Elderbridge ex Firstplus interest rate hike

[XXMAGSXXX]

Hi, did they not offer you statutory interest by way of compensation?

[Bryanwc]

Thanks for sharing. I have also written to Elderbridge and have received 3 delay letters. I have now written to the FOS and have received 1 letter saying that this may take some time. I took my loan out in 2007 with First Plus then it moved to Elderbridge and I have never missed a payment since. Can I ask, did you complain to First Plus at anytime during the 14 months process. I keen to make sure I have included the correct info and sent it to the correct people.
Thanks Bryan

[Ebbsfleet01]

A further update on my case - I heard from the FOS in July informing me that, whilst First Plus did not agree with the FOS view, they had agreed to offer settlement in line with the FOS recommendation, which effectively amounted to treating my loan as a tracker, but with a floor of 5% to reflect the risk element on the borrowing. They also applied the statutory interest and included a small compensation payment for distress. Ultimately, this settlement repaid the balance on my loan & meant I received a balance into my bank account. A very pleasant and satisfactory outcome as far as I was concerned. I hope others who have complained have received similar satisfactory outcomes.

[Ebbsfleet01]

Bryanwc - I did not complain to first plus. Despite the original suggestion from the FOS that i could be waiting some time, it actually only took around 6 months after I returned their official form requesting basic info. If you contacted them in April, you may have been asked for the completed form a couple of months later and if so,I guess you would hopefully hear further by the end of the year assuming the form was returned prompt.