Firstplus has confirmed a formal reduction of interest rates to align with current market conditions. We are now reviewing the adjustment schedule to ensure full compliance with the terms established in our recent discussions. Documentation regarding the implementation process will remain available for your audit.
January 14, 2013
Final supporters
Updates
Reached 2,500 supporters
December 26, 2012
Reached 1,000 supporters
October 7, 2009
January 12, 2009
The petition reached one hundred signatures this morning. I am now drafting the formal letter that will accompany these names when we present them to the management at Firstplus.
Reached 100 supporters
January 11, 2009
389 Comments
My husband and I are customers of a First plus loan which was sold to us on a basis of monthly repayment level. It was £400. The repayments have increased to around £550 when interest rates increased, but was never reduced back down when base rate dropped.
After first plus wouldn't help me when i couldnt keep repayments i was forced to sell house and now still owe a high amount of money. When i got my redemption i was shocked at how little i had paid off and how unhelpful and rude first plus are.
Our home is about to be repossessed by this sorry excuse for a lender who will not listen to any pleas for clemency. My husband was diagnosed with terminal cancer and lost his battle in Jan 2015. Despite our repeated begging they are about to auction our 30 year family home in June 2015 to the lowest bidder leaving us homeless and destitute. TO ANYONE CONSIDERING FIRST PLUS: JUST DON'T. NO MATTER HOW DESPERATE YOU ARE. JUST DON'T
Our home is about to be repossessed by this sorry excuse for a lender who will not listen to any pleas for clemency. My husband was diagnosed with terminal cancer and lost his battle in Jan 2015. Despite our repeated begging they are about to auction our 30 year family home in June 2015 to the lowest bidder leaving us homeless and destitute. TO ANYONE CONSIDERING FIRST PLUS: JUST DON'T. NO MATTER HOW DESPERATE YOU ARE. JUST DON'T
We took out a First Plus loan in 2004 - since then the interest rate has gone up and up on this 20 year loan. We owe as much now as we initially borrowed and can see no hope. I have complained to 1st plus but have been told its within their rights and basically there is nothing I can do about it. 9 years still to go.
Good luck, we all need it!
This loan as been like a noose around my neck. When are they going to be made pay back the interest they should have reduced instead of ripping people off. Thiefs!
Reduce interest rates
why isn't something being done about these robbers. they prey on the desperate, 69k loan now we still owe more than the initial amount borrowed despite paying 750.00 for the last 9 years
Just managed to escape with absolutely no help from Barclays! I think they should have to pay back money as it is as criminal as the ppi saga!
Action need to be taken. Not just fining them. Customers need to be compensated
Like everyone else feel like a captive of Barclays Firstplus working all my days for them to take all my cash for the big bonuses at the end of the year sort it out government.
A scam and a disgrace.
Owe £85000 , cannot find a way out of this loan , have been paying £800 for about 11 years and it has hardly come down
Disgusting rip of charges
Feeling Hopless
How about honesty???
Interest rate through the roof, will take 33 years to clear loan
I wrote to FirstPlus re my secured loan and the fact that interest rates rose when the base rate went up but did not go down when the base rate fell. They advised they did not have to lower the rate at that time.
I took a £37,000 loan at 9% in 2008 when the bank of England base rate was at 5%. Firstplus almost immediately upped the interest rate to 10% and an extra £20 a month while base rates were plummeting. It has stayed at 10% ever since while mortgage rates languish at 0.5%. Firstlplus and Barclays are nothing more than crooks I have suffered 7 years of misery with there supposed variable interest rates, that only go up and stay there.
i agree
Paying £527 per month for over 10 years and still owe more than I originally borrowed
I Agree
This company needs to be looked into seriously - they are ripping off the working people trying to get by - now that there is a report to say the interest rates might go up by the end of the year - lets see how their letters fly through out doors with their increase
It makes me sad that we ever took a loan out with FP
firstplus made me sick , someone shoude do something .
Outrageous amount of interest set against loans. What will happen when the interest rate goes up!!
No interest rate cut,unfair ,rip off.Balance does not decrease.keeping people poor and at risk when rates are low
First plus need to reduce their interest rates NOW, and stop holding people to ransom
very unfair that rates have come down to an all time low and I am paying more on my loan to first plus than I am for my mortgate which is a larger loan!
After taking this loan out at an exaggerated rate as I could not get a better deal at the time I find out that I am being screwed to the hilt while interest rates go down the rate remains at 8% which is ridiculous! I think the rate should be lowered in line with inflation and a refund of the inflated cost either comes off the loan or is refunded.
8 years of struggling and still another 12 years to go still owe more than I borrowed - CRAZY!
A approximately 13 years ago we had a loan from First plus have made payments ever since and yet like so many others are left owing more than we borrowed. Surely someone somewhere should be able to sort this Company out. Total ripoff!
Took out loan in 2006 and still owe more than I borrowed. Frustrated that interest rate has not dropped, and worried that as soon as BoE puts rates up Barclays will further hike their rates!
All comments relate to my situation - although my rate is 9.4 per cent... - is this typical...?
Have been paying this loan for 7 yrs and still owe the same amount of money 14 yrs to go. I was told when I took out the loan that the I would see the balance come down monthly. I haven't and still owe the same as when I started.
The Interest is killing me
Why has this one set up (Company) managed to by pass every other reasonable claim a customer has against the extortionate way it operates.
I,'ve been threatened to loose my house, not being able to pay the full monthly payment since my wife lost her job, didn't stop paying them ,only the past year had to reduce the monthly payment to meet my expenditures
Are any options available..?
Took out loan with BARCLAYS in 2008 only to find out later it was with Firstplus! Still owe almost as much as we borrowed then! Absolute scandal that they are allowed to get away with this !!! Why havnt the FSO or other financial authorities got involved?
Would also question in addition to the high interest rates as to why a yearly statement of amount owing is not provided i receive one with my other morgage no idea how much i owe!!!! I thought Barclays where cleaning there act up after the last two executives left under disputed clouds
Suffocating my whole family and its happiness.
I am disgusted the way firstlus has treated us customers. Something needs to be done about it. Why is the government and oft not doing anything about it!!!!
