FirstPlus interest rates - again

dmth68

Hi i have a first plus loan which i took out at 7.7% in 2007. I have had three or four rises but unfortunately paperwork not found at present. I telephoned them but did not get anywhere. I will keep looking as im interested in joining this campaign.
thanks

juliedawn_2

i suppose first plus WON'T be dropping their rate.i'm gonna email the MD ,in fact why don't all us customers do it.

golf18

I have received a letter this morning in response to my PPI claim and they will contact me by 30th Jan,
I am interested in why M. Dowsett is to wait 5 years before claiming PPI. I am on an offer that will give me the cost of the PPI back if no claim made within 5 years, are you on the same?
My PPI was arranged through FP and Barclay's insurance.

Interesting comments about interest rates and the ability to charge what they like

I will keep you posted as to what happens.:A

halfpint90

I also have a loan with firstplus, i think it was approx oct 07 when we took it out, since then they have raised the interest once and then 1 month later they decreased it back to what it was originally. if i remember correct these were around the march 08 time.
i had kinda been expecting a drop in line with the boe drops in rates, but after seeing the topics on here, looks like i shouldn't hole my breath!
i didn't take out the ppi's, even after the first lot of paperwork they sent had it included, i sent it back having crossed that bit out, so which they sent new paperwork without the ppi.

it seems those who've caused a fuss about getting their ppi refunded have been the ones with interest rates hikes ??

i'd be interested to know what 'market variable' first plus make their judgements on!

golf18

halfpint90 wrote: »

it seems those who've caused a fuss about getting their ppi refunded have been the ones with interest rates hikes ??

I only contacted re PPI this month:beer:

halfpint90

ok, maybe not then, it just seemed when i read through this topic, that the same people who were commenting on the rates changes were the same ones who've claimed back ppi's.

annie101_2

Just to say Hi as I'm new to this but, like you, not having any luck with FirstPlus passing on the rate reductions to their customers. :-(
Regards.

juliedawn_2

halfpint90 wrote: »

ok, maybe not then, it just seemed when i read through this topic, that the same people who were commenting on the rates changes were the same ones who've claimed back ppi's.

I actually thought that when we claimed the PPI back "how are they gonna get back all this money they have had to fork out?" also now they are no longer lending they have to make up their money....but then its not our fault is it?

juliedawn_2

annie101 wrote: »

Just to say Hi as I'm new to this but, like you, not having any luck with FirstPlus passing on the rate reductions to their customers. :-(
Regards.

I'm getting quite upset about the fact that they won't reduced their interest rates.if i phone i get bull about its not linked to BOE base rate....but the FHBR
which incidently has gone down by 2.5% since november last year.
The BOE are reducing rates to get us spending.how can we? i'm certainly not spending more.


When they write to tell you about a rate increase they start their letter with this:

As a firstplus customer the rate on your account is variable.Any changes to the bank of england base rate or finance house base rate could (note: COULD ) affect the way we charge our customers. (oh yeah only when it goes up though LOL )

ne14nt

Hi all....

It seems BARCLAYS Firstplus employ the same tactics as energy companies using the rubbish excuse of wholesale price (whether it is BoE, LIBOR, etc,etc) not to reduce rates, yet they sold a variable rate product. Since the current financial climate has changed with BoE at 1.5% and other interbank lending rates considerably lower, there is absoulutey no excuse for BARCLAYS Firstplus not to exercise a considerable interest rate reduction to assist their 'customers' in these difficult times.

There is also a good thread going on the Moneysupermarket.com website under 'Re: Interest on Secured Variable Rate Loan' and a petition to sign.
Power to the masses, we must all write, complain like hell to all available regularatory services and something might change.

Regards to all.