Libor Rate Fixing Scandal - Reclaiming?

mccourta

I have a loan with a company intrest rate was 8.1% when took out intrest rates were falling my intrest rate went up to 9.4% loan company saying it was to do with the libor rate alouhg my loan is variable rate it has cost me an extra £1100 in intrest payments past four years because of the libor rate

dgj

mccourta
i ve sent you a private message. can you please contact me.

thanks

dunstonh

Be wary of posters sending PMs to promote services they offer. If they have nothing to say out here on public view then take what they say with a pinch of salt. It is not uncommon for posters to be approached by new sign ups who are scammers. Be on guard.

dgj

dunstonh wrote: »

Be wary of posters sending PMs to promote services they offer. If they have nothing to say out here on public view then take what they say with a pinch of salt. It is not uncommon for posters to be approached by new sign ups who are scammers. Be on guard.

And thats coming from an IFA. I am one of the 1000s who got duped by first plus and have a potential theory on how to get a refund from them regarding the rate rise in sep 2009. Unfortunately I cant test it as I ve a defaulted loan

societys_child

dgj wrote: »

And thats coming from an IFA.

Which is stated clearly in their signature

I am one of the 1000s who got duped by first plus and have a potential theory on how to get a refund from them regarding the rate rise in sep 2009. Unfortunately I cant test it as I ve a defaulted loan

But as a poster with only 1 post-count asking someone to contact you directly it does look very suspicious.

mccourta made only two posts and has not logged into the site since May. Doubt you'll get a response.

dunstonh

dgj wrote: »

And thats coming from an IFA. I am one of the 1000s who got duped by first plus and have a potential theory on how to get a refund from them regarding the rate rise in sep 2009. Unfortunately I cant test it as I ve a defaulted loan

What has being an IFA got to do with anything?

If you have something to say to a poster then say so in the open. Dont send hidden messages to people. Let other posters give opinion on your theory.

magpiecottage

dgj wrote: »

And thats coming from an IFA.

I do not see the relevance of that to a bank. An INDEPENDENT Financial adviser is just that. He has no allegiance to a bank.

I am one of the 1000s who got duped by first plus and have a potential theory on how to get a refund from them regarding the rate rise in sep 2009. Unfortunately I cant test it as I ve a defaulted loan

If that is true why not post it here so we can all see (and comment on) it, rather than sending a pm?

dgj

In september 2009 Barclays First Plus raised their interest rate to ensure their business was run in a prudent and efficient manner.

Under the OFT second charge lending guide section 4.4 to raise their rate there must be an increase in the cost of the loan to them. They can not increase their rate to increase their profit or minimise their loss, in their case or to cover other costs of the business ie misselling of PPI

If you ask BFP what cost to them has increased to justify their rate rise they refuse to answer and state that it is commercially sensitive information. The company no longer lends

In dec 2010 BFP were issued a section 33a requirement notice based on their variation of interest rates. The OFT refused to disclose what they have done wrong as they say it is not in the public interest and that it can harm BFP business, yet the OFT have issued this requirement notice so therefore they were unhappy with regard to some part of the business.

The way people should challenge this is through the courts and go through the small claims court to minimise costs. So for example if their rate rise increased their monthly premiums by £20 and taking up until Jul 2013 that has cost them 46 times £20, a total of £920. I would go through the small claims court and claim this money back and get my interest rate re set to pre sep 2009 levels.
Evidence to use
1) Increase is in breach of OFT SCLG section 4.4 and BFP refuse to disclose what cost has increased
2) The OFT issue of the section 33a requirement notice in dec 2010.
3) The rate rise in sep 2009 is also unfair as each customer is being charged differently for the running of the business. Why should a customer who has £25000 outstanding balance contribute more to the running of the business to someone who has an outstanding balance of £10000. The running of a business is a fixed cost and the only variable rate is the cost of finance.

I welcome your thoughts

dgj

societys_child wrote: »

Which is stated clearly in their signature



But as a poster with only 1 post-count asking someone to contact you directly it does look very suspicious.

mccourta made only two posts and has not logged into the site since May. Doubt you'll get a response.

thats why i pm'd him. I was hoping, like with other discussion websites ,he would receive an email saying that he has a pm.

leclerc

dgj wrote: »

thats why i pm'd him. I was hoping, like with other discussion websites ,he would receive an email saying that he has a pm.

I know there has been discussions on sites like CAG and Legal Beagles on the issue of reclaiming on the basis of LIBOR. The issue from what I understand and I am not expert at all is that banks colluded to fix LIBOR and that as a result of that that there may well be a route to reclaiming. I would state from the outset that I have not been affected by LIBOR related products so I would not be on the bandwagon of reclaimers but I am sure that reclaiming is a likelihood but you would need to continue to monitor the various sites as to whether the FCA will force banks to compensate customers affected by the fixing of the LIBOR rate or not. Am not sure that we know enough to advise on the issue of reclaiming LIBOR related lending.