Interest rates need to reduce .
the rates and the fact I'm still waiting on the PPI settlement. Customers service has been appalling, trying to take house away, ongoing for years now
rates should be in line with bank of England rates there just greedy I wished I had never had the loan
Two years left with this ball and chain.
Why haven't interest rates not been reduced
Rip off interest rates
Treating us like idiots, needs changing
Interest is high ! How they except ppl to pay back when all your doing is paying the interest !!
After all the years of paying £700+ month the interest rate is still 11.2% and I still owe £25000 plus £19000 Interest.
It's a rip off . These borrow terms must be illegal .
My interest has never come down only gone up and they won't tell me how much my interest rate is at the moment
My interest has never come down only gone up and they won't tell me how much my interest rate is
Whats the next chapter as Barclays have now sold the business to Elderbridge Ltd, I still intend to hold Barclays to charge and will now have to challenge the new owner and see what they say about the interest rates can anybody advise about Elderbridge??
With interest rates kept low for a good number of years, interest rates for this secured loan has never come down to market levels. Firstplus customers are being ripped off and the FSA don't do anything about it. Now Elderbridge, helped by Goldman Sachs finances are involved, I can only see interest rate rises. Yet more hardship from the taxpayers who had to bale out these banks a few years ago.
disgraceful interest rates from a high street lender, causing misery too homeownwers
I agree with all that has been said never had any stament or information what the interest rates are just told that they dont use the bank of england base rate to set interest,worst loan company I have ever had to deal with.
been ripped off for yrs but as I was in difficulties no one would take my loan over catch 22 now they are up the creek they switch us to Elderbridge, try the net they are no longer trading so what the hell is going on !!!!!
Barclays First Plus must reduce their interest rates and reimburse customers.
Not affected personally but know someone who is. There is a gap in consumer protection here.
We have been crippled by the unfair interest charges on this loan and we have queried why when all other lenders have reduced rates, ours is going up
I have been following blogs and threads about this company for a long time they are crooks, they are responsible for many families losing their homes. It's an absolute disgrace and is about time that the government did something about it.
Been paying a 50k loan for ten years and still owe 43k Fishy is the word.
We have been crippled by unfair interest charges on this loan.
absolute nightmare, such unfair charges, we cannot see an end. We are stuck in a house we cannot sell because of this crippling loan
Our loan was sold to based on affordability of monthly repayments with a 4% interest rate. It is now at 11% or more! Variable or not, we were clearly mislead and it was clear misselling over the phone.
We have been paying a 25k loan for 13 years but still owe 30k got money back on PPI but not intrest. This company has put in hard ship on so many occasions
My loan was arranged and told the interest was fixed at 7% for its duration, but they kept putting it up and blamed the base rate, but it has not come down. I also had a PPI and after 5 years they paid out but my monthly amount has stayed the same and not reduced.
I agreed a "variable rate" loan in 2007, which has been treated as a "fixed loan" with no reduction in interest. The current redemption figure stands at 150% of the original loan!
Disgusting the way we are being treated
First plus ruined my life borrowed 40000 and still owe 38000 after 10 year and still got 25 year to go payments 380 per month
Have been paying back a loan for 8 years so far, thinking it should be completed to find that I have another 18 to go !!! 35000 with payments of 350 per month - total payback over 100K. Mis-sold this product and had the wool pulled over our eyes!
Got a large loan paying 390 a month 40 pound of that is coming off my loan the rest is interested Disgusted
Interest always went up never came down,rip off
This loan is crippling me,still got many years to go,never get a statement or any info on how mch I owe etc,complete rip off.
Absolutely crippling loan and no end in sight. Is there nothing we can do?
I understand that my loan has been sold to Elderbridge never had a statement from BFP been paying for ten years now 570 per month too still owe the same as we origionally borrowed
These people are crooks! Never had a decrease in interest rate. Only ever increases
The way Firstplus have behaved is scandalous. They passed on every rate increase quoting the increase in BOE rates as justification however when BOE rates started tumbling the loans were no longer pinned to BOE. They have benefitted from accessing finance at a historically low rate whilst keeping their customers rates high, which is contrary to the then Chancellors request that banks pass on the rate decreases for the good of the economy.
Sadly not enough are complaining & no-body cares.
Where are the regulators now!!!!! Complete lip service !
How can they be allowed to continue with these practises...?
Firstplus are scamming us out of our money by not reducing the interest rates. They were quick wenough to put them up though!
Put up interest rate after a year. Never reduced it even after bank rates fell which was supposed to happen
Disgusting the amount we have to pay
Interest rates are ridiculous and FCA and OFT are useless and not helping the British public. Defending big banks!
I have a secured loan with firstplus, their interest rate is killing us. We can't even afford to put food on the table for our family.
Been paying loan off for 12 years 3 years to go absolutely no communication from them with a summary of any substance from first plus very upset at the lack of any rapport between this company and myself
First Plus are a joke started my loan for £75,000 in 2001 and finally paid it off in 2014 owing £66,000 to pay the thing off even though paying £787 pm for ten years LIBOR rate what a joke. This needs to be changed.
still paying interest after 10 years of paying!
Interest always goes up never down
Took out a loan 2007, never had a statement, never had an interest reduction. Loan now passed to Elderbridge. How can a debt be passed to another company when the debtor does not know the debt!
Still paying sky high interest on a loan I believed was mis sold refused ability to pay any extra off stating they wanted at least 10% of outstanding debt unable to meet this
Total sham. Where is my yearly statement.
Interest never went down for over 8 years. Shame on you First Plus.
Still paying one big rip off
As the bank of England has been careful to keep the interest rate low, so that people don't lose their homes, How can First Plus get away with 12.5% and threatening the livelihoods of their 'so called valued clients"? Members of my family both work every day of the week and during the night time to keep up with the payments on a loan that was mis-sold. There is nothing we can do about it and one day FP will claim their house when they are too old to keep up the pace. Outrageous! They are the equivalent of a Pay Day Loan Company and yet nothing is done to help the people laugh up in it.
cant believe they've got away with this for so long.
