FirstPlus to Elderbridge

[Gizler]

Hi all,

I've received the statement but no contact or mention regarding the SAR.

The account type: Fixed-sum credit agreement
Taken out 16th Sept 2005
Duration: 240 months
Total amount: £68,469.50
Balance: £33,045.45

Does not say what the total I have to pay back is????

Variable % rate which started at 8.1360 to it's highest in 2008 9.8880 and now sitting at 8.8680

I've had a look through and I'm struggling to make sense of it in particularly where they refunded the PPI but the refund cheque was added back to the loan balance.

Balance £60,286.76 - Discretionary rebate £12,924.10 = £47,362.66
£47,362.66 + Refund cheque £4,681.86 = £52,,044.52

The FOS instructed them to put me in a position that I would have been if I hadn't had the PPI in the first place but they seem to have penalised me. I might be reading it wrong though.

I can't see any charges accept an indemnity claim for £509 in 2016 where they again add it to the balance?

Does any of the above seem right to any of you that are knowledgable in these things?

[Fred]

Hi all,

I've received the statement but no contact or mention regarding the SAR.

The account type: Fixed-sum credit agreement
Taken out 16th Sept 2005
Duration: 240 months
Total amount: £68,469.50
Balance: £33,045.45

Does not say what the total I have to pay back is????

Variable % rate which started at 8.1360 to it's highest in 2008 9.8880 and now sitting at 8.8680

I've had a look through and I'm struggling to make sense of it in particularly where they refunded the PPI but the refund cheque was added back to the loan balance.

Balance £60,286.76 - Discretionary rebate £12,924.10 = £47,362.66
£47,362.66 + Refund cheque £4,681.86 = £52,,044.52

The FOS instructed them to put me in a position that I would have been if I hadn't had the PPI in the first place but they seem to have penalised me. I might be reading it wrong though.

I can't see any charges accept an indemnity claim for £509 in 2016 where they again add it to the balance?

Does any of the above seem right to any of you that are knowledgable in these things?

From experience, they add charges to a separate part of the account so not accrue interest. The interest part of the accounts is also held separately & changes your liability with increases/decreases. The "balance" is usually the amount borrowed from inception & reduces through the payments, then, you start to reduce your interest liability, which, for some unknown reason, they, do not like giving out.

[Gizler]

From experience, they add charges to a separate part of the account so not accrue interest. The interest part of the accounts is also held separately & changes your liability with increases/decreases. The "balance" is usually the amount borrowed from inception & reduces through the payments, then, you start to reduce your interest liability, which, for some unknown reason, they, do not like giving out.

So is this how they make extra money?
Would it help if I uploaded the statements as I can't make head nor tale of them?

Someone has already pointed out to me that Elderbridge have taken the £10 SAR charge to my balance thus increase the overall balance and increases the interest. This is despite me paying them over the phone by debit card which shows up in my bank statement.

They have now also ignored my complaint to them and I have now complained to the ICO.

[redstar]

Today, 00:54:AM
Sometime ago Elderbridge increased my payment refused to increase DD unless I filled in expediture income .. knowing their form refused agreed to dd .. emailed them called them .. saying ok increase dd as they normally would if change in payment ..increase they refused on basis I have FOS complaint ... Fos gave me a number not main Elderbridge number to call to get dd increased .. so because I have FOS case Elderbridge playing hardball trying to go in for kill . Charginging interest etc for non complete payments How is this legal how are FOS ignoring this .. I work long shifts guess what number closed .. what is going on?? WHY NOT ALLOWING ME TO PAY

[slainte caragh]

Today, 00:54:AM
Sometime ago Elderbridge increased my payment refused to increase DD unless I filled in expediture income .. knowing their form refused agreed to dd .. emailed them called them .. saying ok increase dd as they normally would if change in payment ..increase they refused on basis I have FOS complaint ... Fos gave me a number not main Elderbridge number to call to get dd increased .. so because I have FOS case Elderbridge playing hardball trying to go in for kill . Charginging interest etc for non complete payments How is this legal how are FOS ignoring this .. I work long shifts guess what number closed .. what is going on?? WHY NOT ALLOWING ME TO PAY

Hiya Redstar,
in order not to confuse this with another poster's enquiry I am asking Amethyst. Tools Kati or EXC to link this with your other thread http://legalbeagles.info/forums/foru...dd#post1409484

I understand that this is frustrating but keeping everything together will make it easier for us to explain things and have everything in one place

[Gizler]

Hi all, just going through the SAR stuff from Elderbridge which doesn't seem right to me.

