FirstPlus interest rates - again

wheato

Have just sent an email to my MP! Only had a FP loan for a year, it went up briefly in March, then about a month later went back down, and I have heard nothing since.

Fredsden

Perhaps a few mentions of BARCLAYS FIRSTPLUS by Martin on his radio/tv shows would help!



Martin has his own prime time It Pays To Watch show on five, is a regular presenter on ITV1's Tonight, is GMTV’s Money Saving Expert, with weekly slots on the main programme and LK Today and has regular slots on BBC Radio 1 & Radio 2 Vine. He's in constant demand on countless other programmes, such as Moneybox, This Morning & Titchmarsh, and, outside of talking money, is a regular panelist on five's The Wright Stuff.

brybry_3

Just received first letter from barclays:ref interest charges,this is the short version.

same old story house prices falling in 2008/2009 security against which the loans are made deteriorate,
you signed a credit agreement clearly states interest on you loan is charged at varible rate which may be increased or decreased.
but do not track the boe rate,
this letter should be viewed as our final response regarding this matter,
ect,ect,ect

now writing to fos to complain, bet they have a large file on this matter.
now chasing my ppi and hope its sorted out, as the more i hear about the company the more i get worried.
bry:money:

Incipience

If you havent already please sign the FIRSTPLUS interest rates Petition

http://www.ipetitions.com/petition/FirstplusInterestRates

sunnydais

yeah when the interst rates were going up the letter from First Plus arrived mega fast notifying us of the increase being applied to our loan and even when there was no increase they would find some excuse to hike it! They haven't passed on a penny since the rates have started their descent....its infuriating and so dammed unfair

brybry_3

hi, just joined web site http://firstplus-loansharks.ning.com check it out.

bevbennett

Hi I am totally new to forums but am so grateful I found this thread! I too am a First Plus customer and after going through all my finances it occured that the loan should of maybe been reduced because of the cut in interest rates.

What should I do now? The interest rate has slowly been going up and we now pay about £20 a month more than we did when we first got the loan out two years ago - HELP!

madatworstplus

Hi I too am one of the legions of dissatisfied customers of Barclays FP. I have signed the petition, complained to Barclays and my MP and dont seem to be any further forward, althuog I am able to afford my repayments I'm concerned that when rates start heading skywards again, FP will be the first to hitch its rate hiking wagon to that trend and we will suffer even more

kimpeck

Just for some info, I have been going through the standard letters received from Firstplus reference rate increases / decreases.

These are a word for word copy from each letter. Seems like a direct link between the Bank of England Interest Rate and the Finance House rate to me.

8th February 2007

Dear

Bank of England Interest Rate Increase

As a FirstPlus customer the rate on your account is variable. The Bank of England raised interest rates in January 2007; this means that your rate will now change.

10th January 2008

Dear

Intrerest Rate Rise

As a FirstPlus customer the rate on your account is variable. Any changes in the Bank of England or Finance House Base Rate (FHBR) could effect the rate we charge our customers.

Incipience

Taking it to the Press :

http://www.myfinances.co.uk/feature/loans/personal-loan/don-t-get-caught-in-personal-loan-trap-$1270363.htm