If anyone wants to know the truth of selling a house at shortfall whilst owing to First Plus let me know! They think they are a law unto themselves. how can the FO not be able to do anything?
I can only ditto all the comments here
Yet another victim of FirstPlus
As just read I wondered how the first plus rate went up when the bank rates fell at the start of the recession. I was on a variable rate. It went up but has never come down.
I am one of the many Firstplus customers that have seen interest rates increased but no reduction when BoE rates have reduced. DISGUSTING Barclays you should hold you head in shame.
Annual interest rate 8.3% back in March 2014 not sure what it is now May 2016??
Never had a statement in nearly 10 years from FP even though I have requested on numerous occasions finally get a redemption figure today from Elderbridge and to My dismay the agreed term of 15 years is now 20 years ???? The is a nightmare!! Interest applied to this loan is ridiculous now up to paying over 11%.
Outrageous abuse of customers, especially those who are in vulnerable positions. All have been exploited.
First plus Interest rates increased when the bank rate increased prior to the 2008 "bust" then returned to their normal rate post the "0.5%" rate, but never reflected the significant fall in the bank rate.
Borrowed 30k paid back 39k they still want 18k interest
Paying first plus interest. Is pulling my family apart. Their seems no end in sight find it hard to get out of bed some days.
biggest mistake we ever made - have heard nothing since Elderbridge took over. SCared to ring for update after reading these comments. It really is a nightmare.
Worst decision ever. Elderbridge stands firm that the "rate clause" is fair.
Been paying off loan for fourteen year's still paying the same each god I could have payed my mortgage off years ago the amount of money they have was told only hundred pounds out of 827 a month I pay comes of loan a joke
Joke all round even with ppi pay out still paying protection for duration of loan
Took out a 38000 loan for 15 years with variable interest 8.9% however the payment hasn't changed in 12 years.
Bingley
£20000 over 8 years, interest rate hasn't dropped once.
gone through worst financial upheaval since getting loan with FirstPlus
interst rates must fall! been paying for over 10 years and still owe more than original amount borrowed despite interest rates falling. no one is trying to dodge their obligations we just want treated fairly as nothing was explained at the time of signing and when you are looking for help out of a desperate situation you take it
most unfair company ever deal with; FP and Elderbridge. Agree it is a nightmare
This is really disgraceful why is it always the hardworking people who end up paying higher interest rates than the people who raise them. Making people homeless is dreadful and should not happen
Interest rate has not changed in the 10 years I have been paying this loan
I have been paying for almost 10 years, has gone up but never down. Disgraceful.
Disgrace -30k loan already paid £62k & another £30k to go until finally free..young & very silly to take out in first place but no one ever told us/detailed the actual amount to pay back would be £92k :( payments never changed from £480 per month
The rate of interest being charged by FirstPlus now Etherbridge is a sandal
Had homeowner loan since 2001 2 decreases since then paying £543 per month over 20yrs been totally ripped off went to fos some years back but they would not back my claim given up the fight now im fighting for ppi cashback 8500 struggled for years waiting for info on who insurers were they wont answer so sent subject access request long delay will complain to inf commissioners office totally had enough
The rate of interest being charged by FirstPlus now Etherbridge is a scandal and they are the rudest company I have had the displeasure of having business with. The interest charges have never reduced despite there being 10 interest rate charges during my loan - never reduce once.
Crap
borrowed 80,000 12 years ago at 850 pm still paying same and owe same
Disgraceful how they can get away with this.
Been paying 11 years, never missed a payment, but the interest rate is the same as I paid all those years ago, they are disgraceful, and care for themselves not the customer. where is regulation in all this..it's about time this scandal stopped.
Little doubt that they are little more than bandits. What are the regulatory bodies doing to combat this villainy, NOTHING
My initial rate rose from 8.4 to 9.2 quoting increased interest rates but have since significant decreases had not altered the rate.
Rates went up when the fhb rate went up but never came down when the rate dropped
Got joint loan 2007 with (then) wife, based on two incomes. Wife leaves 2009, she hasn't paid a penny since so it's all on me for the last 7 years. Been to court over it, Judge colluded prior to me entering the room. Granted repo order but not enforced because paying what I can for the last 7 years. Sold to Elderbridge 2016, flexing their muscles demanding upping the payments. Harrassing SMS and telephone calls during the middle of the day whilst you try to go to work to pay these parasites. i have a major operation soon - starting to hope I don't wake up from this hell they call living. They have sucked the life out of me and many 10's of thousands of people like me. The OFT and FCA do nothing, The courts collude and uphold the banking scams. PPI scam - guilty, Libor - guilty, overdraft excessive charges - guilty, Interest rate rigging - Guilty. Yet the people who like myself are good hardworking honest decent people are made to suffer to the point of contemplating suicide or loosing their homes, and then being ultimately chased for any shortfall until forced to go bankrupt all because they have been hoodwinked into arrangements not fit for consumers and just one big scam to soak up assets. Namely your house because in the end you cant pay it off - if ever. It is nothing short of robbery and a huge scam to produce a situation you can never get out of so they end up with your house. How is this right Dot.GOV, Why are you letting this carry on. There needs to be a meeting for all people caught by this and then a class action.
This company was happy to increase rates but refuse to reduce them despite years of low interest rates. When you ring you to discuss it, just told there are other factors involved!!
Something needs to be done - they are happy to put the interest rate up but never down - how is this legal?
We need some "money people" to champion our cause -this is so wrong and it's never-ending! How can it be legal?
Barclays First Plus,making the rules up to suit.
Barclays First Plus you should be ashamed of yourselves
My rates have never been reduced whenever interest rates have been reduced. Disgraceful.
Interest rate has not changed in the 10 years I have been paying this loan
Been paying for 11 years never had a cut in interest rate even with the bank rate at a low
Disgraceful
I have tried to claim back PPI via two different companies PPi on my loan was about a quarter I tried various things now I have a suspended repo on my house and severe finnacial difficulties due to unfair treatment. When I had money and wanted to pay extra off the loan to reduce it I was told it had to be a minimum of 10% of the outstanding and they refused payment.
