Commentary on Barclays FirstPlus Loans?

[Fred]

Re: Commentary on Barclays FirstPlus Loans?

"Class Action" is perhaps more for the Americans...........

The FOS are "still" looking into some of the more serious complaints........the FCA have spoken with the licensee over said matters but in reality have done nothing........

There are lots of discussions that are going nowhere, they, lack direction on what has merit.

[Worthington]

Re: Commentary on Barclays FirstPlus Loans?

Fred I agree. If legal effort/action was put into this issue with the same energy that people use when discussing BFP we would likely have a result today.

We all know that many are suffering and fearful of future rate rises but Elderbridge also know that if the courts were inundated with repossessions due to high rates they would start to incur the wrath of judges who themselves would apply pressure upon the regulators who may also have to do something.
So we all have to stop commenting about what our issues are and start commenting when we have a result or an idea for action.
We cannot reply upon FCA or ombudsman as we have seen in writing where they have stayed they don't wish to upset the financial sector.
We all know what BFP have done is immoral but it has to be proven that it is also illegal or unlawful before we can attain a result.

Class action is available in UK but I believe a county court win for one complainant would be sufficient, followed with press coverage of a win and a release on how OFT didn't want to take action.

The FCA would then jump in with its big stick for the consumer for fear of being dragged in and criticised

[Fred]

Re: Commentary on Barclays FirstPlus Loans?

We have a ruling from court over the "unfair interest term" it is very encouraging for us because the term covers most of FP loans. The sad thing about it is, it only engaged UTCCR 5.1 with the judge not being able to asses under the CCA 140 "unfair relationships, the ruling however beneficial was only at district level.

Do you know of this along with the OFT disclosure ?

[Worthington]

Re: Commentary on Barclays FirstPlus Loans?

That's goods news
Do you have the link to the ruling?

[Fred]

Re: Commentary on Barclays FirstPlus Loans?

Also note;

http://www.legalbeagles.info/forums/...lus+disclosure

[Netty1]

Re: Commentary on Barclays FirstPlus Loans?

I am new to the thread and site- am a BFP/Elderbridge customer -did complain myself to FOS/OFT a few years ago after some advice from CAB but got no where as was told FP hadn't done anything wrong and had no complaint to answer - fobbed off really- I am always worried about this loan and the lack of statements or actual confirmation of what is owed/charges etc- I have read the docs on the link but don't truly understand what I am reading and so don't know if there is anything further that can be done(which scares me) - have just contacted EB to see what documentation they can provide for me to start this again with them ....any advice to this novice would be a great help- thank you

[Fred]

Re: Commentary on Barclays FirstPlus Loans?

I am new to the thread and site- am a BFP/Elderbridge customer -did complain myself to FOS/OFT a few years ago after some advice from CAB but got no where as was told FP hadn't done anything wrong and had no complaint to answer - fobbed off really- I am always worried about this loan and the lack of statements or actual confirmation of what is owed/charges etc- I have read the docs on the link but don't truly understand what I am reading and so don't know if there is anything further that can be done(which scares me) - have just contacted EB to see what documentation they can provide for me to start this again with them ....any advice to this novice would be a great help- thank you

I am sure we can help you get a strong letter off to Elderbridge if you so wish, a copy of T&Cs would be nice to see, date of loan agreement, how much (roughly), interest rate @ inception/now, details of increases & any other changes please.