Barclays First Plus FOS Mediation

[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.

[Truffles]

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

[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

[Fred]

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

Lots up to now.

[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.

[Seri]

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

[pt2537]

Heres one with Blemain, same type of lender and same sort of issues https://www.theguardian.com/money/20...ng-over-100000

[MOLLY5]

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?

[Fifi1265]

It seems there is now a willingness for the above to negotiate settlement terms for customers who complained over interest & are mediated by the FOS. At long last.

The FOS has completely turned turtle on this subject following 100% refusal in the past to accept any claims from consumers. It is beyond belief that regulation can behave in this way after endorsing the very loans they now recognise as problematic. No explanation, no nothing, its like the exact same points of value were never put to them even though this started over ten years ago.

This is a major turning point on consumer struggles in this particular field, its embarrassing for the regulators who, clearly, were influenced by means other than consumer rights.

I hope all of the alleged 100K + consumers make a complaint, they should, its their money back not a wild claim.

Got 35k back today plus £150 for inconvenience :-)

[mim71]

Got 35k back today plus £150 for inconvenience :-)

Hi, can you tell me how long your complaint took, as I complained last September and still with FOS

[MIKE770]

these comoplaint can take up to 2 years as i found out everyone a waste of time in the end

[Fifi1265]

Hi, can you tell me how long your complaint took, as I complained last September and still with FOS

hiya sorry for not getting back sooner - you should hear back soon - i complained to the FOS in August and they were very good in emailing me saying that they were sorry it took so long then two weeks ago received the email from FOS saying First Plus are offering me the 35k. So fingers crossed you will here back soon. Let us know!

[Fifi1265]

hiya sorry for not getting back sooner - you should hear back soon - i complained to the FOS in August and they were very good in emailing me saying that they were sorry it took so long then two weeks ago received the email from FOS saying First Plus are offering me the 35k. So fingers crossed you will here back soon. Let us know!

you should email the FOS its much quicker than getting a letter! and also received all the monies into my account on Thursday - barclays pay the 150 Elderbridge paid the lump sum

[Boffy1907]

you should email the FOS its much quicker than getting a letter! and also received all the monies into my account on Thursday - barclays pay the 150 Elderbridge paid the lump sum

Hi, I've just joined the Forum. I recently settled my First Plus loan (moved to Elderbridge) .It was taken out in approximately 2008. Could you tell me how you went about this filing your complaint please.

[Lostagain]

[QUOTE=Fred;n1563233]It seems there is now a willingness for the above to negotiate settlement terms for customers who complained over interest & are mediated by the FOS. At long last.

The FOS has completely turned turtle on this subject following 100% refusal in the past to accept any claims from consumers. It is beyond belief that regulation can behave in this way after endorsing the very loans they now recognise as problematic. No explanation, no nothing, its like the exact same points of value were never put to them even though this started over ten years ago.

This is a major turning point on consumer struggles in this particular field, its embarrassing for the regulators who, clearly, were influenced by means other than consumer rights.

I hope all of the alleged 100K + consumers make a complaint, they should, its their money back not a wild claim. [/QUOTE
Fred can you provide any detail on how you should structure yiur letters of complaint to .first plus and Elderbeidge ?