Barclays First Plus Loans interest rates

hamperhorror

Submitted complaint 6 weeks ago and just got a rejection letter. They appear to have “misunderstood” the nature of my complaint. Saying the loan wasn’t tracked or related to BOE base rates etc. 

Not sure what to do now? 

amersall

Take it to FOS you can do it online. All you need to put is that you believe you unfairly over charged interest on this loan due to the interest rate clause. Keep it simple.

BobtheMonster

Just found this thread and would appreciate some advice. We had a First Plus loan that was then moved to Elderbridge, would be interested to know how to make a claim for redress of the extortionate interest rates we paid. Loan has been paid for a couple of years 

amersall

Send a complaint to Elderbridge, use the reason I put above, if you get no response then at the 8th week send it to FOS. 

hamperhorror

amersall said:

Take it to FOS you can do it online. All you need to put is that you believe you unfairly over charged interest on this loan due to the interest rate clause. Keep it simple.

Thank you this is exactly what we put in our letter to Elderbridge. 

MrWinchester

Just after a bit of advice, my firstplus loan (now with elderbridge), was taken out in 2003 for £35,000, (£5000 was the PPI), balance now £25,000

I understand it’s unregulated, so what are my options re: the unfair interest rates?

jayneshusky

Hi new here is the complaint that frist plus interest rates seem to go up and not come down with BOE rates as had a lone with them from 2007 ended 2018 but elderbridge had taking over few years before that. And I did call frist plus years ago as I was my rate hadn't gone down they said  Their rates are linked to the financial market not bank of englands base rate. 

amersall

All you need to put is that you believe you were unfairly over charged interest on this loan due to the interest rate clause. Keep it simple.nothing more. 

jayneshusky

Email complaint to Elderbridge last night so wait and see what comes back 

Thrugelmir

jayneshusky said:

Hi new here is the complaint that frist plus interest rates seem to go up and not come down with BOE rates as had a lone with them from 2007 ended 2018 but elderbridge had taking over few years before that. And I did call frist plus years ago as I was my rate hadn't gone down they said  Their rates are linked to the financial market not bank of englands base rate. 

Unfortunately lenders rates are based on the cost of their borrowing to fund the loans. Adverse lenders aren't able to borrow at rates linked to BOE base rate.