FirstPlus/Elderbridge

[Bewildered63]

Has anybody me got advice on this. We took out a loan on 2007 and at the time the interest rate was a fair reflection of the FHBR however when rates dropped dramatically from 2008 to around 2019 the interest rate charged never ran along this. I have recently written asking for a settlement and said we were charged unfairly. Any help on this? Same situation for anyone?

[atticus]

What are the exact terms in the loan agreement relating to interest?

[Bewildered63]

This is what was on the agreement, rates only decreased slightly £20-£25 over the period

• 7) The interest rate on your account will not in any twelve month period, vary by more than twice the variation in the Finance House Base Rate published by the Finance and Leasing Association during the same period.

[atticus]

I think there must be more.

[Bewildered63]

I shall check further regarding rates when I am home

[Bewildered63]

Interest rate variable.
I have checked and it says interest rate 7.668% PA
Interest of the above rate is charged on the outstanding balance calculated daily. In calculating the APR no account has been take of any variation in the interest. Interest rate variable see condition 7 which I stated earlier

[Bewildered63]

I have now had a reduction offer through however not accepting any liability for the high interest rates charged on our second mortgage. Am I better to go the the financial obudsman for advice prior to accepting or getting legal advice? Any help is appreciated

[redstar]

Elder ridge will not move on their charges Had similar with them when they took over G money. They also hide the interest so you get a nasty shock when you actually get settlement figure FCA were useless .Elder ridge are legalised loan sharks .. really best of luck with them