Barclays First Plus FOS Mediation

[Fred]

I received a letter for redress from an old FP loan via Elderbridge, they are asking for too much personal data hence I am inclined to think it is a scam letter unless someone knows any different

Its most likely a Plevin unfair commissions concern, ring Elderbridge & ask them. You most likely paid too much interest on your loan also.

[Fred]

Hi
has anyone received any redress from first plus / Elderbridge for excessive interest?

Lots up to now.

[Seri]

I received a letter for redress from an old FP loan via Elderbridge, they are asking for too much personal data hence I am inclined to think it is a scam letter unless someone knows any different

[Truffles]

Hi
has anyone received any redress from first plus / Elderbridge for excessive interest?

[s0ulb0y]

Hi, I'm a newbie here and I'd like to tell my story...In 2005 we were missold a First Plus loan by the brokerage Loanmakers UK Ltd which dissolved in 2011. My wife and I were under the assumption that a loan of £50k would have been a monthly payment of £505pcm over 300 months, however, we made it specifically clear to the Loanmaker representative that we had intended to pay this loan a lot sooner. First Plus interest rate began to rise in accordance with the Bank of England. First Plus sold all unpaid debts to another company known as Elderbridge.

In 2016 I wrote to Elderbridge with the dissatisfaction of the loan and Elderbridge refused my complaint on the grounds of my complaint being ‘outside the time limits. I have been in communication with Elderbridge raising further complaints on the grounds of removing all interest increases or to put it a different way, setting the account back in the position it would have been in had the interest increases not been applied.

My wife and I have never defaulted and to date the balance of the loan stands at £41,523.92 which relates in 16 years we have only reduced the loan by a minimal amount and we have a further 9 years and 11 months outstanding to pay.

I recently made an offer to Elderbridge of £10,000 to settle the loan, however, I received a letter dated 16^th June 2021 that my offer was declined as the amount offered was considered to be lower than they would accept.

I rang Elderbridge in June to ask what would be an offer they would accept, I never received a reply and was informed that the loan was performing well and the property has equity.

I emailed Elderbridge soon after explaining that I do not want to commit for a further 9+ years and I presented Elderbridge with the option to settle the loan minus 9 years of interest, once again they declined and explained that the loan is performing well and we would have to pay the full outstanding balance of £42k

Four months ago I put my case forward to the Financial Ombudsman and I’m still waiting for my case to be assigned a caseworker. I frequently chase the FO for an update and I’m still waiting…

I just want to end this nightmare, any advice on my next move will be appreciated.

Thanks
s0ulb0y.

[Trigger77]

I might try again with the FOS….. see what they have to say….. seems a bit hit and miss…. But they have had their hands down our pockets!

[agentsmith]

It's good to find this!

I took out a First Plus (now Elderbridge) loan in 2005. I was told that interest rates tracked base rate so first complained when I noticed they were not decreasing (c.2008 probably). I was told that interest rates followed FHBR and not base rate so complained again when these rates were reduced and there was still no change to interest rates. This time I was told that, due to a fall in house prices, First Plus were exposed so would not reduce interest rates.

I looked online (probably around 2012 / 2013) and found a huge number of complaints of a similar nature - none of which could be progressed as the regulator was uninterested.

It looks as though the situation has changed so I'll have a look through the threads and will pick this up where I can. I'm happy to pay the capital and the appropriate level of interest but, like many many others, I feel cheated, overcharged and lied to.

I hope there's a way to hold Barclays / First Plus to account as they were clearly miss selling this product.

[Trigger77]

I have recently complained again, but no joy at all..... perhaps I should try FOS again.... any thoughts anyone?

[0150iods]

Hi just been reading some of peoples post about these first plus now elderbridge loans I have one for some unknown reason I called them up today for a early settlement figure and found out my interest was frozen since 2015 and am just paying my capital off so my full £320 a month is going to my capital and there is £9000 interest still to pay to date
then once capital is payed off in 2.5 years I’ve then got to start paying off interest over the term left on the loan 7.5 years has anyone experienced this

[Abh]

I’ve been complaining in writing to Barclays first plus/ Elderbridge for over 3 yrs , receiving 2 line responses every 6/8 months I have now cleared the loan , do u just go into the FOS website and file a direct complaint ,

[Fred]

I don't use facebook. Yes i am a firstplus(now elderbridge) customer. I did some years ago now complain about the variable interest only going one way and they dismissed the complaint.

I suggest you read the thread.

[ostell]

I suggest you delete the contents of your post and start a thread of your own rather than hijacking an active thread. Otherwise things can get confusing

[Russetk]

No, there is a lot of different circumstances that would determine your complaint, that is, assuming you are a customer of FP or Elderbridge that feels you may have paid too much. Its not as simple as a copy paste. Can you answer the questions in the Facebook link below ?

https://www.facebook.com/groups/fpcomplaints

I don't use facebook. Yes i am a firstplus(now elderbridge) customer. I did some years ago now complain about the variable interest only going one way and they dismissed the complaint.

[Fred]

Challenging First plus over the rates and suitability?

No, there is a lot of different circumstances that would determine your complaint, that is, assuming you are a customer of FP or Elderbridge that feels you may have paid too much. Its not as simple as a copy paste. Can you answer the questions in the Facebook link below ?

https://www.facebook.com/groups/fpcomplaints

[Russetk]

For what ?

Challenging First plus over the rates and suitability?