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Barclays First Plus FOS Mediation

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  • Fred
    started a topic Barclays First Plus FOS Mediation

    Barclays First Plus FOS Mediation

    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.
    Tags: None

  • s0ulb0y
    replied
    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.

    Thanks
    s0ulb0y.

    Leave a comment:


  • Trigger77
    replied
    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!

    Leave a comment:


  • agentsmith
    replied
    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.

    Leave a comment:


  • Trigger77
    replied
    I have recently complained again, but no joy at all..... perhaps I should try FOS again.... any thoughts anyone?

    Leave a comment:


  • 0150iods
    replied
    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

    Leave a comment:


  • Abh
    replied
    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 ,

    Leave a comment:


  • Fred
    replied
    Originally posted by Russetk View Post

    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.

    Leave a comment:


  • ostell
    replied
    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

    Leave a comment:


  • Russetk
    replied
    Originally posted by Fred View Post

    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.

    Leave a comment:


  • Fred
    replied
    Originally posted by Russetk View Post

    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

    Leave a comment:


  • Russetk
    replied
    Originally posted by Fred View Post

    For what ?
    Challenging First plus over the rates and suitability?

    Leave a comment:


  • Fred
    replied
    Originally posted by Russetk View Post
    Is there a template letter for this?
    For what ?

    Leave a comment:


  • Fred
    replied
    Originally posted by Daisy 409 View Post
    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.

    Leave a comment:


  • Russetk
    replied
    Is there a template letter for this?

    Leave a comment:

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