FOS had ordered Firstplus now Elderbridge to refund the premium of £13,469 and interest and all interest paid on the premium up till that date of £3962.24.

They also sent me a cheque for £4681.86 in respect of the part of my monthly repayments that were made towards the policy and a further £595.79 in respect of 8% interest on the monthly payments of the cost of the premium.

Just looked on my statement and while they ave done the above they also appear to have added the refund cheque to the overall balance and then continued to charge interest.

I am not an accountant but the object was to put me back in the position I would save been if I had not been missold the PPI:

I would've taken the PPI premium away from the starting figure and would start from the £55,000 that I was borrowing.
Taken away then subtracted all capital and interest payments that I made which would've been more accurate and truly left me in the position that I should've been in.

By my very rough calculations the balance should've been in the mid £30k's which takes into account the 41 payments that I had paid till then and the interest.

They haven't done what they should've done and gained by refunding me and then making me pay it back with interest.

I would really appreciate it if one of the team can take a look at my statement - 6/02/2009 - and advise if I've got it wrong or if they really are a bunch of @@@@@@

Many thanks

[Amethyst]

This part ?

[Amethyst]

Me too on the recalc btw - start the loan at 55k and start from beginning using your payments ( more coming off capital each payment so less interest etc ) You'll need to plug it all into a spreadsheet each time and use their interest rate changes as well while doing the calc to see what the difference might be.

Were the calculations included in their final offer ?
Did you receive a cheque for the £4K figure ?
Did nothing in the Sar relate to the refund decision etc ?

[Fred]

Hi all, just going through the SAR stuff from Elderbridge which doesn't seem right to me.

FOS had ordered Firstplus now Elderbridge to refund the premium of £13,469 and interest and all interest paid on the premium up till that date of £3962.24.

They also sent me a cheque for £4681.86 in respect of the part of my monthly repayments that were made towards the policy and a further £595.79 in respect of 8% interest on the monthly payments of the cost of the premium.

Just looked on my statement and while they ave done the above they also appear to have added the refund cheque to the overall balance and then continued to charge interest.

I am not an accountant but the object was to put me back in the position I would save been if I had not been missold the PPI:

I would've taken the PPI premium away from the starting figure and would start from the £55,000 that I was borrowing.
Taken away then subtracted all capital and interest payments that I made which would've been more accurate and truly left me in the position that I should've been in.

By my very rough calculations the balance should've been in the mid £30k's which takes into account the 41 payments that I had paid till then and the interest.

They haven't done what they should've done and gained by refunding me and then making me pay it back with interest.

I would really appreciate it if one of the team can take a look at my statement - 6/02/2009 - and advise if I've got it wrong or if they really are a bunch of @@@@@@

Many thanks

How can you end up with an interest rate higher than inception on the loan..? are you aware that the interest is held in a separate account to the balance? The balance is just what you borrowed, reduced by your payments but, the interest has still to be paid. Usually, the cheque paid in circumstances like this reflects the rules of the term & limited over payments.

[Gizler]

I did receive the cheque for £4K plus.

I’ll put the figures in to the calc and report back.
There wasn’t a detailed explanation of how they got to their figures in the letter. It just said what I wrote in my post.

[Gizler]

Hi Fred, if I ask for that statement are they obligated to send that to me? I was unaware that there were 2 separate accounts

[Fred]

Hi Fred, if I ask for that statement are they obligated to send that to me? I was unaware that there were 2 separate accounts

No, they will just send you the balance in normal circumstances, perhaps, even asking for you to pay for a "full balance" thats been my experience of a lot of BFP customers. The interest liability changes of course each time they move rates but, nevertheless remains absent on most of their communications, even when submissions to court are involved, such is the arrogance.

They have pushed up rates to most of their customers without explanation/justification, this, in itself goes against the rules & it would amount to a quite considerable sum if you argue the increases are not legally justified.

[Gizler]

This part ?

Yes.
Hi I can't find the calculator on the site. Do you have a link to it please?

[Fred]

https://twitter.com/BarclaysVictim

This guy reads pretty upset.....see he/she has found the disclosure.......

[Gizler]

Thanks Fred. How their actions have not been disclosed to the public at large is beyond me.