FirstPlus interest rates - again

Stillsmiling

I asked the ombudsman blokey about it yesterday so we'll see what he says. He's handling my PPI complaint so I figured I might as well ask him about this too!

It's also unfair that when FHBR was 5% I was paying 9.060% but now FHBR is 3%, I am paying 10.2%!

toadpit

Hi there,
Only my second post on this, but I took out a loan with FP in Dec 03. @7.9%!!! Ive been stuck on 10.6% since Aug 08, and on calling them yesterday was fobbed off with the usual nonsense about market conditions, despite letters from them in Jan & Apr 07 saying that changes in FHBR and BoE rates could affect their rates.. key word there being 'could'!

Anyway, having done a quick look through my earlier rates I was on
Feb 07 9.8 +.3
Apr 07 10.3 +.5
??? 07 10.9 +.6
Mar 08 9.8 -1.1
May 08 10.3 +.5
Aug 08 10.6 +.3 and I did get the 'we've put your rates up, but you wont be paying more than you did last year letter'..with the Aug 08 change.

So even though they told me yesterday there are no plans to change rates, from what youve said (halifax) should I expect my rate to drop to 9.8% next month?

I'm having problems locating the clause 7 I cant find it in the ToC of my Credit agreement. Is it possibly a new clause - or since '03?
Cheers
Steve

halifax71

It's a new clause - on loans from 2005/06 onwards. I took mine out in Jan 06.

If you call them ask them why newer customers are benefitting from a reduction back to March 08 rates. You won't get anywhere as they'll just say "Terms & Conditions" etc.

This is another example of unfairness that you can chuck at them.

spendingmad

Hi Halifax71

I think these issues with FirstPlus affect an awful lot of people. As campain leader! it may be useful if you can provide template letters/ details on how to complain to the ombusman etc.

I would be interested in complaining but 2kids/full time job means there is always something else to do. If it was straight forward eg enter name /address/ details here etc I and I think alot of others would join the revolution!

Apologies if you think I am lazy I just think the more people on board the better/quicker a result may happen.

And I echo you by saying 'Come on Martin - help us take on FP'

spendingmad

Can I also ask

Took out a loan and PPI with FP 5.5 years ago. We requested a 10year loan they added PPI and another 5 years on making it a 15 year loan and locking us in to the early redeption charges/interest etc.

We have had our 'cashback' in November last year. Will I have any success trying to claim the interest back as this policy has now expired ? Thanks for any help.

K

halifax71

Not compaign leader by any stretch.

Go onto the dedicted website at http://www.firstpluscomplaints.co.uk/

Or if the link gets deleted Google FirstPlusComplaints.

You'll find a wealth of info and the forum is excellent for templates and advice.

We moved from here as we wanted to discuss, in detail, our problem with this specific company - nothing to do with the usefulness of Martins site.

toadpit

Well.. 0.5% BOE Rate.. FHBR at 2.5% and dropping.. what the hell are FP playing at!!! I thought there was a regulation in Germany I think that meant that rates could not be set more than x% above the base rate by law!.. obviously we dont have anything like that here. How long are FP going to keep on with this nonsense about competitive rates and all their other crap they use as an excuse.
:mad: :mad: :mad:

savvykaz

Hi spendingmad - did you get your 'cashback" quite easily? I only ask as we are due ours in July and I'm wondering how readily they pay up :rolleyes:

Almost_There_3

spendingmad wrote: »

Can I also ask

Took out a loan and PPI with FP 5.5 years ago. We requested a 10year loan they added PPI and another 5 years on making it a 15 year loan and locking us in to the early redeption charges/interest etc.

We have had our 'cashback' in November last year. Will I have any success trying to claim the interest back as this policy has now expired ? Thanks for any help.

K

Someone with more knowledge can confirm better than me, but I would say Yes. You will still be paying that premium for the final 10 years of your loan. At the very least you should be trying to get the premium cancelled and your loan reset as though the premium was never on it in the first place. You have nothing to lose but the price of a few stamps!

himnme

Hi everyone

Fun and games aplenty with Barclays Firstplus.

Have updated http://firstplus-loansharks.ning.com/ with Which? PPI reclaim url. Free service that helps you set up a letter to Firstplus and emails a copy to you to edit at will.

You can complain about PPI for many misselling related reasons not least:

1. You were told you wouldn't get the loan without it

2. You weren't told you'd be paying interest for the entire length of the loan

3. You weren't told about exclusions.

There are many other reasons to complain, even if you've had you premium refunded - check out the site for more details.