Barclays First Plus Loans interest rates

amersall

nbaker2023 said:

amersall said:

Hi amersall,
Is this still relevant in 2023?

I have had a First Plus loan for over 20 yrs which was transfered to Elderbridge, and was shocked to see my balance in still around £25k at this rate I'll still be paying it off with my pension in 20 years time.

Many thanks
Nige.

It certainly is relevant. Make a complaint to elderbridge give them 8 weenbaker2023 said:

amersall said:

Hi amersall,
Is this still relevant in 2023?

I have had a First Plus loan for over 20 yrs which was transfered to Elderbridge, and was shocked to see my balance in still around £25k at this rate I'll still be paying it off with my pension in 20 years time.

Many thanks
Nige.

It certainly is.Will private message you later. 

archie1893

Hi amersall, 

I am a newbie here but was wondering if you could possibly help me?

I sent off a letter to First Plus on 02nd February 2023 saying I was unfairly charged for many years because of the interest rate clause.

My loan was for £68k which commenced in July 2005 and was then repaid in April 2015. 

I have since had 3 letters ( latest dated 06th April 2023) back from Elderbridge saying they are still looking into my complaint and will write to me again in another 4 weeks but I do have the right to refer my complaint to the FOS but that I must do this within 6 months.

Should I wait until I get the next letter from them to see if I get any kind of offer or should I go ahead now and complain to the FOS ?

Thanks in advance. 

amersall

Yes, send it to FOS, you can do it online.
Your not the first one this year to keep being fobbed off you have gone over the 8 week they have to deal with it and give you a response.
Ask FOS to escelate this up to whoever is dealing with the complaints against barclays First Plus at the FOS 

archie1893

Thanks thats really helpful.

Do you know if there was a specific point of contact for firstplus complaints at FOS or just a generic email will do.

Also the fact the loan was repaid in 2015 - with this being 8 years ago will this have a negative effect upon my claim for compensation? 

amersall

Can't tell you the contact..........just put what I told you.
Put the complaint in and see what fos come back with. 
As this loan was cleared more than 6 years ago they may time bar just let me know what their response is and we will take it from there 

archie1893

That's great. Thanks once again.  

archie1893

Hi amersall,

I received an email from FOS just saying that a case handler will be appointed to my case in due course but that this could take up to 4 months!

I haven't had any further update from Elderbridge other than the 3 holding letters I received previously. However I did phone them and they are now blaming Firstplus for the delay in giving me an answer to my complaint.

I suppose I will just have to be patient for the time being. 

amersall

You have it in now, you did ask for it to be passed on to whoever is dealing with these loans with barclays at FOS?
If you did then just sit tight, took me over 10 years to get a result, so 4 month's is a drop in the ocean 😊 keep me updated.
If you didn't put that, let me know when you have a case handler 

amersall

It won't take you 10 years don't panic 😊

archie1893

Hi amersall,

Yes I did request that this complaint be escalated up to whoever is dealing with these loans with Barclays at FOS.

Haha yeah 10 years is a hell of a long time to wait and puts my 4 months into perspective 😄 

Thanks for your help so far and yes I will let you know when FOS appoint a case handler or IF I get an offer from Elderbridge.