Barclays First Plus Loans interest rates

SilverJohnx

amersall said:

Sim1999 said:

bulldogforever said:

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..

Hello, did you manage to claim compensation? I am similar to your case, took a loan in 2006 around 65000.

  There are  payments being made for these loans re the interest rate with FOS. Some have had the "time barred"  not upheld but Elderbridge are making "goodwill gestures". Send a complaint to Elderbridge, they are not accepting anymore complaints as FOS are dealing with these, when you get a response from them then send it to FOS. Keep it simple.
You believe you have been overcharged interest on this loan over the term and do not believe this loan was sold in your best interest. Keep this thread updated in case you need more help.customer.services@elderbridge.co.uk

I have already made several enquiries about the interest rates being non-transparent and unfair. Elderbridge responded they have applied interest rates as per my agreement i.e. 10% variable APR. However, the loan agreement indicates (clause 8) the rates can go up or down depending on the FHBR i.e. the interest rate on your account will not in any twelve month period vary by more than twice the variation in the FHBR during the same period. The same clause states that they may increase or reduce their interest rate to reflect a change (such as?) which has occurred, or which we reasonably expect to occur (on what grounds?) in interest rates generally or to ensure that our business is carried out prudently, efficiently and competitively (prudently, efficiently, competitively? why not follow the FCA guidelines, National Loans Act, the UK competition law, Office of Fair Trading guidelines then?)

If your loan agreement indicates a rebate as per the Consumer Credit Act, the lump sum you paid to Elderbridge should have been calculated according to the rebate of which details are set out by the government. The early settlement figures should be on the front page of your agreement as an example.


 

amersall

This has been the stance from Barclays and now Elderbridge for over 12 years, now they are making goodwill gestures through FOS without admitting liability!!! What responses did you have from FOS? more importantly, who was dealing with it? FOS have a dedicated team dealing with these complaints in talks with barclays. These complaints are taking longer than 8 months to resolve. If FOS are looking at your complaint then wait to hear back from them before you consider court. You needed to make your complaint very simple, you have been unfairly charged interest on this loan and the loan was not sold in your best interests. People are getting redress with a couple of simple lines. 

SilverJohnx

amersall said:

This has been the stance from Barclays and now Elderbridge for over 12 years, now they are making goodwill gestures through FOS without admitting liability!!! What responses did you have from FOS? more importantly, who was dealing with it? FOS have a dedicated team dealing with these complaints in talks with barclays. These complaints are taking longer than 8 months to resolve. If FOS are looking at your complaint then wait to hear back from them before you consider court. You needed to make your complaint very simple, you have been unfairly charged interest on this loan and the loan was not sold in your best interests. People are getting redress with a couple of simple lines. 

What makes you think FOS has a dedicated team dealing with such complaints? If that was the case, it shouldn't have taken them for over 8 months to resolve such complaints, right? When these complaints are taking more than 8 months for them to resolve, this simply means FOS is inadequate and thus they are deliberately favouring the creditors by causing delays- remember many people are still making repayments to Elderbridge. The BoE rates have now gone up now and this means a negative impact on the outstanding balance and repayments.  By the way, I haven't read a single case of FOS resolving such matters successfully. If there is anyone who had any success with FOS, do please share your stories in greater details here.

I don't think the victims of missold PPIs and cash loans appreciate it all that Elderbridge fobs people off and then, in desperation people ask for help with FOS. So, to call it "goodwill gestures" is utter nonsense and as you also implied there should be liability.

I highly recommend that people take their case to the small claims court. The more people take their case to the small claims court, the quicker such complaints are resolved. They also offer a mediation service which I believe would be a lot more effective and less costlier than FOS.  

amersall

"I do not think" I know !!!!! you have not given them enough time, waste your money on solicitors if you want but I would advise you don't.

amersall

Are you fishing for info for Barclays? don't pay a solicitor, Barclays lawyers will tie you in knots and it could go on for years and leave you with all costs to pay, your call

Chris_English

SilverJohnx said:

amersall said:

This has been the stance from Barclays and now Elderbridge for over 12 years, now they are making goodwill gestures through FOS without admitting liability!!! What responses did you have from FOS? more importantly, who was dealing with it? FOS have a dedicated team dealing with these complaints in talks with barclays. These complaints are taking longer than 8 months to resolve. If FOS are looking at your complaint then wait to hear back from them before you consider court. You needed to make your complaint very simple, you have been unfairly charged interest on this loan and the loan was not sold in your best interests. People are getting redress with a couple of simple lines. 

