Re Elderbridge Intrest Rate!

[me!!]

Can anybody advise me if Elderbridge are going to follow the same suit as First Plus and only put the interest rate up but never down?, Could this be deemed as unfair for the consumer?

[Fred]

Re: Re Elderbridge Intrest Rate!

Can anybody advise me if Elderbridge are going to follow the same suit as First Plus and only put the interest rate up but never down?, Could this be deemed as unfair for the consumer?

The FCA have had discussions with Elderbridge over policy & interest rates(in 2015) they, have advised Elderbridge to consider reductions where possible. Earlier, (2010) Firstplus where reprimanded for increasing rates unfairly & a new policy had to be drafted to cover future interest rate management.

So far Elderbridge are not moving on rates & the FCA are not treating this with any urgency.

[me!!]

Re: Re Elderbridge Intrest Rate!

Thanks for the info, I did contact the Bank of England to ask them about this but what a waste of time as they were not interested!

Were do consumers go as the financial institutions win again and we the consumers are losers!

Can you help!

[Fred]

Re: Re Elderbridge Intrest Rate!

Thanks for the info, I did contact the Bank of England to ask them about this but what a waste of time as they were not interested!

Were do consumers go as the financial institutions win again and we the consumers are losers!

Can you help!

Quite possibly.......................at least get you on the road to a well worthy complaint to the FOS if, you wish of course, There is a lot going on with this company at the moment regarding complaints.

[me!!]

Re: Re Elderbridge Intrest Rate!

Do you think a good complaints letter would do any good or am i just going to waste Ink!
I would ask for a bit of direction if possible in the content of the letter and would be good to know what sort of things I could put in the letter and if as a customer we have any legal movement and who would take this on, Could this be crowd funded

[Fred]

Re: Re Elderbridge Intrest Rate!

Do you think a good complaints letter would do any good or am i just going to waste Ink!

Yes I do think a good complaints letter would be worth the effort.

I would ask for a bit of direction if possible in the content of the letter and would be good to know what sort of things I could put in the letter and if as a customer we have any legal movement and who would take this on, Could this be crowd funded

I/we can help with any such complaint, however, you perhaps may want to let me/us know a few details or particulars of your loan please.

[me!!]

Re: Re Elderbridge Intrest Rate!

I/we can help with any such complaint, however, you perhaps may want to let me/us know a few details or particulars of your loan please.

Hi Fred,

Thanks for getting back to me the loan was a Secured loan don't have the details to hand but going to be looking at this later this week, as i do honestly think they along with First Plus and Barclays been ripping people off for years leaving the people with these types of loans in a worst position that what they should be the government should have stepped in years ago to protect people from these charlatans that make huge amounts of money from people like me that thought getting this loan would make life better.

I will get back to you with the rough details.

Regards

Me!!

[me!!]

Re: Re Elderbridge Intrest Rate!

Hi Fred,

Many thanks for taking the time to help me on this one,

I took out a First Plus loan over the Phone for over 100K (I know silly me!!) But needed to pay of debt and various other stuff that was happening in my life, Always felt that doing over the phone was not the best idea and always felt that it was in a lot of ways mis sold as they suggested this would be the resolve i needed so the advert suggested. Anyway took out the loan in 2007 just before the crash how unlucky and to my surprise they put up the interest rate not once but twice but three times over a short period the payments for about two years was for over a thousand pounds a month. I had PPI on this and the claim was put though and was successful the loan was then re worked out and was then taken down to 76k but the payment were still high along with the interest rate, I have written to them on a number of occasions and even wrote to the Bank of England to see if they could advise on why they charged so much interest when its a secure loan against a property i was working it out and would think by time i have finished paying this back it will be around the 170k mark no really fair. I did however write to Elderbridge to ask them about the interest rate and payments going forward and the standard letter from them was received saying they were sticking to the agreement i had had with Barclays First Plus and would not be changing this. As my loan has moved to a new company do i need to have a new contract with them?.

I don't know what to do as feel that i have paid them back more that they are due and still got the next 10years to go.

I don't know what other information you may need but let me know

Regards
Me!!

