Firstplus (elderbridge) secured loan

amersall

Over one year I was asking them the reasons why you have not reduced the interest rates, they keep sending letters saying that we are working on..please bare with us.. then one letter mentioned that they have not received sufficient information from the previous owner 'FirstPlus'?

Wait for them to respond to this, don't do anything yet, when you get a final response and they say no, then send it to FOS.

Hopefully these claims will be upheld.

You are not the only customer doing this, FOS are on it and Barclays have been mentioned in last letters received regarding this.

Cannot tell you anymore but just wait.

halifax71

Can I suggest you work out your liability at loan inception (i.e monthly payments x instalments) and then compare with your whole term liability now, I.e. payments to date plus (monthly pymts x remaining instalments)?

The excess should be challenged, I.e. why am I paying more? Use the cca140 unfair relationships as it shifts the burden of proof to them to justify excess.

Trust me, it's a good strategy. It's not the full issue, bottom line is the inference was clear at inception and in the early days of contract that the variable Apr would follow base rates. Advertising literature, variance letters etc cited numerous times. That is the long game, the suggestion above could be a route for partial relief.

halifax71

Thrugelmir wrote: »

When interest rate fell onus was on you to maintain level of repayments. This would have sped up paying down the loan.

As well as being a condescending reply, the rates didn't fall. Jeeze,

SIMOED

Thrugelmir wrote: »

Commercial decision. Depends on the cost of money to finance the loans amongst other factors.

When interest rate fell onus was on you to maintain level of repayments. This would have sped up paying down the loan.

I dont think so it is a joint level of responsibility in any agreement...

SIMOED

Gaz83 wrote: »

What has the interest rate been?

Variable rate loans are only ever going to vary one way 99% of the time.

What do your Ts and Cs say? Is there a minimum interest rate?

And we absolutely do live in a democratic country, you had a democratic choice to not take the loan out when you did.

There is an element of trust in certain quarters that makes you believe in the banking system.......................there is also an element of greed that has perpetrated matters of law far beyond such silly comments on web sites..............it works both ways......

SIMOED

Gaz83 wrote: »

What has the interest rate been?

Variable rate loans are only ever going to vary one way 99% of the time.

What do your Ts and Cs say? Is there a minimum interest rate?

And we absolutely do live in a democratic country, you had a democratic choice to not take the loan out when you did.

"not to take out the loan" how very helpfully. Its the behaviour of the loan company & its presumed power that is in question, not the consumer..........................

John_G_Jones

SIMOED wrote: »

You are also full of !!!!!, the reason why the consumer is suffering is purely the behaviour of the plank in terms of rates & retrospective responsibilities..........rates go down, they charge more, rates go up, they charge more........pay up or go down....dont ever tell me this is lawful..........

Why are you insulting people who are trying to help you?

You need to point out where they have breached the contract that you signed with them and then raise a complaint. If they have not breached the terms then what is your argument going to be based on?

SIMOED

John_G_Jones wrote: »

Why are you insulting people who are trying to help you?

You need to point out where they have breached the contract that you signed with them and then raise a complaint. If they have not breached the terms then what is your argument going to be based on?

Help me ? who signed what ?...............read the thread & make constructive criticism...................

Gaz83

Sounds like you're not needing any help, OP - you've got it all figured out. Best of luck!

John_G_Jones

SIMOED wrote: »

Help me ? who signed what ?...............read the thread & make constructive criticism...................

I read it, and I did make constructive criticism. I will now just make pointed criticism as you are coming across as pretty unpleasant.

What you did, borrowing this money and spending it, without even bothering to understand the contract was more than foolish.

You are an adult and you are now feeling the effects of that foolish action. I hope you spent the money on something life-changing, as as you should have realised before but seem unable to is that the repayments definitely are life changing.

Your actions have consequences, one day I hope that you will understand it. In the meanwhile I’ll leave you to it.