Firstplus Requirements – OFT FOI Release

[Fred]

Re: Firstplus Requirements – OFT FOI Release

Firstplus was part of the Woolwich as I remember & came with Barclays acquisition in or around year 2000.

The American version similar in name only.

[royfoot]

Re: Firstplus Requirements – OFT FOI Release

barclays bank acquired firstplus from usa, there are 380 list's available, originally known as FILBUK 428 LIMITED

[Fred]

Re: Firstplus Requirements – OFT FOI Release

barclays bank acquired firstplus from usa, there are 380 list's available, originally known as FILBUK 428 LIMITED

http://www.telegraph.co.uk/finance/2...-for-300m.html

This makes it a little clearer.

[Unregistered]

Re: Firstplus Requirements – OFT FOI Release

Can someone please tell me in plain English whether there is any action I can take about the first plus loan?

[missetoile]

Re: Firstplus Requirements – OFT FOI Release

Hi,
after all the interest rate hikes, I now learn that Barclays also frontloaded interest. Twelve years after I took out a £33,000 loan and repaid around £324/month, I've been given a settlement figure of £27,400! How is this possible? How is this legal?

They said on the phone that since the loan was taken out before 2008 and over £25,000 it wasn't regulated. Again, how is this possible? Whatever happened to the Unfair Terms regulation?

I urgently need a lawyer now. If anyone on here would like to take on this case, please message me.

Thanks!

[Amethyst]

Re: Firstplus Requirements – OFT FOI Release

Yikes indeed !

You've been paying £324 a month for 12 years ? on £33k ? What was the percentage rate and what term was it over ?

for example though at 8% PA £33k would be paid off in 14 years including interest & capital ( total paid would have been nigh on £55k (£33k capital and £22k interest )
Seems you have paid around £46k so far.

Do you have a copy of the agreement at all ?
Early repayment penalties ?

[Diana M]

Re: Firstplus Requirements – OFT FOI Release

Twelve years after I took out a £33,000 loan and repaid around £324/month, I've been given a settlement figure of £27,400!

Have you asked for a settlement figure because you plan to redeem the loan and/or sell the property, or do you have an issue with repayments/arrears and are being threatened with legal proceedings?

Di

[Diana M]

Re: Firstplus Requirements – OFT FOI Release

do you have an issue with repayments/arrears and are being threatened with legal proceedings?

I think this post on your other thread answers my question >

I've refused to pay on the basis that the loan was mis-sold, and now they are threatening repossession.
. . . .
Also, how do I stop eviction now without paying?

[missetoile]

Re: Firstplus Requirements – OFT FOI Release

Yikes indeed !

You've been paying £324 a month for 12 years ? on £33k ? What was the percentage rate and what term was it over ?

for example though at 8% PA £33k would be paid off in 14 years including interest & capital ( total paid would have been nigh on £55k (£33k capital and £22k interest )
Seems you have paid around £46k so far.

Do you have a copy of the agreement at all ?
Early repayment penalties ?

Hi Amethyst,
thank you for you picking up my cry for help! I have a copy of the agreement, yes. I took out £33,000 at 7.9% in June 2005. (I also had PPI, which I have claimed back since.) The initial monthly repayment on the loan (Without PPI) was £247.48, but as you know First Plus has massively hiked the rates and never passed on any reductions. I have paid incrementally more and am now at £324, so around £77 per month than I had initially signed up for.
I'm completely stunned that I was today told to repay £27,402 to settle the account. On my letters from Elderbridge, it always says "account balance: XXX", which I took to be the balance. I mean how is "account balance" not an account balance? Since Elderbridge also never sends out statements of account, I really don't know how I am supposed to know that the "account balance" on a letter is not the actual balance.

Do you have any advice, and can you recommend a lawyer? I will also do a renewed push next week to get this in the press. The OFT has a lot to answer for.

Many thanks!

[Fred]

Re: Firstplus Requirements – OFT FOI Release

Firstplus/Elderbridge list your account balance & interest separately so it shows on your credit report as the loan amount (balance) is being paid/reduced but, the interest applied to the loan is not available. This is why a lot of folks get a nasty shock when getting a redemption figure. Also it is known that they use favourable redemption equations to calculate your figures.

Hi Amethyst,
thank you for you picking up my cry for help! I have a copy of the agreement, yes. I took out £33,000 at 7.9% in June 2005. (I also had PPI, which I have claimed back since.) The initial monthly repayment on the loan (Without PPI) was £247.48, but as you know First Plus has massively hiked the rates and never passed on any reductions. I have paid incrementally more and am now at £324, so around £77 per month than I had initially signed up for.
I'm completely stunned that I was today told to repay £27,402 to settle the account. On my letters from Elderbridge, it always says "account balance: XXX", which I took to be the balance. I mean how is "account balance" not an account balance? Since Elderbridge also never sends out statements of account, I really don't know how I am supposed to know that the "account balance" on a letter is not the actual balance.

Do you have any advice, and can you recommend a lawyer? I will also do a renewed push next week to get this in the press. The OFT has a lot to answer for.

Many thanks!