Firstplus secured loan claim settlement

Sim1999

Hello Forum, I heard that Firstplus is settling for customer complaints (interest rate variation clause), I have borrowed about 65000 in 2004 and early settled the loan in 2019 and paid around 53000, so I paid 15yrs. Can anyone suggest me what possible claims I can make against FirstPlus.
1. interest rate variation clause
2. settlement figure - can I claim for this? surely this would also change.

Can I go through FOS or any lawyers who specifically dealing with this case?

I would be grateful for any useful information... 

superbigal

You got a loan for 65K and only paid 53K back and want compo ? 

Sim1999

thanks for your reply, no borrowed 65000 in 2004, say paid 15yrs  x  12 months x 600 = 108000 pounds, then 53000 paid at the early settlement in 2019, so total paid back = 108000 + 53000 = 161,000 pounds

kaMelo

Did you remain with First Plus or was your loan transferred to Elderbridge?
Anyway. as far as I'm aware there are certainly people who are complaining about the loans they took out with First Plus, no doubt there will be some who received/ are due to receive redress due to mistakes made however there is no wholesale redress scheme or solicitors dishing out money to everyone who took out a loan with First Plus.

First Plus loans were high interest secured loans with a variable interest rate not linked to the BoE base rate. That information was given to and agreed to by everyone who took out a loan with them.   Apart from paying a lot of interest as you agreed you would, what is it you're unhappy with?

Sim1999

Kamelo - Thanks for your message, when I early settled my loan in 2019 and I was with Elderbridge and yes the loan was transferred to Elderbridge.
There is a clear indication that I should be able to claim some compensation, but I am confused whether I should hire a solicitor or Financial Ombudsman Service.
Also I am not sure about what are the claims?
1. interest rate variation clause
2. if they considered 'interest rate variation clause' then they should consider my early settlement figure 53000. I might have paid high.
if someone advise me on
(1) should I hire FOS or solicitors (can you recommend any solicitors)
(2) what the claims (please explain - what are the claims )

[Deleted User]

Sim1999 said:

if someone advise me on
(1) should I hire FOS or solicitors (can you recommend any solicitors)
(2) what the claims (please explain - what are the claims )

1) Neither. You send your complaint direct to the lender.
2) There are no claims. You send your complaint - whatever that may be - to the lender and they'll assess it and respond.

sourcrates

As above, you simply write a letter of complaint outlining your concerns, you tell them what your complaining about, and why, and what they can do to put things right.

Is it the variable interest clause you are unhappy with ?

Consumeractiongroup posted about this, a few years ago now, but it may still be relevant to your complaint -

FAO anyone with a Firstplus secured loan. - Mortgages and Secured Loans - Consumer Action Group

Sim1999

Deleted_User, sourcrates - Thanks for your advices

ryan2021

Hi,

You absolutely can. If you take a look at FOIs, youll see that FOS has settled a couple hundred cases: (I can't post links, whatdotheyknow Ryan Knight)

You must first write to Elderbridge/FP to complain. It would be best to not accuse them of anything, rather express dissatisfaction with the clause and intent to join others. Do not trust Elderbridge, refer to FOS when you can.

Be prepared for a wait though.

Sim1999

Thanks ryan2021

k6mart

I have been a customer of FirstPlus since 2004, borrowing £57k. I asked for a current balance today and they tell me I still owe £22k, and have 75 months left on the term. Total repaid at the end of term will be £104k! At least !!!!!! Turpin wore a mask!!