Barclays First Plus FOS Mediation

[meellis]

Evening, over the years I have read many complaints about the FOS and the way they go about things. My long held opinion is that the FOS aren't there to regulate or help Joe Public. Years ago there was a major accident involving gas and some forward thinking gas engineers decided to form a regulator themselves because they could see regulation being brought into the industry.There idea was that they could form a regulator with the interest of the gas industry at its heart and the government would then use them instead of setting up their own body, far easier to use something already there than start something new. This was the basis of CORGI and the aim was to be biased towards the industry instead of having rules imposed on the industry by people in the government who didn't know the industry.What does this have to do with the FOS I hear you say, well I am under the impression that the FOS was set up and funded by the financial industry for much the same reason. They seem to spend a lot of time coming up with a solution to issues that gives joe public the impression the perpetrators have been punished but also have let the perpetrators get off quite mildly. This comes about because they are an industry led and financed organisation set up to make peace and mediate.Its easy to do with joe average really because joe average has seen the banks get fined for wrong doing but they have never asked where the funds from the fines go to (never the people wronged), they haven't worked out that the fines just go on the banks loss sheets so they will come up with another way to get the losses back (hence a limited number of free bank accounts). Joe average is happy with the impression that there was a punishment there even though nobody has actually been punished except themselves when they pay back the fines through increased bank charges. Does anyone have the evidence that the FOS are a government run regulatory body with fairness at their core or do we just assume it?

[Daisy 409]

I believe that The FOS has stated that 150 of these cases have been informally settled , and that there is 60 still waiting to be settled. I can't find any of the 150 on the FOS decisions page, does anyone know why this would be?

[Russetk]

Is there a template letter for this?

[Fred]

I believe that The FOS has stated that 150 of these cases have been informally settled , and that there is 60 still waiting to be settled. I can't find any of the 150 on the FOS decisions page, does anyone know why this would be?

They only make available online, Ombudsman's decisions not, those of the adjudicators.

[Fred]

Is there a template letter for this?

For what ?

[Russetk]

For what ?

Challenging First plus over the rates and suitability?

[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]

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.

[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

[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.

[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 ,

[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

[Trigger77]

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

[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 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!