We are calling for signatures to submit to barclays firstplus and the government to force the reduction of interest rates on first plus loans to be inline with current market conditions. FirstPlus have continually increased its interests rates putting further presure on borrowers despite current bank of england interest rates being at a 300 year low.
This surely is a bigger scandal then PPI. Being allowed to charge inflated interest rates above the Bank of England Base rate is criminal. I really hope the government is listening !
Been with Firstplus since beginning 2006. They mis-sold PPI which we are in the process of reclaiming & they didn't payout the the cash back at the end of the 5yrs. I've found out today that the base rate they say they follow FHBR actually sits at 1% & the interest on our loan is currently 10.2%.
Never ever received an interest rate drop but had 3-4 increases since 2006,
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