Should have been reduced years ago.
Like everyone else .. we were conned and continue to be left with massive over payments when interest rates are so low. Disgraceful ...The payment is as high as our mortgage payment! Just spend 20mins on hold trying to speak to the new owners Elderbridge to no avail. Completely fed up.
I feel that I have been totally misled by first plus when I initially took out my loan.
Just got a letter from Elderbridge about the interest rate on my loan its gone down by ..3% but my payments per month have gone up by £18 per month, phoned them and was told it is do to the loan amount left and the remaining time left on my agreement (3years) cant come soon enough. 1st interest rate reduction in 11 years and my payment goes up biggest con ever
NEVER get any correspondence from first plus. I have no idea what is left to pay off.
Elderbridge are a disgrace! If you want to talk to them or get a response from them, then good luck!
Mis sold a loan 9 years ago - will end up paying over 100K for a 30K loan. I'm sick at the thought and it keeps me awake at night. Disgrace that collectively we should fight
we took out 27k loan in 2007, were miss-sold and never advised of final payment plus that variable rate actually means up only! 20 year loan paying double back. Scandalous
Same story as many others - a variable rate should mean lower payments when the BoE relates are low - bur they have kept rates sky high !! Now causing me major grief ! Fact is I didn't sign anything with elderbridge - or gave permission for my account to be moved and had ppi claim rejected - time for some legal action I think and time for the OFT to support the many victims of this horrific scam!!
Rule 78 used, unfair consumer relationship. Which is unfair and we the consumer are having to struggle against this ruling. Something needs to be done!!
we should put up the parliamentary petition all over FB and social media like TWITTER ABOUT bARCLAYS fIRSTPLUS AND ELDERBRIDGE
Firstplus / elder bridge , took out£17000 loan still owe £11000after 16 years RIP OFF, fact:: I never signed a contract with elder bridge or gave permission for my account to be moved, now saying I'm in arrears ? I was not in arrears with first plus???keep asking for original terms and conditions 3 times now still to no avail, BIG SCAM
One word...... bandits!
Its a disgrace. The forgotten millions of Barclays First plus
total rip off
Took out a £30k loan in 2000 for extension to house, now selling property and find I still owe £22k after 16 years of payments
Petition Signed
Firstplus or now Elderbridge. Its a disgrace - total rip off - sucked in by adverts, made me worse off ! 10 years of payments hardly put a dent in it...not happy
Overtime you try to call them ref PPI. Conveniently they can't hear the call.
cowboys!
Asked for a redemption figure last year(2016) on a £40k secured loan taken out in 2007. Still owed £36k! Can anything be done??
BORROWED £40.000. PAID BACK OVER £120.000 STILL OWE OVER £37.000 TOOK THIS OUT IN 2004. NOW IN THE HANDS OF THE OMBUDSMEN.
38000 loan 2007. No missed payments still owe 25000. Paid approx 31000 in that time
Interest went up and up when it should have gone down- switched between using Libor and base rate to suit themselves - concerning when you the see their employees being prosecuted for Libor rigging.
I borrowed around 26k 10 years ago i have payed that back but still owe them 30k
Borrowed 65,000 11 years ago, still paying 750 per month and still owe 67,000.
Took out loan 2005 and still paying rocket amounts!!!
Interest rates never came down only went up again and again.
I have borrowed around 70000 in 2006 from First Plus, which payed back. After transfering my account with Elderbridge, I have been recently told by them that I owe 39,000 on suppressed interest
totally disgraceful company
I fell victim to First Plus
Unbelievable in this day and age that they can get away with this!
I have put into unnecessary worry over this issue.
Scandalous how they have been able to get away with this for so long
Interests came down from 11% to 0.5% and they didn't follow suit. Their famous one liner "We need to cover costs" Interest rates go up and they follow immediately. This company no longer trades and the borrowers are treated like cash cows. Both the FOS and the FCA have been in league with them leaving the "average work person" no course of action or readdress. Criminally incompetent and legally immoral.
Very unhappy with Barclays response to my complaint against First Plus
Like many other people I took out a loan with Fist Plus back in 2006. The interest rate went up just months after taking out the loan and have never come back down. It's a rip off.
Have almost had house repossessed because of this
Took out loan in 2007. Interest rates went up years ago and have never came down at all. Total and utter con and no backlash from financial investigators.
Firstplus loan taken in 2008,sold to Elderbridge when Firstplus stopped trading.Horrendous company making money out of struggling customers.Loans decrease at such slow rate ,pay back double what you loan.
People are still fighting- don't give up. https://legalbeagles.info/forums/forum/legal-forums/court-claims-and-issues/received-a-court-claim/bringing-a-court-claim/78197-claim-against-barclays-firstplus-elderbridge-ltd
I support as I am a sufferer of the high rates that never get reduced for my first plus loan
This is legal loan sharking
I have been advised that I still owe 46,000 on a loan I took out 18 years ago and the sum borrowed eas 60.000 and despite paying 688.00 a month I am still left with this massive debt.This company are no better than loan sharks.
Outrageous that any financial contract can be so impartial and one sided. Unfair in every sense of the word.
Have a sick feeling in my stomach about this as I have been paying in good faith and have a loan that's not reducing in size
Very unfair interest rates
There interest rate is to high just put a complaint in to elderbridge who took over the debt not even in arrears paid bang on time
Both me and my wife took out a loan of £60000 with repayments of £501 per month in 2002, but within the year the repayments spiralled up to £600 a month which it as stayed until present. We both work at the same place and have since seen a reduction in our hours and lost of over £400 per month in earnings. We informed first plus of our financial difficulty, but they could not offer any solutions, not even a payment break
Both me and my wife took out a loan of £60000 with repayments of £501 per month in 2002, but within the year the repayments spiralled up to £600 a month which it as stayed until present. We both work at the same place and have since seen a reduction in our hours and lost of over £400 per month in earnings. We informed first plus of our financial difficulty, but they could not offer any solutions, not even a payment break
Interest rates are not variable with them they only ever go up, all we do is pay pay pay with no reduction
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Firstplus has confirmed a formal reduction of interest rates to align with current market conditions. We are now reviewing the adjustment schedule to ensure full compliance with the terms established in our recent discussions. Documentation regarding the implementation process will remain available for your audit.
