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    • peter67
    • By peter67 31st Dec 18, 11:36 AM
    • 12Posts
    • 2Thanks
    Firstplus (elderbridge) secured loan
    • #1
    • 31st Dec 18, 11:36 AM
    Firstplus (elderbridge) secured loan 31st Dec 18 at 11:36 AM
    I took around 65,000 loan in 2003, and paid over 60,000 and still my capital balance around 53,000.
    They keep increasing the rate as they like, it seems like I will be paying this for entire life span.
    I am asking myself, am I living in the democratic country?
    No forums taking interest to resolve this problem?

    Intial stage, I mean first few yrs when Bank of England rate reduced or increased, the FIRSTPLUS was reducing or increasing the rate accordingly. But since 2007, Bank of England reduced the rates so many times, but this Bank never reduced but increasing the rates?

    Over one year I was asking them the reasons why you have not reduced the interest rates, they keep sending letters saying that we are working on..please bare with us.. then one letter mentioned that they have not received sufficient information from the previous owner 'FirstPlus'?

    Did anyone experience this? any actions I can take? Is it worth it now to consolidate the loan, which means I need to pay another 53,000 pounds? Please give me some advices
Page 3
    • John G Jones
    • By John G Jones 12th Jan 19, 9:26 PM
    • 103 Posts
    • 161 Thanks
    John G Jones
    John, with all due respect, stop trying to sound like you know what you're talking about.
    Originally posted by halifax71
    No, I think it better if you step away from the keyboard. Maybe it amuses you to post disinformation, but you are doing genuine harm here, and should be ashamed.

    The contracts are not ambiguous, they are clear. If you or the OP struggle to understand them that is very unfortunate, but the right response to being given a contract that you donít understand is to walk away.

    What is sad here is that in many of these cases the money was used for a wedding, or a holiday.

    It does raise the question, I suppose, of whether the state should limit freedoms for those unable to handle things like this, but on balance I think thatís a step too far. People need to be free to do stupid things, on the whole.
    • SIMOED
    • By SIMOED 12th Jan 19, 9:36 PM
    • 38 Posts
    • 5 Thanks
    you are deluded.................J G Jones
    Last edited by SIMOED; 12-01-2019 at 9:40 PM.
    • SIMOED
    • By SIMOED 12th Jan 19, 9:50 PM
    • 38 Posts
    • 5 Thanks
    do you realise what you have written...
    You need to see what is coming on this, so good you are, I think know nothing J G Jones.
    • SIMOED
    • By SIMOED 12th Jan 19, 10:14 PM
    • 38 Posts
    • 5 Thanks
    Simply nothing you say means sense.
    Please justify your comments & also show some respect for those who do not agree with you.........
    • SIMOED
    • By SIMOED 12th Jan 19, 10:31 PM
    • 38 Posts
    • 5 Thanks
    "oh yes they do"
    The season of pantomime is just beginning..............
    • dealer wins
    • By dealer wins 12th Jan 19, 11:24 PM
    • 6,202 Posts
    • 12,228 Thanks
    dealer wins
    3 bafoons for the price of one on this thread lol
    Choose life
    • amy77
    • By amy77 17th Jan 19, 1:55 PM
    • 1 Posts
    • 0 Thanks
    Wow! I haven't been here in a while and now I remember why!

    Simoed and Halifax71 are very knowledgeable and helpful, please do take their advise.

    As for the others here - you have absolutely no idea what you are talking about! have you read the clause in the contract in question - no I don't think you have!

    if you did some research you will find that this clause in question has been deemed unfair in county court (I should know - it was my case!) so while you may think that just because the contract was read and signed by the consumer that is it was fair, you are wrong. The judge stated

    "in my judgment this clause does heavily favour the lender. It creates a significant imbalance in the partiesí rights and obligations, and it is clearly to the detriment of the consumer. So for those reasons I have concluded that it is unfair within regulation 5.1. Regulation 8.1 provides that an unfair term is not binding on the Defendants."

    Aside from that I have screenshots from their website that clearly say in the FAQ's that these loans were variable and how that would work.

    "How does the variable interest rate affect my loan?
    From time-to-time, your monthly repayments may go up or down in accordance with the Bank of England interest rate movements."

    So others here - please do not treat the customers who took on these loans as idiots. We were severely misled, and this is not the end!
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