Financial Ombudsman unfair rate claim on hold for 14 months. You too?

[EwanHusarmee]

Hello all,

I lodged a complaint with the FO about the interest rate on my FirstPlus loan about 14 months ago. I have been repeatedly told that the principal of my complaint is being considered with a number of others, but have never found any reference to this on any forum on the internet.

My complaint is that their salesman explicitly said they would keep their rates competetive, otherwise I would switch. When I was offered additional mortgage lending, as my circumstances had changed for the better at a much lower exchange rate, I was unable to switch due to PPI and rule of 70 punitive charges, but the First Plus rates did not reflect my improved circumstances.

Do these circumstances ring a bell with anyone?

[Fred]

Re: Financial Ombudsman unfair rate claim on hold for 14 months. You too?

Yes, very much, it's the rule of 78, they been warned over using it years ago (on unregulated secured loans). we are battling over the unilateral interest rate variation clause & some others. The FOS normally will rule against the use of the rule of 78 as there is case law against it when used on loans of such high value.

[Fred]

Re: Financial Ombudsman unfair rate claim on hold for 14 months. You too?

Hello all,

I lodged a complaint with the FO about the interest rate on my FirstPlus loan about 14 months ago. I have been repeatedly told that the principal of my complaint is being considered with a number of others, but have never found any reference to this on any forum on the internet.

My complaint is that their salesman explicitly said they would keep their rates competetive, otherwise I would switch. When I was offered additional mortgage lending, as my circumstances had changed for the better at a much lower exchange rate, I was unable to switch due to PPI and rule of 70 punitive charges, but the First Plus rates did not reflect my improved circumstances.

Do these circumstances ring a bell with anyone?

Take a look at this thread;

http://www.legalbeagles.info/forums/...plus+reprimand

& this

http://www.legalbeagles.info/forums/...us+Elderbridge

Give you a bit of reading :tinysmile_twink_t2:

Welcome by the way..................please let me know if you have any questions.

[EwanHusarmee]

Re: Financial Ombudsman unfair rate claim on hold for 14 months. You too?

Thanks Fred,

When you say "Yes very much", does that mean you have specific information about an ongoing investigation by the Financial Ombudsman? If so is this into the rates being unfair due to not reflecting changes in base rates as per the links you sent me, or is it the same as my case, being specifically promised that they would keep the rates competetive by the FirstPlus' salesman.

[Fred]

Re: Financial Ombudsman unfair rate claim on hold for 14 months. You too?

Thanks Fred,

When you say "Yes very much", does that mean you have specific information about an ongoing investigation by the Financial Ombudsman? If so is this into the rates being unfair due to not reflecting changes in base rates as per the links you sent me, or is it the same as my case, being specifically promised that they would keep the rates competetive by the FirstPlus' salesman.

I have much experience with these people, there is a (private) action group now based on Facebook where we share informations. I suppose it depends what type of loan you have in the first instance as I, would not like to mislead on any questions.