I highly recommend that people take their case to the small claims court. The more people take their case to the small claims court, the quicker such complaints are resolved. They also offer a mediation service which I believe would be a lot more effective and less costlier than FOS.  

That's terrible advice. The FOS tends to favour retail clients; the small claims court works on the balance of probability, so people will tend to have a lower chance of sucess if they take that route. Given that no laws appear to have been broken, it's likely that pretty much every case will fail.

I wonder why someone would join here just to advice others to do something that will get the lender off the hook...

SilverJohnx

Chris_English said:

SilverJohnx said:

amersall said:

This has been the stance from Barclays and now Elderbridge for over 12 years, now they are making goodwill gestures through FOS without admitting liability!!! What responses did you have from FOS? more importantly, who was dealing with it? FOS have a dedicated team dealing with these complaints in talks with barclays. These complaints are taking longer than 8 months to resolve. If FOS are looking at your complaint then wait to hear back from them before you consider court. You needed to make your complaint very simple, you have been unfairly charged interest on this loan and the loan was not sold in your best interests. People are getting redress with a couple of simple lines. 

I highly recommend that people take their case to the small claims court. The more people take their case to the small claims court, the quicker such complaints are resolved. They also offer a mediation service which I believe would be a lot more effective and less costlier than FOS.  

That's terrible advice. The FOS tends to favour retail clients; the small claims court works on the balance of probability, so people will tend to have a lower chance of sucess if they take that route. Given that no laws appear to have been broken, it's likely that pretty much every case will fail.

I wonder why someone would join here just to advice others to do something that will get the lender off the hook...

Chris_English said:

SilverJohnx said:

amersall said:

This has been the stance from Barclays and now Elderbridge for over 12 years, now they are making goodwill gestures through FOS without admitting liability!!! What responses did you have from FOS? more importantly, who was dealing with it? FOS have a dedicated team dealing with these complaints in talks with barclays. These complaints are taking longer than 8 months to resolve. If FOS are looking at your complaint then wait to hear back from them before you consider court. You needed to make your complaint very simple, you have been unfairly charged interest on this loan and the loan was not sold in your best interests. People are getting redress with a couple of simple lines. 

I highly recommend that people take their case to the small claims court. The more people take their case to the small claims court, the quicker such complaints are resolved. They also offer a mediation service which I believe would be a lot more effective and less costlier than FOS.  

That's terrible advice. The FOS tends to favour retail clients; the small claims court works on the balance of probability, so people will tend to have a lower chance of sucess if they take that route. Given that no laws appear to have been broken, it's likely that pretty much every case will fail.

I wonder why someone would join here just to advice others to do something that will get the lender off the hook...

"The FOS tends to favour retail clients"...Do you have any evidence to back up your claim because my experience has been just the opposite and hundreds of people are complaining about FOS not being impartial- just read the reviews about FOS on Trustpilot. Are you affiliated with any financial firm such as a loan company or bank by any chance? I have a strong feeling that this forum is being trolled by the customer service of such organisations. 

 "the small claims court works on the balance of probability" and on the evidence provided from both sides. We are talking about interest rates being extortionate and non-transparent here. The court will in this case look at the interest rates and decide whether they were higher than what the loan agreement suggested.

"Given that no laws appear to have been broken, it's likely that pretty much every case will fail."

I should remind people that there is already a county court ruling over the Clause 8. It is for this reason that FOS has accepted to look at the complaints relating to Firstplus (Barclay's) and Elderbridge. 

[Deleted User]

SilverJohnx said:

Chris_English said:

SilverJohnx said:

amersall said:

This has been the stance from Barclays and now Elderbridge for over 12 years, now they are making goodwill gestures through FOS without admitting liability!!! What responses did you have from FOS? more importantly, who was dealing with it? FOS have a dedicated team dealing with these complaints in talks with barclays. These complaints are taking longer than 8 months to resolve. If FOS are looking at your complaint then wait to hear back from them before you consider court. You needed to make your complaint very simple, you have been unfairly charged interest on this loan and the loan was not sold in your best interests. People are getting redress with a couple of simple lines. 

