Firstplus (elderbridge) secured loan

SIMOED

you are deluded.................J G Jones

SIMOED

You need to see what is coming on this, so good you are, I think not............you know nothing J G Jones.

SIMOED

The season of pantomime is just beginning..............

dealer_wins

3 bafoons for the price of one on this thread lol

amy77

Wow! I haven't been here in a while and now I remember why!


Simoed and Halifax71 are very knowledgeable and helpful, please do take their advise.


As for the others here - you have absolutely no idea what you are talking about! have you read the clause in the contract in question - no I don't think you have!


if you did some research you will find that this clause in question has been deemed unfair in county court (I should know - it was my case!) so while you may think that just because the contract was read and signed by the consumer that is it was fair, you are wrong. The judge stated


"in my judgment this clause does heavily favour the lender. It creates a significant imbalance in the parties’ rights and obligations, and it is clearly to the detriment of the consumer. So for those reasons I have concluded that it is unfair within regulation 5.1. Regulation 8.1 provides that an unfair term is not binding on the Defendants."


Aside from that I have screenshots from their website that clearly say in the FAQ's that these loans were variable and how that would work.


"How does the variable interest rate affect my loan?
From time-to-time, your monthly repayments may go up or down in accordance with the Bank of England interest rate movements."


So others here - please do not treat the customers who took on these loans as idiots. We were severely misled, and this is not the end!

peter67

What has a loan got to do with living in a democratic country?
why I said this was...the government should not have allowed this type of loan in first place (I meant unregulated loan).
Popular TV presenter Channel 4 Countdown Carol Vorderman was promoting this Firstplus loan at that time, so lot people somehow they trusted without reading the terms and conditions.


Say for an example if I am going pay interest in total 5 times the capital - well out of proportion.
This a fraud. This should be debated in the parliament to change the regulation?

Gaz83

peter67 wrote: »

What has a loan got to do with living in a democratic country?
why I said this was...the government should not have allowed this type of loan in first place (I meant unregulated loan).
Popular TV presenter Channel 4 Countdown Carol Vorderman was promoting this Firstplus loan at that time, so lot people somehow they trusted without reading the terms and conditions.


Say for an example if I am going pay interest in total 5 times the capital - well out of proportion.
This a fraud. This should be debated in the parliament to change the regulation?

Why is it a fraud? Didn't you know the T&Cs before you signed for it?

Chloe03

In my opinion the onus should be on the lender (of finance) who should be an expert in their own product to ensure the borrower is signing with informed consent.
Otherwise the opportunity to take advantage of the customer is great.
A loan can be the equivalent of a life sentence and this should not be taken lightly in any fair and law abiding society nor should individuals who have been caught out in such a way be treated with disrespect.

SIMOED

Chloe03 wrote: »

In my opinion the onus should be on the lender (of finance) who should be an expert in their own product to ensure the borrower is signing with informed consent.
Otherwise the opportunity to take advantage of the customer is great.
A loan can be the equivalent of a life sentence and this should not be taken lightly in any fair and law abiding society nor should individuals who have been caught out in such a way be treated with disrespect.

Yes, the lender should have lawful responsibilities towards their own conduct & not use consumers of any category as cash cows. Fact is, they are responsible & use their position or stance to manipulate the situation in their own favour...............the little guys cant take them on "like for like" due to affordability. Regulators are useless, also in the pockets of the "big time"...........

John_G_Jones

SIMOED wrote: »

Yes, the lender should have lawful responsibilities towards their own conduct & not use consumers of any category as cash cows. Fact is, they are responsible & use their position or stance to manipulate the situation in their own favour...............the little guys cant take them on "like for like" due to affordability. Regulators are useless, also in the pockets of the "big time"...........

You would have a point if the lenders were ho,don’t a gun to anyone’s head.

The truth is people see the pounds upfront and choose not to think about what comes later, despite it being set out in black and white.

Those inability to forego pleasure now for benefit later is possibly the biggest differentiator between people who find success in life and those who don’t.

You can take two people with the same start in life and guarantee that the one who sticks in at school, takes a job at weekends to get some money, plans a career, delays having children until they can afford it and just gets their head down in works is going to end up in a very, very different place to someone who wants it all upfront, and so borrows at a high rate of interest for wants, not needs.

This is fine, it is their choice, but p,ease, less of the moaning when you and I end up in such different places.