January 14, 2013
Final supporters
Updates
Reached 2,500 supporters
December 26, 2012
Reached 1,000 supporters
October 7, 2009
January 12, 2009
The petition reached one hundred signatures this morning. I am now drafting the formal letter that will accompany these names when we present them to the management at Firstplus.
Reached 100 supporters
January 11, 2009
389 Comments
We are in the same boat as many, took out the loan in good faith from what was deemed a reputable business and are grown up enough to know as stated that interest rates CAN go up or down, unfortunately this company does not do the down bit.
My husband and I are customers of a First plus loan which was sold to us on a basis of monthly repayment level. It was £400. The repayments have increased to around £550 when interest rates increased, but was never reduced back down when base rate dropped.
After first plus wouldn't help me when i couldnt keep repayments i was forced to sell house and now still owe a high amount of money. When i got my redemption i was shocked at how little i had paid off and how unhelpful and rude first plus are.
Our home is about to be repossessed by this sorry excuse for a lender who will not listen to any pleas for clemency. My husband was diagnosed with terminal cancer and lost his battle in Jan 2015. Despite our repeated begging they are about to auction our 30 year family home in June 2015 to the lowest bidder leaving us homeless and destitute. TO ANYONE CONSIDERING FIRST PLUS: JUST DON'T. NO MATTER HOW DESPERATE YOU ARE. JUST DON'T
Our home is about to be repossessed by this sorry excuse for a lender who will not listen to any pleas for clemency. My husband was diagnosed with terminal cancer and lost his battle in Jan 2015. Despite our repeated begging they are about to auction our 30 year family home in June 2015 to the lowest bidder leaving us homeless and destitute. TO ANYONE CONSIDERING FIRST PLUS: JUST DON'T. NO MATTER HOW DESPERATE YOU ARE. JUST DON'T
We took out a First Plus loan in 2004 - since then the interest rate has gone up and up on this 20 year loan. We owe as much now as we initially borrowed and can see no hope. I have complained to 1st plus but have been told its within their rights and basically there is nothing I can do about it. 9 years still to go.
Good luck, we all need it!
This loan as been like a noose around my neck. When are they going to be made pay back the interest they should have reduced instead of ripping people off. Thiefs!
Reduce interest rates
why isn't something being done about these robbers. they prey on the desperate, 69k loan now we still owe more than the initial amount borrowed despite paying 750.00 for the last 9 years
Just managed to escape with absolutely no help from Barclays! I think they should have to pay back money as it is as criminal as the ppi saga!
Action need to be taken. Not just fining them. Customers need to be compensated
Like everyone else feel like a captive of Barclays Firstplus working all my days for them to take all my cash for the big bonuses at the end of the year sort it out government.
A scam and a disgrace.
Owe £85000 , cannot find a way out of this loan , have been paying £800 for about 11 years and it has hardly come down
Disgusting rip of charges
Feeling Hopless
How about honesty???
Interest rate through the roof, will take 33 years to clear loan
I wrote to FirstPlus re my secured loan and the fact that interest rates rose when the base rate went up but did not go down when the base rate fell. They advised they did not have to lower the rate at that time.
I took a £37,000 loan at 9% in 2008 when the bank of England base rate was at 5%. Firstplus almost immediately upped the interest rate to 10% and an extra £20 a month while base rates were plummeting. It has stayed at 10% ever since while mortgage rates languish at 0.5%. Firstlplus and Barclays are nothing more than crooks I have suffered 7 years of misery with there supposed variable interest rates, that only go up and stay there.
i agree
Paying £527 per month for over 10 years and still owe more than I originally borrowed
I Agree
This company needs to be looked into seriously - they are ripping off the working people trying to get by - now that there is a report to say the interest rates might go up by the end of the year - lets see how their letters fly through out doors with their increase
It makes me sad that we ever took a loan out with FP
firstplus made me sick , someone shoude do something .
Outrageous amount of interest set against loans. What will happen when the interest rate goes up!!
No interest rate cut,unfair ,rip off.Balance does not decrease.keeping people poor and at risk when rates are low
First plus need to reduce their interest rates NOW, and stop holding people to ransom
very unfair that rates have come down to an all time low and I am paying more on my loan to first plus than I am for my mortgate which is a larger loan!
After taking this loan out at an exaggerated rate as I could not get a better deal at the time I find out that I am being screwed to the hilt while interest rates go down the rate remains at 8% which is ridiculous! I think the rate should be lowered in line with inflation and a refund of the inflated cost either comes off the loan or is refunded.
8 years of struggling and still another 12 years to go still owe more than I borrowed - CRAZY!
A approximately 13 years ago we had a loan from First plus have made payments ever since and yet like so many others are left owing more than we borrowed. Surely someone somewhere should be able to sort this Company out. Total ripoff!
Took out loan in 2006 and still owe more than I borrowed. Frustrated that interest rate has not dropped, and worried that as soon as BoE puts rates up Barclays will further hike their rates!
All comments relate to my situation - although my rate is 9.4 per cent... - is this typical...?
Have been paying this loan for 7 yrs and still owe the same amount of money 14 yrs to go. I was told when I took out the loan that the I would see the balance come down monthly. I haven't and still owe the same as when I started.
The Interest is killing me
Why has this one set up (Company) managed to by pass every other reasonable claim a customer has against the extortionate way it operates.
I,'ve been threatened to loose my house, not being able to pay the full monthly payment since my wife lost her job, didn't stop paying them ,only the past year had to reduce the monthly payment to meet my expenditures
Are any options available..?
Took out loan with BARCLAYS in 2008 only to find out later it was with Firstplus! Still owe almost as much as we borrowed then! Absolute scandal that they are allowed to get away with this !!! Why havnt the FSO or other financial authorities got involved?
Would also question in addition to the high interest rates as to why a yearly statement of amount owing is not provided i receive one with my other morgage no idea how much i owe!!!! I thought Barclays where cleaning there act up after the last two executives left under disputed clouds
Suffocating my whole family and its happiness.
