First plus (again)

juliedawn_2

Well the interest rate has gone down again so will first plus reduce their rate....like they DIDN'T on the last rate reduction...but put it up.
Can anything be done to investigate these people?
They seem to put the rate up when they fancy....never down though.I'm holding me breath to see what happens this time...and if it doesn't go down i will not be happy.

jonesMUFCforever

You are free to take your business elsewhere you know.

Zebedee69

First Plus want your house lmao! Its as simple as that!

_Andy_

juliedawn wrote: »

Well the interest rate has gone down again so will first plus reduce their rate....like they DIDN'T on the last rate reduction...but put it up.
Can anything be done to investigate these people?
They seem to put the rate up when they fancy....never down though.I'm holding me breath to see what happens this time...and if it doesn't go down i will not be happy.

You can't really complain when you take a variable rate product and the rate changes. FP aren't obliged to reduce the rate just because the BOE base rate has reduced.
Nothing to 'investigate'. As with any other lender they are there to make profit.

juliedawn_2

I take it none of you have a secured loan then.

lemonhead_4

i am with FP and am also peed off when they dont reduce it but put it up at the same time the interest rate goes down, so as its gone down again i am waiting for another letter to say your payments have gone up

_Andy_

juliedawn wrote: »

I take it none of you have a secured loan then.

Why is that of relevance? If I take out any variable rate product then I wouldn't consider it a hardship if the lender chose to increase the rate (as they're entitled to do under the terms and conditions that you yourself agreed to).

juliedawn_2

So have you got one then?
I ask if you have because you would probably would think the same thing.Yes we know its a variable rate but when the interest rate goes down you breathe a sigh of relief thinking your payments will go down.I'm just annoyed that they say their interest rate is linked to the BOE and FHBR.......When the BOE put theirs up they write to you within a week to tell you the payments are going up yet when the rate goes down they come out with the excuse that the rate is not directly linked to the BOE base rate.They change their minds like the weather.

_Andy_

In answer to your question, no. However I do have other financial products that have variable interest rates and therefore would not be complaining if those rates changed (clue is in the name 'variable').