Barclays First Plus Loans interest rates

Mr_Meggo

After 10+ years of campaigning against Barclays FP loan clause fairness the FOS has done a complete U turn and there is now a willingness to find in favour of complainants and for the above to negotiate settlement terms for customers who complained over the interest clause.  I have contacted the FOS asking them to review the 10 year old decision on my case which they have confirmed they are able to do and are now considering. 

I would suggest that if you have, or had one of these loans you make an appropriate complaint and claim. Of course if you still have a loan it will be now with Elderbridge.

amersall

All that hard work paid off eventually but it shouldn't have taken so long, at last a victory for FPC group. Barclays should now pay redress to all customers and admit defeat for selling a product that had such ambiguous terms and conditions, this is just the beginning, anyone who has one of these loans, get a claim in now. To all of those who gave negative and downright rude comments regarding this issue on this site some years ago, who has had the last laugh? US 😁😁

Mr_Meggo

I wouldn't worry too much about previous comments and expert opinions.  People believed they we were being ripped off and stuck to their guns. Now 10+ years on they have been proved right.  It's a good outcome but how many people lost their homes because of this.  I just want everyone who has overpaid interest to get it back by making a complaint and claim.

Bettyboo11

Hi are you able to provide any links to help with the process as I don’t know where to start really. My loan was settled in 2018 but I’m hoping I can still complain 

Mr_Meggo

Bettyboo11 said:

Hi are you able to provide any links to help with the process as I don’t know where to start really. My loan was settled in 2018 but I’m hoping I can still complain 

You need to complain to FirstPlus (they are still listed as an active company) and/or Elderbridge. Who bought FP loan book in 2015. Just tell them very simply that you believe you were unfairly overcharged  because of the interest rate clause. Keep it simple.

bulldogforever

amersall said:

All that hard work paid off eventually but it shouldn't have taken so long, at last a victory for FPC group. Barclays should now pay redress to all customers and admit defeat for selling a product that had such ambiguous terms and conditions, this is just the beginning, anyone who has one of these loans, get a claim in now. To all of those who gave negative and downright rude comments regarding this issue on this site some years ago, who has had the last laugh? US 😁😁

I am essentially new to this forum as it hasn't really appealed to me before, I really am not in a position to comment on the "negative and downright rude comments", I would however find it very curios if such an attitude persisted, although not unsurprising.

Would a complaint like this do:-

Dear firstplus

Re the  loan no ______in my name as above

Please find below my formal complaint re the variation of interest rates on my loan.

 

In 2006 I borrowed 50K from you the rate of 8.4 and this went up to 9.5% where it has broadly stayed ever since. The loan Term was for 15 years, I managed to make a lump sum payment to clear it two years ago.

The loan was sold as “like a mortgage” with a variable interest rate, my expectation was that rates would rise and fall as it was a variable rate and that this would be in line with interest rates in general. The loan agreement makes some reference to the now defunct FHBR. I believe that it was unfair, not only in the common day understanding of the word but also in law, both generally and under the UCR provisions, not to reduce the rate on the loan.

A fair approach would now be to treat the loan as a tracker linked to the FHBR up until it stopped being published and thereafter to what it would be (my understanding is that this can be worked out and is also available from the FLA)

I note that there is no mention of a floor on rates within my agreement and therefore would expect rates to drop from 9.5% to 3.5% for much of the term of the loan

Further statutory interest on these over-payments of my money to you is due back to me..

amersall

Keep it simple, use the answer by mr_Meggo that is all that you need to do for now, let us know any responses you get

DCFC79

Bettyboo11 said:

Hi are you able to provide any links to help with the process as I don’t know where to start really. My loan was settled in 2018 but I’m hoping I can still complain 

A letter would help here.

bulldogforever

DCFC79 said:

Bettyboo11 said:

Hi are you able to provide any links to help with the process as I don’t know where to start really. My loan was settled in 2018 but I’m hoping I can still complain 

A letter would help here.

I think you just write to firstplus (probably best to  send it recorded delivery) and as simple as you can my letter above maybe a bit more detailed than needed ( I had a bit of the cob on)
clearly just put in the loan details and that their failure to reduce rates was unfair, it is that simple I think, then if they do not offer a redress  you write off to the FOS
its that simple and you could get a lot of your money back

good luck 

[Deleted User]

The moral of the story being what goes up doesn't always come down.

Almost_There_3

I have been trying to figure out how/where to submit the complaint. Is there an online way to do this via Barclays - I don't see anything obvious?  or would it need to be a letter to them/First Plus.  Any advice would be greatly appreciated.