I am disgusted the way firstlus has treated us customers. Something needs to be done about it. Why is the government and oft not doing anything about it!!!!
Interest rates need to reduce .
the rates and the fact I'm still waiting on the PPI settlement. Customers service has been appalling, trying to take house away, ongoing for years now
rates should be in line with bank of England rates there just greedy I wished I had never had the loan
Two years left with this ball and chain.
Why haven't interest rates not been reduced
Rip off interest rates
Treating us like idiots, needs changing
Interest is high ! How they except ppl to pay back when all your doing is paying the interest !!
After all the years of paying £700+ month the interest rate is still 11.2% and I still owe £25000 plus £19000 Interest.
It's a rip off . These borrow terms must be illegal .
My interest has never come down only gone up and they won't tell me how much my interest rate is at the moment
My interest has never come down only gone up and they won't tell me how much my interest rate is
Whats the next chapter as Barclays have now sold the business to Elderbridge Ltd, I still intend to hold Barclays to charge and will now have to challenge the new owner and see what they say about the interest rates can anybody advise about Elderbridge??
With interest rates kept low for a good number of years, interest rates for this secured loan has never come down to market levels. Firstplus customers are being ripped off and the FSA don't do anything about it. Now Elderbridge, helped by Goldman Sachs finances are involved, I can only see interest rate rises. Yet more hardship from the taxpayers who had to bale out these banks a few years ago.
disgraceful interest rates from a high street lender, causing misery too homeownwers
I agree with all that has been said never had any stament or information what the interest rates are just told that they dont use the bank of england base rate to set interest,worst loan company I have ever had to deal with.
been ripped off for yrs but as I was in difficulties no one would take my loan over catch 22 now they are up the creek they switch us to Elderbridge, try the net they are no longer trading so what the hell is going on !!!!!
Barclays First Plus must reduce their interest rates and reimburse customers.
Not affected personally but know someone who is. There is a gap in consumer protection here.
We have been crippled by the unfair interest charges on this loan and we have queried why when all other lenders have reduced rates, ours is going up
I have been following blogs and threads about this company for a long time they are crooks, they are responsible for many families losing their homes. It's an absolute disgrace and is about time that the government did something about it.
Been paying a 50k loan for ten years and still owe 43k Fishy is the word.
We have been crippled by unfair interest charges on this loan.
absolute nightmare, such unfair charges, we cannot see an end. We are stuck in a house we cannot sell because of this crippling loan
Our loan was sold to based on affordability of monthly repayments with a 4% interest rate. It is now at 11% or more! Variable or not, we were clearly mislead and it was clear misselling over the phone.
We have been paying a 25k loan for 13 years but still owe 30k got money back on PPI but not intrest. This company has put in hard ship on so many occasions
My loan was arranged and told the interest was fixed at 7% for its duration, but they kept putting it up and blamed the base rate, but it has not come down. I also had a PPI and after 5 years they paid out but my monthly amount has stayed the same and not reduced.
I agreed a "variable rate" loan in 2007, which has been treated as a "fixed loan" with no reduction in interest. The current redemption figure stands at 150% of the original loan!
Disgusting the way we are being treated
First plus ruined my life borrowed 40000 and still owe 38000 after 10 year and still got 25 year to go payments 380 per month
Have been paying back a loan for 8 years so far, thinking it should be completed to find that I have another 18 to go !!! 35000 with payments of 350 per month - total payback over 100K. Mis-sold this product and had the wool pulled over our eyes!
Got a large loan paying 390 a month 40 pound of that is coming off my loan the rest is interested Disgusted
Interest always went up never came down,rip off
This loan is crippling me,still got many years to go,never get a statement or any info on how mch I owe etc,complete rip off.
Absolutely crippling loan and no end in sight. Is there nothing we can do?
I understand that my loan has been sold to Elderbridge never had a statement from BFP been paying for ten years now 570 per month too still owe the same as we origionally borrowed
These people are crooks! Never had a decrease in interest rate. Only ever increases
The way Firstplus have behaved is scandalous. They passed on every rate increase quoting the increase in BOE rates as justification however when BOE rates started tumbling the loans were no longer pinned to BOE. They have benefitted from accessing finance at a historically low rate whilst keeping their customers rates high, which is contrary to the then Chancellors request that banks pass on the rate decreases for the good of the economy.
Sadly not enough are complaining & no-body cares.
Where are the regulators now!!!!! Complete lip service !
How can they be allowed to continue with these practises...?
Firstplus are scamming us out of our money by not reducing the interest rates. They were quick wenough to put them up though!
Put up interest rate after a year. Never reduced it even after bank rates fell which was supposed to happen
Disgusting the amount we have to pay
Interest rates are ridiculous and FCA and OFT are useless and not helping the British public. Defending big banks!
I have a secured loan with firstplus, their interest rate is killing us. We can't even afford to put food on the table for our family.
Been paying loan off for 12 years 3 years to go absolutely no communication from them with a summary of any substance from first plus very upset at the lack of any rapport between this company and myself
First Plus are a joke started my loan for £75,000 in 2001 and finally paid it off in 2014 owing £66,000 to pay the thing off even though paying £787 pm for ten years LIBOR rate what a joke. This needs to be changed.
still paying interest after 10 years of paying!
Interest always goes up never down
Took out a loan 2007, never had a statement, never had an interest reduction. Loan now passed to Elderbridge. How can a debt be passed to another company when the debtor does not know the debt!
Still paying sky high interest on a loan I believed was mis sold refused ability to pay any extra off stating they wanted at least 10% of outstanding debt unable to meet this
Total sham. Where is my yearly statement.
Interest never went down for over 8 years. Shame on you First Plus.
Still paying one big rip off
As the bank of England has been careful to keep the interest rate low, so that people don't lose their homes, How can First Plus get away with 12.5% and threatening the livelihoods of their 'so called valued clients"? Members of my family both work every day of the week and during the night time to keep up with the payments on a loan that was mis-sold. There is nothing we can do about it and one day FP will claim their house when they are too old to keep up the pace. Outrageous! They are the equivalent of a Pay Day Loan Company and yet nothing is done to help the people laugh up in it.
cant believe they've got away with this for so long.
