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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.



    • #32
      has anyone received any redress from first plus / Elderbridge for excessive interest?


      • #33
        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


        • #34
          Originally posted by Truffles View Post
          has anyone received any redress from first plus / Elderbridge for excessive interest?
          Lots up to now.


          • #35
            Originally posted by Seri View Post
            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.


            • #36
              I would be interested to read of any successful payouts from Elderbridge on here please


              • #37
                Heres one with Blemain, same type of lender and same sort of issues https://www.theguardian.com/money/20...ng-over-100000
                I work for Wannops LLP . I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

                If you need to contact me please email me on Ptilley@wannops.com .

                I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

                You can also follow my blog on consumer credit here.


                • #38
                  Hello, I am new to this forum. I sent complaint to Barclays re First Plus loan and have today received a reply to advise I am out of time as should of complained within 6 years. No response from Elderbridge as yet, I also sent them a complaint. I am sending SAR requests to both companies today. Complaint was about interest rates but I also believe I may of been mid-sold the loan as they told me not affordable but then told me to put partners name on even though the house is only mine! Recently had advice saying I could be liable to pay partner a share of the property even though he has never paid a penny to the mortgage or First Plus loan. Should I wait for Elderbridge response or go straight on Ombudsman now?


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