Barclays First Plus Loans interest rates

amersall

That's right.
Are they giving you interest?.
There are a lot getting knock backs at the moment, you did good getting any offer, they are playing silly beggers. 
Bet the 13,000 Is the interest 

ThePinster

hi,it says they are reducing the outstanding balance by the sum of £12,865. " In principle, the interest you will need to pay over the remaining term of the loan would be reduced from £22,830 to £9,480"

amersall

That's good because the interest is the killer isn't it?. 
Personally, it seems to be an ok offer but could have been better.
The BOE will be reducing rates again and after the debacle with these loans,  Elderbridge now follow the BOE rate.
You could overpay each month if you are able to that will help reduce it over the remaining term.
Who sent you the offer? You need to ask why they have not given you the 8% interest 

gethro

Hi , Searching for an email address for Elderbridge and came across this thread , took out a loan for £25,000 in 2007 , asked for a settlement figure in 2020 which came back as nearly £11,000 . asked for one this year which was nearly £4,000 have now emailed complaining about the interest rate clause . Fingers crossed 

darrendgw

amersall said:

It certainly is. Make a complaint to Elderbridge use the info on this site.
Give them 8 weeks to respond and if they don't send to FOS 

Hi I submitted 3 separate complaints to Elderbridge being regarding annual statement, interest and original selling of the 2nd Mortgage. I now have final response for all complaints and all 3 complaints are rejected in simple terms. I will now submit to the FOS . Particularly with regards to the interest and selling of the loan is there any additional information or comments I should provide within the complaint.Any advice would be well received as I have not complained to the FOS before. Thanks so much . 

amersall

You can fill in the form for FOS online.
Just answer the questions.
On the interest part, you believe you were overcharged interest on the life of the loan, that's it, nothing more.
With reference to the other 2, what were your complaints and what was the wording of the rejection?

darrendgw

amersall said:

You can fill in the form for FOS online.
Just answer the questions.
On the interest part, you believe you were overcharged interest on the life of the loan, that's it, nothing more.
With reference to the other 2, what were your complaints and what was the wording of the rejection?

Thanks so much . In brief I complained that I have not received annual statements from Elderbridge.

I complained that they did not explain how the statements are requested by the customer.

There documentation  on fees and charges etc states a statement is sent annually.

Complaint not upheld as it was sold as an unregulated loan prior to 6th April 2008 and that it was over £25K. on unregulated accounts statements are not required to be sent annually and there is no obligation on them to inform the customer.

Other complaint I said Loan was not sold in my best interests.

They won’t discuss this as they believe owing to there internal complaints handling procedures and in accordance with the FCA handbook disputes resolution…. They believe the complaint is out of the time limits.They will not investigate this complaint.

amersall

They are correct on both parts for not upholding, I was rejected more times than I can remember but got there in the end.
Respond to this that you believe you were overcharged interest over the life of the loan and you would like elderbridge to look at this.
See what FOS says.
Don't mention anything else you will just get the same response

gethro

gethro said:

Hi , Searching for an email address for Elderbridge and came across this thread , took out a loan for £25,000 in 2007 , asked for a settlement figure in 2020 which came back as nearly £11,000 . asked for one this year which was nearly £4,000 have now emailed complaining about the interest rate clause . Fingers crossed 

Well it's been 8 weeks and no reply from Elderbridge , time to contact FOS . Do I email Elderbridge pointing out that they haven't responded to my email so I have passed it onto the FOS or just do it without telling them ? 

amersall

You have had no acknowledgement at all?

Fill the FOS form online, let them know you have had no response at all from elderbridge then they will send them a letter.
Put 
 "in light of offers being made re interest rates with the same complaint you made, you would like this to be looked at