If anyone wants to know the truth of selling a house at shortfall whilst owing to First Plus let me know! They think they are a law unto themselves. how can the FO not be able to do anything?
I can only ditto all the comments here
Yet another victim of FirstPlus
As just read I wondered how the first plus rate went up when the bank rates fell at the start of the recession. I was on a variable rate. It went up but has never come down.
I am one of the many Firstplus customers that have seen interest rates increased but no reduction when BoE rates have reduced. DISGUSTING Barclays you should hold you head in shame.
Annual interest rate 8.3% back in March 2014 not sure what it is now May 2016??
Never had a statement in nearly 10 years from FP even though I have requested on numerous occasions finally get a redemption figure today from Elderbridge and to My dismay the agreed term of 15 years is now 20 years ???? The is a nightmare!! Interest applied to this loan is ridiculous now up to paying over 11%.
Outrageous abuse of customers, especially those who are in vulnerable positions. All have been exploited.
First plus Interest rates increased when the bank rate increased prior to the 2008 "bust" then returned to their normal rate post the "0.5%" rate, but never reflected the significant fall in the bank rate.
Borrowed 30k paid back 39k they still want 18k interest
Paying first plus interest. Is pulling my family apart. Their seems no end in sight find it hard to get out of bed some days.
biggest mistake we ever made - have heard nothing since Elderbridge took over. SCared to ring for update after reading these comments. It really is a nightmare.
Worst decision ever. Elderbridge stands firm that the "rate clause" is fair.
Been paying off loan for fourteen year's still paying the same each god I could have payed my mortgage off years ago the amount of money they have was told only hundred pounds out of 827 a month I pay comes of loan a joke
Joke all round even with ppi pay out still paying protection for duration of loan
Took out a 38000 loan for 15 years with variable interest 8.9% however the payment hasn't changed in 12 years.
Bingley
£20000 over 8 years, interest rate hasn't dropped once.
gone through worst financial upheaval since getting loan with FirstPlus
interst rates must fall! been paying for over 10 years and still owe more than original amount borrowed despite interest rates falling. no one is trying to dodge their obligations we just want treated fairly as nothing was explained at the time of signing and when you are looking for help out of a desperate situation you take it
most unfair company ever deal with; FP and Elderbridge. Agree it is a nightmare
This is really disgraceful why is it always the hardworking people who end up paying higher interest rates than the people who raise them. Making people homeless is dreadful and should not happen
Interest rate has not changed in the 10 years I have been paying this loan
I have been paying for almost 10 years, has gone up but never down. Disgraceful.
Disgrace -30k loan already paid £62k & another £30k to go until finally free..young & very silly to take out in first place but no one ever told us/detailed the actual amount to pay back would be £92k :( payments never changed from £480 per month
The rate of interest being charged by FirstPlus now Etherbridge is a sandal
Had homeowner loan since 2001 2 decreases since then paying £543 per month over 20yrs been totally ripped off went to fos some years back but they would not back my claim given up the fight now im fighting for ppi cashback 8500 struggled for years waiting for info on who insurers were they wont answer so sent subject access request long delay will complain to inf commissioners office totally had enough
The rate of interest being charged by FirstPlus now Etherbridge is a scandal and they are the rudest company I have had the displeasure of having business with. The interest charges have never reduced despite there being 10 interest rate charges during my loan - never reduce once.
Crap
borrowed 80,000 12 years ago at 850 pm still paying same and owe same
Disgraceful how they can get away with this.
Been paying 11 years, never missed a payment, but the interest rate is the same as I paid all those years ago, they are disgraceful, and care for themselves not the customer. where is regulation in all this..it's about time this scandal stopped.
Little doubt that they are little more than bandits. What are the regulatory bodies doing to combat this villainy, NOTHING
My initial rate rose from 8.4 to 9.2 quoting increased interest rates but have since significant decreases had not altered the rate.
Rates went up when the fhb rate went up but never came down when the rate dropped
Got joint loan 2007 with (then) wife, based on two incomes. Wife leaves 2009, she hasn't paid a penny since so it's all on me for the last 7 years. Been to court over it, Judge colluded prior to me entering the room. Granted repo order but not enforced because paying what I can for the last 7 years. Sold to Elderbridge 2016, flexing their muscles demanding upping the payments. Harrassing SMS and telephone calls during the middle of the day whilst you try to go to work to pay these parasites. i have a major operation soon - starting to hope I don't wake up from this hell they call living. They have sucked the life out of me and many 10's of thousands of people like me. The OFT and FCA do nothing, The courts collude and uphold the banking scams. PPI scam - guilty, Libor - guilty, overdraft excessive charges - guilty, Interest rate rigging - Guilty. Yet the people who like myself are good hardworking honest decent people are made to suffer to the point of contemplating suicide or loosing their homes, and then being ultimately chased for any shortfall until forced to go bankrupt all because they have been hoodwinked into arrangements not fit for consumers and just one big scam to soak up assets. Namely your house because in the end you cant pay it off - if ever. It is nothing short of robbery and a huge scam to produce a situation you can never get out of so they end up with your house. How is this right Dot.GOV, Why are you letting this carry on. There needs to be a meeting for all people caught by this and then a class action.
This company was happy to increase rates but refuse to reduce them despite years of low interest rates. When you ring you to discuss it, just told there are other factors involved!!
Something needs to be done - they are happy to put the interest rate up but never down - how is this legal?
We need some "money people" to champion our cause -this is so wrong and it's never-ending! How can it be legal?
Barclays First Plus,making the rules up to suit.
Barclays First Plus you should be ashamed of yourselves
My rates have never been reduced whenever interest rates have been reduced. Disgraceful.
Interest rate has not changed in the 10 years I have been paying this loan
Been paying for 11 years never had a cut in interest rate even with the bank rate at a low
Disgraceful
I have tried to claim back PPI via two different companies PPi on my loan was about a quarter I tried various things now I have a suspended repo on my house and severe finnacial difficulties due to unfair treatment. When I had money and wanted to pay extra off the loan to reduce it I was told it had to be a minimum of 10% of the outstanding and they refused payment.
