FirstPlus - DMP and Interest

[Guest]

Hi.

i have been on a DMP for many years and I have, what started off as a £20k debt with first plus taken out in 2006. This got taken over by Barclays and the debt sold on to Elderbridge in 2009 when we struggled with the payments (DMP in place at this stage). The balance is now 18k however the interest that they claim to have set aside is now £12k (rose by 1.8k in the last year alone). The APR is 9.37%. Basically, in the next 10 years at the rate I’m paying, the interest will be touching £50k. Is this right and is there anything I can challenge under the CCA and fair relationship?

[pt2537]

Hi.

i have been on a DMP for many years and I have, what started off as a £20k debt with first plus taken out in 2006. This got taken over by Barclays and the debt sold on to Elderbridge in 2009 when we struggled with the payments (DMP in place at this stage). The balance is now 18k however the interest that they claim to have set aside is now £12k (rose by 1.8k in the last year alone). The APR is 9.37%. Basically, in the next 10 years at the rate I’m paying, the interest will be touching £50k. Is this right and is there anything I can challenge under the CCA and fair relationship?

Hi there

Yes, there is, and whats more there are potentially unfair terms in the contract. First Plus credit agreements have been challenged all be it in the County Court by Murphy & Dye

there are a number of issues which could be raised surrounding the terms of the first plus agreement, the interest variation clause is open to challenge.

Im dealing with circa 5 cases with first plus agreements, some of them even have issues surrounding who actuallly owns the account

[Oakson184]

Thanks for the swift response. I’m awaiting the CCA to understand what’s there. Excuse my ignorance, but in the case where there is an unfair term idendified, what’s the possible outcome?

[Jual33]

Hi i have similar story with firstplus has anyone managed to claim a finacial settlement from firstplus/elderbridge regarding over charged interest rates

[AnthonyW57]

Hi
I have just joined as a new member to this forum and cant stress enough how happy I am that I am not alone in my Firstplus/Elderbridge troubles.
I took out a £27k secured loan with Firstplus in 2006 for £27k to clear existing loan and credit card debt they then added on £5885 PPI after I was told that by opting for the PPI the loan decision would be looked on more favourably as it showed that I was concerned about not being able to pay in the event of job loss/death etc(Seriously true)
Having been made redundant along with 550 colleagues in August 2020 due to the Covid outbreak after 26 years working for the local newspaper my years salary redundancy payment soon ran out as I was out of work for 2 years but still trying to pay all bills/loan etc etc
So I fell behind with my Elderbridge payments to the tune of £6k arrears
Now I have court proceedings pending for possession of my property,
I am 65 years old and have the clause 7 Variable rate included in my contract,
Their solicitors "Lightfoots" have sent me a schedule of all my payments plus all the interest charged and adding up all my monthly payments I have paid in over £55k so far and still owe them over £30k!!!!!
I am not due to finish payments until Sept 2031 when I will be 74, I was intending to retire at 66 but obviously cant with having to pay this loan at almost £400 per month
Why would they allow me to take a loan past my retirement age?
How is it suddenly possible that over the next 9 years I will somehow have paid back the balance owing of £30k and yet over the last 16 years the debt has only decreased by just over £2k?
Some months on the payment schedule their solicitors sent me show interest being £547 but my monthly direct debit payment being around £300
IT's like going one step forward and two steps back
Finally I looked at the Legal Charge form which has a signature on it that definitely was not signed by me and next to my signature there is a witnesses signature, how this is possible amazes me as all the forms were dealt with by post and it actually shows written on the top of the Legal Charge form the words "Sign and Return" so how could there be a witness to my signature??
I am at my wits end and looking to resolve asap as I cant sleep at night(it is 3.19am as I write) am stressed out and have really high anxiety levels due to all this
I live alone and only have a minimum wage job (£9,50 p/h) so don"t know what to do next?
Any help would be great such as a good solicitor that handles this kind of thing I could contact in the Birmingham area as a starting point
Thanks Anthony