Elderbridge Ex Barclays Firstplus.

[Fred]

Well it seems today that "Elderbridge" are taking note of the FHBR & have reduced (to a select few) interest rates by 0.5%.

This represents a reduction from Elderbridge of less than 10% of FHBR reductions since 2008 when, Firstplus last increased rates.

They have also had a warning shot fired across their bows from the FCA, I hope this miserly effort is seen as nowhere near enough.

Please let us know if you get a letter.

[cloudere]

Re: Elderbridge Ex Barclays Firstplus.

my husband and I got a letter reducing our payments by £16 a month wow! considering all the time first plus had this secure loan I suppose I should be grateful for any reductions as we never got any with them! we`ve been paying for over 10 years all payments current and up to date, and still owe more than the original amount borrowed.

[Boolee2112]

Re: Elderbridge Ex Barclays Firstplus.

We also received a letter from Elderbridge dated 28/10/16 informing us of a 0.5% drop in interest rate.
Weirdly though this put our last 10 repayments up by 70p a month!?
I've phoned them and logged a complaint and also double checked that the settlement figure they gave was corresponding with the figures on our credit report. We've never received a statement on our loan in the 9yrs we've had it. Is this normal?

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my husband and I got a letter reducing our payments by £16 a month wow! considering all the time first plus had this secure loan I suppose I should be grateful for any reductions as we never got any with them! we`ve been paying for over 10 years all payments current and up to date, and still owe more than the original amount borrowed.

How can you still owe more than the original amount after 10 years of repaying ??

[Fred]

Re: Elderbridge Ex Barclays Firstplus.

We also received a letter from Elderbridge dated 28/10/16 informing us of a 0.5% drop in interest rate.
Weirdly though this put our last 10 repayments up by 70p a month!?
I've phoned them and logged a complaint and also double checked that the settlement figure they gave was corresponding with the figures on our credit report. We've never received a statement on our loan in the 9yrs we've had it. Is this normal?

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How can you still owe more than the original amount after 10 years of repaying ??

If your loan was signed before April 6th 2008 then, yes it is normal not to receive statements of account providing it was for more than 25K.

These loans generally have an APR higher than your interest rate to include additional charges. It is likely that they have re-calculated your payments to cover any charges within the term of the loan. You can not be sure until you have the numbers.

[Boolee2112]

Re: Elderbridge Ex Barclays Firstplus.

Our repayments are now £387.74 and the settlement figure quoted was £3711.17.
I asked them why the repayments went up by 70p and they couldn't give me a reason. I also enquired if there were any charges to our account as we've not missed any payments in 9yrs. I got the reply that there was a charge of £131.00 which they also could not explain. This is why I logged a complaint.

[Paulbranch]

Re: Elderbridge Ex Barclays Firstplus.

We have also received a letter from elderbridge stating our interest rate has been dropped by 0.5%. But as we have arrears they have said our payments will not drop. We took firstplus to court as a result of a repossesion order 3 years ago and the judge sided with us. So a figure was agreed in court to pay the arrears off. I dont see how elderbridge have the right to change the amount we pay off the arrears. I also fail to see why firstplus have got away with the way customers have been treated and know one can do a thing about it. We are still paying 11.2% on our loan

[Fred]

Re: Elderbridge Ex Barclays Firstplus.

We have also received a letter from elderbridge stating our interest rate has been dropped by 0.5%. But as we have arrears they have said our payments will not drop. We took firstplus to court as a result of a repossesion order 3 years ago and the judge sided with us. So a figure was agreed in court to pay the arrears off. I dont see how elderbridge have the right to change the amount we pay off the arrears. I also fail to see why firstplus have got away with the way customers have been treated and know one can do a thing about it. We are still paying 11.2% on our loan

Yes, the interest charges are excessive & this is or has been the first ever reduction in interest for many loan tied customers. I do believe we would not be seeing this decrease of 0.5% if it was not for the FCA pressure, albeit very limited.

This company is unable/unwilling to justify why its rates are way above inception for most & have benefitted for far too long on dubious fixed terms. The FOS is virtually powerless as there is little by way of "test cases" for them to rely on in assessing "unfair relationships"....................

Its mostly against the consumer am afraid at the moment but, that does mean we do not have a strong argument. There is much going on at present but, the process is painfully slow.......................keep chipping away is not such a bad idea.

[cloudere]

Re: Elderbridge Ex Barclays Firstplus.

We also received a letter from Elderbridge dated 28/10/16 informing us of a 0.5% drop in interest rate.
Weirdly though this put our last 10 repayments up by 70p a month!?
I've phoned them and logged a complaint and also double checked that the settlement figure they gave was corresponding with the figures on our credit report. We've never received a statement on our loan in the 9yrs we've had it. Is this normal?

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eHow can you still owe more than the original amount after 10 years of repaying ??

something to do with the variable interest rate we originally borrowed 69k and have been paying £755 per month for last 10 years balance at present is 72k. last statement shows for every 755 paid only 150 comes off balance rest is interest.
theres many others paid first plus for a long time and still owe more than original amount borrowed payments are up to date so its not arrears.we would never have got into this had we known but at the time we were trying to save our house and months after taking out this first plus loan we were forced into a trust deed which thankfully finished in 2011. first plus have preyed on the desperate and have taken advantage of offering the "easy way out of a problem",but we have not said this to get out of paying the money but surely the interest rates are almost loansharking and there must be a fairer way to resolve something which is so unfair.