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Barclays First Plus FOS Mediation

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  • #31
    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 16th 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.



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