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  • FIRST POST
    • peter67
    • By peter67 31st Dec 18, 11:36 AM
    • 13Posts
    • 2Thanks
    peter67
    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
    • 531 Posts
    • 720 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
    • 40 Posts
    • 5 Thanks
    SIMOED
    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
    • 40 Posts
    • 5 Thanks
    SIMOED
    do you realise what you have written...
    You need to see what is coming on this, so good you are, I think not............you know nothing J G Jones.
    • SIMOED
    • By SIMOED 12th Jan 19, 10:31 PM
    • 40 Posts
    • 5 Thanks
    SIMOED
    "oh yes they do"
    The season of pantomime is just beginning..............
    • dealer wins
    • By dealer wins 12th Jan 19, 11:24 PM
    • 6,301 Posts
    • 12,513 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
    • 2 Thanks
    amy77
    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!
    • peter67
    • By peter67 31st Jan 19, 6:29 PM
    • 13 Posts
    • 2 Thanks
    peter67
    What has a loan got to do with living in a democratic country?
    why I said this was...the government should not have allowed this type of loan in first place (I meant unregulated loan).
    Popular TV presenter Channel 4 Countdown Carol Vorderman was promoting this Firstplus loan at that time, so lot people somehow they trusted without reading the terms and conditions.


    Say for an example if I am going pay interest in total 5 times the capital - well out of proportion.
    This a fraud. This should be debated in the parliament to change the regulation?
    • Gaz83
    • By Gaz83 31st Jan 19, 9:19 PM
    • 3,726 Posts
    • 6,980 Thanks
    Gaz83
    What has a loan got to do with living in a democratic country?
    why I said this was...the government should not have allowed this type of loan in first place (I meant unregulated loan).
    Popular TV presenter Channel 4 Countdown Carol Vorderman was promoting this Firstplus loan at that time, so lot people somehow they trusted without reading the terms and conditions.


    Say for an example if I am going pay interest in total 5 times the capital - well out of proportion.
    This a fraud. This should be debated in the parliament to change the regulation?
    Originally posted by peter67
    Why is it a fraud? Didn't you know the T&Cs before you signed for it?
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
    • Chloe03
    • By Chloe03 23rd Feb 19, 3:52 PM
    • 1 Posts
    • 1 Thanks
    Chloe03
    In my opinion the onus should be on the lender (of finance) who should be an expert in their own product to ensure the borrower is signing with informed consent.
    Otherwise the opportunity to take advantage of the customer is great.
    A loan can be the equivalent of a life sentence and this should not be taken lightly in any fair and law abiding society nor should individuals who have been caught out in such a way be treated with disrespect.
    • SIMOED
    • By SIMOED 23rd Feb 19, 6:41 PM
    • 40 Posts
    • 5 Thanks
    SIMOED
    In my opinion the onus should be on the lender (of finance) who should be an expert in their own product to ensure the borrower is signing with informed consent.
    Otherwise the opportunity to take advantage of the customer is great.
    A loan can be the equivalent of a life sentence and this should not be taken lightly in any fair and law abiding society nor should individuals who have been caught out in such a way be treated with disrespect.
    Originally posted by Chloe03
    Yes, the lender should have lawful responsibilities towards their own conduct & not use consumers of any category as cash cows. Fact is, they are responsible & use their position or stance to manipulate the situation in their own favour...............the little guys cant take them on "like for like" due to affordability. Regulators are useless, also in the pockets of the "big time"...........
    • John G Jones
    • By John G Jones 24th Feb 19, 10:08 AM
    • 531 Posts
    • 720 Thanks
    John G Jones
    Yes, the lender should have lawful responsibilities towards their own conduct & not use consumers of any category as cash cows. Fact is, they are responsible & use their position or stance to manipulate the situation in their own favour...............the little guys cant take them on "like for like" due to affordability. Regulators are useless, also in the pockets of the "big time"...........
    Originally posted by SIMOED
    You would have a point if the lenders were ho,donít a gun to anyoneís head.

    The truth is people see the pounds upfront and choose not to think about what comes later, despite it being set out in black and white.

    Those inability to forego pleasure now for benefit later is possibly the biggest differentiator between people who find success in life and those who donít.