I highly recommend that people take their case to the small claims court. The more people take their case to the small claims court, the quicker such complaints are resolved. They also offer a mediation service which I believe would be a lot more effective and less costlier than FOS.  

That's terrible advice. The FOS tends to favour retail clients; the small claims court works on the balance of probability, so people will tend to have a lower chance of sucess if they take that route. Given that no laws appear to have been broken, it's likely that pretty much every case will fail.

I wonder why someone would join here just to advice others to do something that will get the lender off the hook...

Chris_English said:

SilverJohnx said:

amersall said:

This has been the stance from Barclays and now Elderbridge for over 12 years, now they are making goodwill gestures through FOS without admitting liability!!! What responses did you have from FOS? more importantly, who was dealing with it? FOS have a dedicated team dealing with these complaints in talks with barclays. These complaints are taking longer than 8 months to resolve. If FOS are looking at your complaint then wait to hear back from them before you consider court. You needed to make your complaint very simple, you have been unfairly charged interest on this loan and the loan was not sold in your best interests. People are getting redress with a couple of simple lines. 

I highly recommend that people take their case to the small claims court. The more people take their case to the small claims court, the quicker such complaints are resolved. They also offer a mediation service which I believe would be a lot more effective and less costlier than FOS.  

That's terrible advice. The FOS tends to favour retail clients; the small claims court works on the balance of probability, so people will tend to have a lower chance of sucess if they take that route. Given that no laws appear to have been broken, it's likely that pretty much every case will fail.

I wonder why someone would join here just to advice others to do something that will get the lender off the hook...

"The FOS tends to favour retail clients"...Do you have any evidence to back up your claim because my experience has been just the opposite and hundreds of people are complaining about FOS not being impartial- just read the reviews about FOS on Trustpilot. Are you affiliated with any financial firm such as a loan company or bank by any chance? I have a strong feeling that this forum is being trolled by the customer service of such organisations. 

 "the small claims court works on the balance of probability" and on the evidence provided from both sides. We are talking about interest rates being extortionate and non-transparent here. The court will in this case look at the interest rates and decide whether they were higher than what the loan agreement suggested.

"Given that no laws appear to have been broken, it's likely that pretty much every case will fail."

I should remind people that there is already a county court ruling over the Clause 8. It is for this reason that FOS has accepted to look at the complaints relating to Firstplus (Barclay's) and Elderbridge. 

You need to look at all the actual cases and data on responses, not anecdotes about your case in particular. Further, people always complain about services if they are unhappy, they rarely post a good review if they have a good service.

Lastly, it's patently obvious that if your case was rejected when you were hoping for loads of money, that you would be upset and complain on Trustpilot. However, if the FOS has looked at the evidence or law and correctly dismissed the complaint (say the case was legally time barred, or bank provided evidence that the customer agreed to take out PPI and was given all the details and then chucked in a speculative complaint) then you might well complain they were biased against consumers even though they aren't. 

It would be like reviewing the court system and saying it's biased because criminals give it bad reviews because they went to jail.

SilverJohnx

Couple of days ago I asked people on the forums if they could help me calculate the interest rates... not a word from anyone. 
As soon as I opened my mouth about taking my case to the court, I received several responses which I found irrelevant, very negative and discouraging. 
@Farfetch, have you even read any of the reviews on Trustpilot before you started lecturing me on why people leave negative reviews about FOS? Are you affiliated with FOS by any chance? People's cases are becoming legally time barred due to the very fact that FOS do not carry out their investigations within the timeframe expected from them! 
Tell your big bosses that I have now applied to the court and they will hear from them in due course. 

SilverJohnx

@Deleted_User "Lastly, it's patently obvious that if your case was rejected when you were hoping for loads of money, that you would be upset and complain on Trustpilot."

Your advice is toxic. FOS never rejected my case, on the contrary I rejected their help due to the fact that it took nearly 2 years for them to tell me that their caseworker was taking annual leave and that I should hear from her after she's come back from her (extended) holiday. What makes you think that people who wrote  negative reviews about FOS, Barclay's, Elderbridge, Firstplus ect are all hoping for loads of money! We are the victims here, not the other way around!