FirstPlus interest rates - again

emmakirks

Thanks for this Marshallka, exactly the advice I need to get me started. Once I get all my facts and account history I think I will be in a stronger position to move forward if appropriate. Your time in helping much appreciated. Emma :T

lbays1

Hello All

Will also join in this challenge with this unethical company with questionable morals and sharp practices bordering on extortion. One always tries to live their lives by playing fairly and making decisions with the information to hand, including large financial outlays, however, when we have major players like BARCLAYS FIRSTPLUS acting like the local Pawn Broker but without the pawnbroker's clarity of terms...we come to realise the "financial vultures" that they are with seemingly no regulation to their terms and they can charge any interest rate that they like, irrespective of what their parent company have been practically shamed to do.i.e to pass on the recent interest rate cut.

Apologies for rambling on...yes I think that we should all now refer to Firstplus as Barclays First Plus in all correspondance...and once Mr and Mrs Joe Public are fully alerted to this can then make informed decisions about doing any business with these companies and decide whether they should give them a very wide berth or not.

I do think that they need to be reminded that without our hard earned money they would not be in business and that within the UK we have a legal system that endeavours to ensure fair and reasonable practices which I do not think Barclays or its company FIRSTPLUS FINANCIAL GROUP PLC pay little or scant heed to.

Many thanks to all who have contributed to this thread and others where I know a lot of members have received and given a huge amount of valuable support and advice.

catwoman150

Just reading this thread would this apply to Black Horse. As I think that they work on the same way as FP. Do you think it is worth asking them for a SAR.

Morningsuccess

Great work.you can shop around, the prime rate is the rate of interest that the federal reserve dictates to fdic insured banks, the banks mark that up and compete within that realm. You have a good credit score so you should be able to get an interest rate that is a couple point over prime. Usually what is advertised is their lowest rate for someone with a near perfect credit score.

Welshdresser

Hi everyone...

I have a thread running in Moneysupermarket.com regarding FP's refusal to cut interest rates. There is a great member there who is using his financial expertise to see if we have a solid case to take to the OFT about their practices. He needs to have details from other FP customers about their interest rate changes over the last few years to compare and see their rate increases have been fair and consistent across all of their customers, or if they just tinker with individual customers as they feel like it - which is the perception I and other members have.

If anyone is prepared to back through their loan and list the date of every increase it would be really helpful. You could list them here or go to the other forum which is in: Moneysupermarket.com - go to forum - money & finance - loans - and the thread is 'interest on secured variable rate loan'. (Sorry i'm not great at posting a link).

My interest increases are as follows:
Sept 06 - agreement signed APR 7.7%
Dec 06 - increase to 8.2%
Feb 07 - increase to 8.5%
April 07 - increase to 9%
July 07 Increase to 9.3%
March 08 - decrease to 8.5%
August 08 - increase to 9.3%
Don't pay for the information, If you haven't got all the letters from FP, you may be able to see where your rates increased from your bank statements.

I really hope to hear from you all - there is strength in numbers!!
Aly

ruthie70

Will look out my letter and post the details of the interest rates very soon.

steve3pln

Hi ,

I my self have a loan from these people .I am up to date with all my payments yet my rate has gone up to 12.4 % . At the start it was 8.3%

Reading these posts makes me very angry, at the way this company is treating its customers . I have just started to reclaim for ppi mis -selling as well just getting in before the 6 yr time limit , received 1st response fob .

keep going i say :mad:

halifax71

Date Int rate
01/03/2006 8.4%
02/01/2007 8.9%
01/03/2007 9.2%
01/05/2007 9.7%
01/08/2007 10.0%
01/02/2008 10.3%
01/04/2008 9.2%
02/06/2008 9.7%
01/09/2008 10.0%

juliedawn_2

taking out a worst plus loan was the worst descision of my life.

toadpit

Hi folks.. my first ever post! - SO heres my ha'pennth worth;)
I took out a First Plus loan 5 years ago in Dec '03. I see my interest rates seem to relfect halifax 71s but Im currently on I think 10.3%? It does seem they seem to pick and choose their rates which are frankly ridiculous - I rang them 2 weeks ago to find out when they were going to change to be told they are under review.. Just like Virgin One.. yep Ive got one of their accounts too:rolleyes:, but at least thats now down to 4.2%. Of course for me to move the balance from FP to Virgin I'll get hammered by the bordering on extortion 'first 10 years interest' penalty. Ive almost got enough headroom in my V1 account to move this across but Im waiting to see if FP do the right thing, given that both the FHBR and LIBOR are rapidly decreasing.

I too was sold - or at least they tried to - the PPI insurance, but I successfully cancelled it within the first week.. nearly 15k on a 60k loan was a joke. Particularly when at the time I could get (and did) 100ks worth of life cover for 25 years for a £19 a month.
Will be interesting to see what pressure is put on them now they are part of Barclays.

It does seem they have got everyone by the short & curlies - even if like me youve been a perfect customer in terms of repayments.