceased end of last year and they will now use the Bank of England Base Rate. I have been questioning FirstPlus and Elderbridge interpretation of the FHBR for a year and questioned it many times previously so what difference does it make as they will follow neither. It is interesting to note that the FHBR is ceasing to exist...perhaps they realise that we are on to them and they are trying to bury all the con-tricks they have been using by removing this so called standard???

I would like to know more about your position DAVET07 ??

Had a letter from the Ombudsman last summer stating they were looking into it and they said they would contact me shortly...still no reply so will be writing to them soon.

I am also considering solicitors again to pursue this as it seems like it is going nowhere.

Yes, the letter is kind of an admission given they have in the past relied & insisted their loans did not track any rate.......................this is their downfall because of the fact the loan contracts or anything else made no reference to any rate tracking, instead, relying on their discretion, makes, the relationship unfair.

Stick with the FOS & see what comes out, they are all taking huge amounts of time. It costs nothing to wait & the settlements coming out so far seem quite fair.

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[Hermione]

Hi, hoping for some advice. We have an elderbridge loan that was originally first direct or something like that. I need to go through all the paper work but I really want to complain as it just seems so unfair. But it seems a minefield and I don’t where to begin. Took out 24k loan in 2008 and now 12 years later, not missed one payment and we owe, you guessed it 24k. It makes me feel sick actually. 13 years left, *I would like to complain about interest rates, not what we would consider a mortgage. Also considering it was really unaffordable. Can anyone give me advise how to start please?*

[Ebbsfleet01]

I took out a FP loan in August 2008. Was told it would be 8.1% variable. Base Rate was 5% and FHBR 6% at inception. Over the next year, Base Rate reduced to 0.5%, yet FP the INCREASED my rate to 9.1%.
The rate stayed at that level until 2015, when I was informed they had been showing an incorrect rate &, in fact, i had been charged 8.784% since Sept 2009. Using a mortgage calculator suggests that was indeed the rate I had been charged. It also appeared I had been charged slightly less than 8.1% for the 1st year . Since that time, I had 1 rate reduction which took the rate down to 8.284% in 2016 and an increase back to 8.784% in 2018.
I have had no reduction following the reduction in Base Rate in March despite previous correspondence about the change from FHBR to B o E Base Rates. A pointless letter if they then ignore the reduction.

I finally sent a complaint letter to Elderbridge through Resolver over the weekend. I will treat anything I get as a bonus, but having read posts above, I am now more hopeful of a positive outcome.



*

[Ebbsfleet01]

As an update, Elderbridge brushed off my initial complaint saying they had changed rates in line with b of e base rate changes . I then challenged them again regarding the rate changes in year 1 and seeking justification for these. I also pointed out the rates they had been quoting on the loan were monthly rates and APR was not being used. Therefore the rates they were quoting were misleading and artificially low. Lastly I have challenged them on the fact that I was sold a 25 year secure loan which takes me to a month short of my 71st birthday & no discussion was - to my recollection- ever had with me as to funding beyond NRD which was 65 at the time (added to which my main mortgage ends when I am 63). 8 weeks on and they are apparently still awaiting further info before they can reply. I will be keeping a close eye on this and will involve the Financial Ombudsman if required.

[Ebbsfleet01]

Further update - no further contact from Elderbridge. I have finally sent my detailed complaint to the FOS by special delivery.

It appears to me that Elderbridge realise they have a problem and are hoping I won't refer on to the FOS. Alternatively, I suspect they may be thinking that the FOS will throw out the interest rate complaint as the rate that I am complaining about effectively goes back to 2008
The fact that they can't even provide me with a copy of the original loan offer or anything to confirm they raised the issue of the loan term with me says a lot.

One thing I need help on though - I potentially have the possibility of paying off part of the Elderbridge loan from savings and getting an unsecured 5 year loan at around 3% for the balance which would only increase my monthly payments by around £100 and save a fortune in interest charges.

If I do this, would it impact any decision from the FOS.? Obviously want to minimise my costs for repaying the
loan amount, but don't want to jeopardize any decision? (I am guessing it shouldn't impact & I need to do what's best assuming no compensation, but thought I'd ask anyway).

Thanks, in advance, for any help.

[Sminkypinky]

Good afternoon all.

I have been following this forum for over a year now and I thought I would post some encouraging news for you.

I complained to Elderbridge about my FirstPlus loan over 14 months ago and then to the FOS over a year ago, based on the unjust interest rate and unsuitability of the Loan.

I received three monthly updates from the FOS, mainly saying due to the complexity of the complaint it was taking longer than normal to resolve.

On the 10 Jan 21 I received an email from the FOS, FirstPlus had offered a settlement figure on my complaint. The figure, which I accepted essentially settled the outstanding in full, just a small balance which I have now repaid. They also offered my a small cash sum for the inconvience and delay.

It would appear FirstPus are now reviewing and settling their complaints, the FOS indicated the same.