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'First Plus Closes. Good and Bad News…' blog discussion
in Martin's blogs & appearances & MoneySavingExpert in the news
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Former_MSE_Lawrence Former MSE
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I complained to Barclays last night that this was targeted at people who are about to go on holidays during July Aug so will be away whilst this is applied to their accounts and may go over their overdraft whilst on holiday and get a huge shock on their return for something they had to opt out off .Barclays said for peolple like me it wouldn,t be a problem as I have a plus balance in my accounts ! but what about those who are unable to do this and find themselves in difficult situations especially in the current credit climate .I would like to say shame on Barclays Bank and think that this is only the tip of the Iceburg before all banks sign up to this overdraft Reserve rip off one hell of an APR I think !!
Secondly, we want to get rid of this debt ASAP - how can we find out if we pay £100 more per month that we will not be penalized for paying the debt early?
More bad news for Carol - it seems she either had to take a pay cut taking her salary to only £120K for 40 days work a year, or leave.
My heart bleeds.
-o I am humble -o You are attention seeking -o She is Nadine Dorries
Is there any government regulation here ? how can they increase because this is what the market dictates but not decrease at the same time ? has anybody had any joy with getting a revised reduced interest rate on their secured loan with this company.
I have also contacted the financial ombudsman with regards to this
now that concerns are raising re the Barclays Firstplus again and thier Fraudulant ways well maybe
We stupidly took out a large First Plus loan a few years ago without PPI. Realise now they are Barclays, but no one advised us of that- all paperwork still say's First Plus only.
I am worried sick, as we are working on coming out of debt, but it appears that our APR is monthly, not yearly-I will need to double check the original documents.
How can I switch from this, when we are trying to re-build our credit rating- should we try and switch, or would it be impossible?
We are working with CAP, an independant advisory service to freeze all interest on our unsecured loans, could this be done with a secured one such as this? (First meeting with them is next month).
Some sound advice would be most appreciated. We have certainly learnt lessons with this shower.
I took out a loan of around £20,000, over 5 years with them and with the promise of just over £4,400 cashback on the loan insurance.
Finished paying in Aug 2011 (thank god!!) and after reading horror stories on places like here and elsewhere on the web, i thought i would never see that money or we would have a huge sum to pay at the end.:eek:
So once a month i would ring up and have a balance check, 3 months before it was due to end and keep questioning about the cash back just to confirm.
Well my worries were over nothing, approx 3-4 weeks after my last payment we received a cheque for just over £4,400:beer::j:T
Once this had cleared I put a claim in for PPI and 4-6 weeks after (they did keep me informed a couple of times on the progress) they sent me a settlement figure for a £1,000 MORE than we requested :beer::j
So all in all my dealings with First Plus were first class and I had no issues, yes there interest rates are higher and riskier than other loans but it tells you this in the small print.
The reason for my success, I read the small print on big purchases like this, so we made sure we kept up with payments etc...