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FirstPlus to Elderbridge

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  • FirstPlus to Elderbridge

    Hi all I hope I've put this in the correct section.

    I took out a secured loan (2nd Mortgage) with FP in 2003 for 55,000 they added PPI l13,469.50 and the grand total = 68,469.50 WOW. This was a 20 year term to consolidate debts following an extension and a rogue builder. Looking back I can't believe that I did this but hindsight = 20/20 vision and all that.

    The house and mortgage is in my name but FirstPlus adviser told me that I stood better chance of getting the loan if my partner was on the loan.
    I reclaimed the PPI through the FOS in around 2008 and FOS ordered them to restructure the loan and put it back into a position that I would have been without the PPI.

    Along the way there have been a couple of late payments and a payment holiday which I know would have attracted charges and interest.

    I went back to FOS and complained that I believed that my partners name should not be on the loan as she was unemployed at the time and has no way of picking up the payments should something happen to me but I was unsuccessful: a) because i'd left it too long to complain and b) FP needed protect their debt and have someone else to go after.

    I asked for settlement figure recently and have been told that there is 5 years left and 35,000 more to pay???
    Maths isn't my strong point but I would have paid them at least 120,000 which is a lot more than the principle sum.

    I have done a SAR and am waiting for it's arrival but I think that there is something fishy going on. I also believe that it may have been miss sold due to their lies at the beginning regarding my partner and the PPI.

    I have searched this and other forums and there are threads that start but there is no conclusion so quite lost as to what I should be looking out for when I receive the paperwork(disc) and any advice would be really useful.
    Last edited by Gizler; 24th April 2018, 19:54:PM.
    Tags: None

  • #2
    pt2537 may be able to assist you as his firm of solicitors fight for consumer rights and against injustice caused by large financial institutions
    HOW TO COMPLETE AN N180 DIRECTIONS QUESTIONNAIRE (SMALL CLAIMS TRACK) FORM?

    My posts on this forum are offered based on my experience dealing with a variety of life events. I have no formal legal training and if in doubt take professional legal advice or contact the CAB. If you follow anything I write on this forum you do so at your own risk and I accept no liability for any loss, costs or other outcomes.

    I do not come on here in the evening, at weekends or on public holidays.

    Comment


    • #3
      First plus loan agreement terms have been challenged in Court previously, (see Murphy & Dye) and the Court ruled the terms were unfair under UTCCR 1999

      IT may also be possible to challenge the terms which have been used to add default and late fees, this is something that ive one with other companies such as swift advances ( See Swift v Daley)

      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 . My firms initial advice is always free.

      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.

      Comment


      • #4
        Originally posted by pt2537 View Post
        First plus loan agreement terms have been challenged in Court previously, (see Murphy & Dye) and the Court ruled the terms were unfair under UTCCR 1999

        IT may also be possible to challenge the terms which have been used to add default and late fees, this is something that ive one with other companies such as swift advances ( See Swift v Daley)
        Many thanks. I'll have a look at the cases that you mention.

        Comment


        • #5
          Hi
          i took a loan with firstplus in 2005sold with ppi. I have won the ppi back.
          i was in arrears for 18mths then cleared the arrears .
          i called the other day to get a settlement figure, to be told my balance was 15000 with extra 21000 in charges from being in arrears! So now i owe 36950.
          Is there any legal action i can take againest them? surley this is unfair charges?
          Thanks.

          Comment


          • #6
            Originally posted by Jason4kez View Post
            Hi
            i took a loan with firstplus in 2005sold with ppi. I have won the ppi back.
            i was in arrears for 18mths then cleared the arrears .
            i called the other day to get a settlement figure, to be told my balance was 15000 with extra 21000 in charges from being in arrears! So now i owe 36950.
            Is there any legal action i can take againest them? surley this is unfair charges?
            Thanks.
            Hi

            It may be possible to challenge elderbridge, you could go for an unfair relationship per s140A Consumer Credit Act or in the alternative you could challenge the terms under the Unfair Terms in Consumer Contract Regulations 1999
            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 . My firms initial advice is always free.

            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.

            Comment


            • #7
              Hi pt2537
              would this be the case if the mortgage is unregulated?
              thanks
              kerry.

              Comment


              • #8
                Originally posted by Jason4kez View Post
                Hi pt2537
                would this be the case if the mortgage is unregulated?
                thanks
                kerry.
                The regulations PT has mentioned apply to "unregulated".

                Have you looked on the site for further information ?

                Comment


                • #9
                  Originally posted by Fred View Post

                  The regulations PT has mentioned apply to "unregulated".

                  Have you looked on the site for further information ?
                  Sorry which site?

                  Comment


                  • #10
                    I sent Elderbridge a SAR which they have breached. I have sent them a letter from the ICO which gives them 12 days top comply. I will then complain to the ICO and will be back for advice.

                    Comment


                    • #11
                      Quick question, should they have been sending us yearly statements? I thought that I read somewhere that they are not obliged to send statements on secured loans which does not make sense.

                      Comment


                      • #12
                        Originally posted by Gizler View Post
                        Quick question, should they have been sending us yearly statements? I thought that I read somewhere that they are not obliged to send statements on secured loans which does not make sense.
                        If your secured loan is over 25K & signed before April 2008, then, no, they do not have to send out yearly statements.

                        Comment


                        • #13
                          Originally posted by Fred View Post

                          If your secured loan is over 25K & signed before April 2008, then, no, they do not have to send out yearly statements.
                          Thanks Fred. Do they have to supply one if requested or should I what to seem 'if' they'll respond to the SAR?

                          Comment


                          • #14
                            Originally posted by Gizler View Post

                            Thanks Fred. Do they have to supply one if requested or should I what to seem 'if' they'll respond to the SAR?
                            Yes, of course they have to supply with a statement under request, unfortunately, there may be a small charge for the statement, depends how long you want to wait.

                            Elderbridge are being inundated with complex complaints at present & I know of several consumers who have not received their data in the time limits set by the ICO.

                            Comment


                            • #15
                              Originally posted by Fred View Post

                              Yes, of course they have to supply with a statement under request, unfortunately, there may be a small charge for the statement, depends how long you want to wait.

                              Elderbridge are being inundated with complex complaints at present & I know of several consumers who have not received their data in the time limits set by the ICO.
                              Thanks for your reply. I spoke to Elderbridge yesterday and they told me that they are getting the data team to call me back urgently. Good job I didn't hold my breath!!

                              I requested a statement which they said they will send out which will cover the duration of the loan. She informed me that the loan is unregulated which is why Ive never had a statement as you informed me Fred.

                              The statement will cover the life of the loan but Im not sure if itll have percentage rates on it.

                              Comment

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