    You can take two people with the same start in life and guarantee that the one who sticks in at school, takes a job at weekends to get some money, plans a career, delays having children until they can afford it and just gets their head down in works is going to end up in a very, very different place to someone who wants it all upfront, and so borrows at a high rate of interest for wants, not needs.

    This is fine, it is their choice, but p,ease, less of the moaning when you and I end up in such different places.
    • RuthnJasper
    • By RuthnJasper 24th Feb 19, 10:38 AM
    • 3,647 Posts
    • 8,686 Thanks
    RuthnJasper
    Now I know why I haven't visited this site in months. All the muppets making daft, unhelpful and mean-spirited comments aimed at people offering assistance and sound advice. John G Jones has been nothing but accurate, courteous and helpful. People visit these threads for genuine help. When it is given freely, those who cannot accept wisdom and help - even though it may not be what the enquirer wants to hear - should take their "wit" elsewhere.
    • zippygeorgeandben
    • By zippygeorgeandben 25th Feb 19, 11:17 PM
    • 973 Posts
    • 1,343 Thanks
    zippygeorgeandben
    It's certainly a conundrum.
    Savings End February 2019 £2209.15
    September 2018 £986.09 October 2018 £1254.04 November 2018 £27.00
    December 2018£21.14 January 2019 £1448.92 February 2019 -£1528.04
    March 2019
    • SIMOED
    • By SIMOED 6th Mar 19, 8:35 PM
    • 40 Posts
    • 5 Thanks
    SIMOED
    You would have a point if the lenders were ho,donít a gun to anyoneís head.

    The truth is people see the pounds upfront and choose not to think about what comes later, despite it being set out in black and white.

    Those inability to forego pleasure now for benefit later is possibly the biggest differentiator between people who find success in life and those who donít.

    You can take two people with the same start in life and guarantee that the one who sticks in at school, takes a job at weekends to get some money, plans a career, delays having children until they can afford it and just gets their head down in works is going to end up in a very, very different place to someone who wants it all upfront, and so borrows at a high rate of interest for wants, not needs.

    This is fine, it is their choice, but p,ease, less of the moaning when you and I end up in such different places.
    Originally posted by John G Jones
    You offer, absolutely, no constructive advice to the request for assistance whatsoever. You do not refer to or even mention any legal process that backs your moral opinion/s.

    I stand by what was written previously, in that, you have no idea whatsoever on this subject matter or the amount of work that is going in to the process of correcting this mess of confusion.

    Lots of people of every background have been involved in these types of loans, ironically, the regulator has "stepped in" & made such matters much more consumer friendly.

    Just because you may be a big business does not mean you can flout the rules & fly close to the wind in terms of profit at consumer expense. It means, in fact, that providers have an even greater responsibility to provide clear & perfectly understood information/s. This is because they are experts & the consumer is assumed as uninformed............

    The intervention & effort of regulatory authorities has been huge in this particular market because of the imbalance & issues faced by consumers. The longevity of some of the older contracts has meant that legal actions have to be brought.

    Hindsight.
    • SIMOED
    • By SIMOED 6th Mar 19, 9:09 PM
    • 40 Posts
    • 5 Thanks
    SIMOED
    Now I know why I haven't visited this site in months. All the muppets making daft, unhelpful and mean-spirited comments aimed at people offering assistance and sound advice. John G Jones has been nothing but accurate, courteous and helpful. People visit these threads for genuine help. When it is given freely, those who cannot accept wisdom and help - even though it may not be what the enquirer wants to hear - should take their "wit" elsewhere.
    Originally posted by RuthnJasper
    He has not been accurate, courteous nor helpful, I would appreciate your input on what I, or anybody may have missed.

    This subject is not "wit" its damned serious, peoples can lose their homes & advise is poor to state the least, especially, when you read some of the comments on here.
    • Bermonia
    • By Bermonia 7th Mar 19, 10:33 AM
    • 507 Posts
    • 386 Thanks
    Bermonia
    If it is ‘Legal’ advice that you are after then please feel free to consult a lawyer and pay them for their time - being discourteous to people offering you their insight is quite frankly unacceptable.

    Just to point out if you don’t like people’s comments or opinions then posting on a forum for people’s comments and opinions isn’t really for you now is it?
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