[Fred]

Re: Re Elderbridge Intrest Rate!

http://www.legalbeagles.info/forums/member.php?92376-me!!

Have you read this Thread;

http://www.legalbeagles.info/forums/...plus+reprimand

[me!!]

Re: Re Elderbridge Intrest Rate!

Morning Fred,

I had a quick look but will read more carefully and see what I can take from that, I will attach a letter that i sent to The FCA 22nd Jan 2016 and shall we say still never got a response to my satisfaction how disappointing. As thought they were set up to look after consumers.

I will have a read of the thread and if you could see what your thoughts are on the letter i sent to the FCA

Regards

Me!!

To whom it may Concern
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Dear Sirs

Re Interest and How Unfair the Interest rate on on our Barclays First Plus Loan

I write to you to see if you could assist me in the following as I seem to be going around in circles and looking for a bit of direction, I contacted the Governor of the Bank of England and was advised to write to yourselves. I have unfortunately been a Barclays First Plus customer for a number of years now and wrote to customer complaints department and various people within the Bank including the Chairman both past and present and to be honest with you the response has been short of disgraceful. I fully understand that any business has to make money but when you break the loan I have down the repayments are not far of being as bad as bad as a street Loan shark! I am going to be paying back more than 110% back over the period of the Loan! Holy unfair!!

I only wish to ask Barclays why the interest rate is so high, when the current bank rate is so low and has been for a few years now it’s even galling when I have a letter stating that the interest rate went up on my loan to 9.1% from 8% however the rate went down in both my Mortgage payments and the bank base rate? At the same time. I also asked them if we could look at other ways that I can restructure the payments to make it more beneficial for both parties as I think the way the interest rate they command is both one sided and totally unfair! and has cause a financial strain over the last few years. I would like both the Interest on my Loan Reduced so it’s more in line with the market place and any recompense in monies due back.

I had also asked why when taking out a loan of this amount why I was not given the appropriate financial advice at the time of taking out the Loan as this was not a small amount of funds.

I did get a letter back from Mr Ronnie Denholm from First Plus and I have to say I was not happy nor impressed with the response that I got it basically tells me tough!!!


1: The Letter’s I sent to the Bank were sent to Mr John McFarlane/ Mr Jes Stanley I don’t understand why I never got a letter from Barclays PLC who owned the business which I would think would have been in order as I wrote to Barclays rather than First Plus as was getting no further with them.

2: I still don’t think both the response from the Bank and the other correspondence from them has not either answered my Questions but to be told that you signed for it then tough!! Not what a customer is looking for and nor what I understand Bank’s way to treat a customer I wanted a Loan from them and not be basically handcuffed as it stands just now my loan amount is the same as I took it out almost 10years ago and have paid them over 100K for the privilege.

3: I still firmly believe that I was mis sold the Loan and believe this is the reason why they don’t supply loans any more though that brand in fact does that mean that as a customer I am at a disadvantage!! Because they don’t have to be competitive anymore?? I understand that they have been trying to sell the business off, but Barclays are still responsible for the excessive interest on my loan over the last few years would I be correct in saying this.
(To Quote: Mr Boulger “The problem for customers of lenders who are no longer lending is that they don’t need to be reasonable on rates. Once [the lender] exits the market, it has less of a reason to be seen as fair on existing customers.”)
4: Also as you may be fully aware the Financial Ombudsman Service can’t act on Loans that have been sold this way however they will be able to from Loans sold from April 2014 so they did review my case but they could not proceed as the type of Loan I took out was not covered at this point.

I have to say that I found Barclays Bank response not what I expected from a major Bank and from a company that though there advertising on all streams of media promotes fair Banking and good customer service this would seem not to be the case as I thought and expected the Customer to come first!!.

