Barclays First Plus Loans interest rates

amersall

Hi, was your loan transferred to Elderbridge from First plus? If it was then make a complaint to Elderbridge if not then its Barclays. Keep it simple look at mr_Meggo posts for simple idea. Either post, phone or email your complaint. I don't know first plus address, think mr_Meggo does, hopefully he will be on at some point and will post 

Almost_There_3

Hi,  no it was never transferred as we paid it off in full a long time ago so I assume the claim would be to Barclays now?

amersall

Thats fine, Barclays it is then

Mr_Meggo

Almost_There_3 said:

Hi,  no it was never transferred as we paid it off in full a long time ago so I assume the claim would be to Barclays now?

https://find-and-update.company-information.service.gov.uk/company/03315543

First plus is still listed as an active company. All details are on the Companies house link above. I wrote to 1 Churchill Place got an acknowledgement letter from Barclays this morning.

Ash1809

Hi Guys

I took out a loan for £50000 with Barclays in June 2006. I was paying £486 initially and after a while payment was increased to about £517 which I paid monthly. This loan was then then transferred to Elderbridge. I sold my house in August 2019 to move to a new house. I had to pay the loan off. I requested for a settlement figure and I was shocked that it was £46441 after paying the loan for 13 years. I could not complain at the time as I had to pay the loan off to be able to move house. 
I came across this post and I am going to make a complaint. Has anybody been successful in getting money back? 

amersall

People are  being refunded read the first post on here then make a complaint to Elderbridge,.
Keep it short about how you believe the interest was unfair etc.
See what response you get then post on here and you will get help dependent on what the response from them is.

awyatt62

I complained to Elderbridge in May - they told me in August they were still awaiting info and would regularly ipdate me. Despite 2 further emails requesting updates, I have heard nothing further. They initially rejected my complaint about interest rates saying they had followed base rates since 2016. This was true but ignored the fact I was complaining about the issues in the 12 months immediately after my loan started  when base rate fell by 4.5% but loan rate increased by 1%. I followed up by also raising the issue of being sold a 25year loan taking me beyond my main mortgage expiry date and also taking me past state retirement age(65 at the time) to a cease age of 71 with no check on how I would find past state retirement. Think they have deliberately ignored it tbh.

I referred to Ombudsman in December but have had a form to complete which I am only now returning.

Do you think I should also email Elderbridge again pointing out what has been accepted now on these loans generally (as per earlier comments in the thread). 

I am assuming this decision overused the 3 year "should have known" and "6 years since the event" rules for the ombudsman - or would we simply be saying that we could only reasonably have known from January?

amersall

Make a new complaint to Elderbridge this is new info you just recently found out. customer.services@elderbridge.co.uk

We have new information regarding interest on these loans and In light of the

current settlements being offered to consumers with the exact same product we purchased, and for the very same reasons we make this complaint. We believe we have been overcharged interest over the life of the

loan and do not believe this loan was sold in our best interests.

amersall

If this is your first complaint and rejection about the interest rates, then if I were you I would go to the FOS and attach the rejection from Elderbridge, see what response you get first. If that doesn't work then email Elderbridge as above 

awyatt62

Thanks Amersall. Appreciated.