I do understand that Barclays has been penalised for various rate manipulation and understand that this could have affected my Loan in many ways but feel that I have been at a total disadvantage from about 2007 when they stopped providing loans and could please themselves to the interest they could charge. I would also like to add that I now know the Loan has now been transferred over to Elderbridge Ltd as of the 15^th Jan 2016, I have spoken to them and asked them if they were going to take a view on the interest and their response was NO! they are just going down the same lines as First Plus which again so this means that I will be paying them the same amount as I would have paid already to First Plus, I question again am I at a disadvantage as they don’t provide Loans but only service Loans, I would also like advise on if I have a dispute with First Plus, why was I not offered something from the bank before the Loan was transferred is this legal?

I have also attached a letter I sent in to Barclays Customer complaints in Feb 2015 along with various other correspondence to which you can investigate and advise me if you think I have a legal case to challenge as I feel that I have been ripped off by one of the biggest banks believe I am not the only one.

I look forward to hearing from you in due course and if you could get back to me in the timescales allowed as I would like to Challenge Both Barclays and Elderbridge on the way they set the Interest rates on a Loan which is secured on my property so it’s a Win Win from both their sides and not on mine.

Yours Sincerely

[Fred]

Re: Re Elderbridge Intrest Rate!

Hi there
Have a look at the FCA reporting site for your contract terms, link;

https://www.fca.org.uk/consumers/unf...ntracts/report

The more consumers fill this in the better.

I will pm you my mail address, we can construct a complaint letter to go to Elderbridge & then the FOS. I have a template I can send you if you wish of course.

[me!!]

Re: Re Elderbridge Intrest Rate!

Hi Fred,

Many thanks for sending me the thread from a few years ago very interesting reading it would seem that the government bodies set up to protect us consumers was not far away from being in the pockets of the banks and the organizations that lend money. Just goes to show you how much collaboration goes on behind closed doors. The guys at Barclays first plus should be ashamed of them selves but that would not happen as the fat cats have got the cream and handed the business on to another organization that has no reason to look after the customer base as it makes and sustains the loan shark mentality and of course a lot of money of people that were duped in to a loan that would set them free and let them have security with the loan they had taken out (Rather Handcuffs i think!).

I did however get a letter from Elderbridge today saying they are going to reduce the interest rate on my loan but wait for it a whole .5% lets get the bunting out!!!!! (Not!)

Many thanks for the template you sent on will be putting this together over the next couple of days and will email you the draft for your persual.

Many thanks again

Regards

Me!!

[me!!]

Re: Re Elderbridge Intrest Rate!

Hi Fred,

Thanks for the letter and the direction of the letter, I have posted the letter to Elderbridge and will await the out come, do you think they will just wash there hands of anything that went on with Barclays or are they liable for the historic stuff as well?

Regards

Me!!

[Fred]

Re: Re Elderbridge Intrest Rate!

Hi Fred,

Thanks for the letter and the direction of the letter, I have posted the letter to Elderbridge and will await the out come, do you think they will just wash there hands of anything that went on with Barclays or are they liable for the historic stuff as well?

Regards

Me!!

We have had an instance where Elderbridge have tried to pass the buck back to Firstplus but basically, Elderbridge manage these loans for some dodgy set up in Cornwall. I do not know if there are any retrospective clauses between them to help cover any potential losses but I do know Elderbridge have to deal with this.

The FOS will contact Firstplus if required, it should not need any further actions from you that is, provided Elderbridge do not resolve your complaint/s which, in my view, would indeed be a miracle.

The ball was kicked off nearly a year ago on this & nothing of any significance has come back from either the FOS nor Elderbridge. It should mean you may get a potential result a little sooner though. The FOS has traditionally ruled in the planks favour in the past by way of avoiding judgement on any fixed terms, instead, relying on the wording which literally favours them. This is tough to swallow especially when consumers have a strong case for an "unfair relationship" Got to keep trying though............its not over yet. Its all about "balance" the FOS say, trouble with that is most folks don't weigh in @ £300 million.

I will keep folks posted if we hear anything.

[me!!]

Re: Re Elderbridge Intrest Rate!

Hi Fred

will keep you up to date and await to hear from them but as you have suggested they may well take the blind route (nothing to do with us)

As you have said the more people that pester them about this we as customers might just get a bit of light at the end of the tunnel?

will keep you posted and thanks for your help so far

Regards

Me!!