Should have been reduced years ago.
Like everyone else .. we were conned and continue to be left with massive over payments when interest rates are so low. Disgraceful ...The payment is as high as our mortgage payment! Just spend 20mins on hold trying to speak to the new owners Elderbridge to no avail. Completely fed up.
I feel that I have been totally misled by first plus when I initially took out my loan.
Just got a letter from Elderbridge about the interest rate on my loan its gone down by ..3% but my payments per month have gone up by £18 per month, phoned them and was told it is do to the loan amount left and the remaining time left on my agreement (3years) cant come soon enough. 1st interest rate reduction in 11 years and my payment goes up biggest con ever
NEVER get any correspondence from first plus. I have no idea what is left to pay off.
Elderbridge are a disgrace! If you want to talk to them or get a response from them, then good luck!
Mis sold a loan 9 years ago - will end up paying over 100K for a 30K loan. I'm sick at the thought and it keeps me awake at night. Disgrace that collectively we should fight
we took out 27k loan in 2007, were miss-sold and never advised of final payment plus that variable rate actually means up only! 20 year loan paying double back. Scandalous
Same story as many others - a variable rate should mean lower payments when the BoE relates are low - bur they have kept rates sky high !! Now causing me major grief ! Fact is I didn't sign anything with elderbridge - or gave permission for my account to be moved and had ppi claim rejected - time for some legal action I think and time for the OFT to support the many victims of this horrific scam!!
Rule 78 used, unfair consumer relationship. Which is unfair and we the consumer are having to struggle against this ruling. Something needs to be done!!
we should put up the parliamentary petition all over FB and social media like TWITTER ABOUT bARCLAYS fIRSTPLUS AND ELDERBRIDGE
Firstplus / elder bridge , took out£17000 loan still owe £11000after 16 years RIP OFF, fact:: I never signed a contract with elder bridge or gave permission for my account to be moved, now saying I'm in arrears ? I was not in arrears with first plus???keep asking for original terms and conditions 3 times now still to no avail, BIG SCAM
One word...... bandits!
Its a disgrace. The forgotten millions of Barclays First plus
total rip off
Took out a £30k loan in 2000 for extension to house, now selling property and find I still owe £22k after 16 years of payments
Petition Signed
Firstplus or now Elderbridge. Its a disgrace - total rip off - sucked in by adverts, made me worse off ! 10 years of payments hardly put a dent in it...not happy
Overtime you try to call them ref PPI. Conveniently they can't hear the call.
cowboys!
Asked for a redemption figure last year(2016) on a £40k secured loan taken out in 2007. Still owed £36k! Can anything be done??
BORROWED £40.000. PAID BACK OVER £120.000 STILL OWE OVER £37.000 TOOK THIS OUT IN 2004. NOW IN THE HANDS OF THE OMBUDSMEN.
38000 loan 2007. No missed payments still owe 25000. Paid approx 31000 in that time
Interest went up and up when it should have gone down- switched between using Libor and base rate to suit themselves - concerning when you the see their employees being prosecuted for Libor rigging.
I borrowed around 26k 10 years ago i have payed that back but still owe them 30k
Borrowed 65,000 11 years ago, still paying 750 per month and still owe 67,000.
Took out loan 2005 and still paying rocket amounts!!!
Interest rates never came down only went up again and again.
I have borrowed around 70000 in 2006 from First Plus, which payed back. After transfering my account with Elderbridge, I have been recently told by them that I owe 39,000 on suppressed interest
totally disgraceful company
I fell victim to First Plus
Unbelievable in this day and age that they can get away with this!
I have put into unnecessary worry over this issue.
Scandalous how they have been able to get away with this for so long
Interests came down from 11% to 0.5% and they didn't follow suit. Their famous one liner "We need to cover costs" Interest rates go up and they follow immediately. This company no longer trades and the borrowers are treated like cash cows. Both the FOS and the FCA have been in league with them leaving the "average work person" no course of action or readdress. Criminally incompetent and legally immoral.
Very unhappy with Barclays response to my complaint against First Plus
Like many other people I took out a loan with Fist Plus back in 2006. The interest rate went up just months after taking out the loan and have never come back down. It's a rip off.
Have almost had house repossessed because of this
Took out loan in 2007. Interest rates went up years ago and have never came down at all. Total and utter con and no backlash from financial investigators.
Firstplus loan taken in 2008,sold to Elderbridge when Firstplus stopped trading.Horrendous company making money out of struggling customers.Loans decrease at such slow rate ,pay back double what you loan.
People are still fighting- don't give up. https://legalbeagles.info/forums/forum/legal-forums/court-claims-and-issues/received-a-court-claim/bringing-a-court-claim/78197-claim-against-barclays-firstplus-elderbridge-ltd
I support as I am a sufferer of the high rates that never get reduced for my first plus loan
This is legal loan sharking
I have been advised that I still owe 46,000 on a loan I took out 18 years ago and the sum borrowed eas 60.000 and despite paying 688.00 a month I am still left with this massive debt.This company are no better than loan sharks.
Outrageous that any financial contract can be so impartial and one sided. Unfair in every sense of the word.
Have a sick feeling in my stomach about this as I have been paying in good faith and have a loan that's not reducing in size
Very unfair interest rates
There interest rate is to high just put a complaint in to elderbridge who took over the debt not even in arrears paid bang on time
Both me and my wife took out a loan of £60000 with repayments of £501 per month in 2002, but within the year the repayments spiralled up to £600 a month which it as stayed until present. We both work at the same place and have since seen a reduction in our hours and lost of over £400 per month in earnings. We informed first plus of our financial difficulty, but they could not offer any solutions, not even a payment break
Both me and my wife took out a loan of £60000 with repayments of £501 per month in 2002, but within the year the repayments spiralled up to £600 a month which it as stayed until present. We both work at the same place and have since seen a reduction in our hours and lost of over £400 per month in earnings. We informed first plus of our financial difficulty, but they could not offer any solutions, not even a payment break
Interest rates are not variable with them they only ever go up, all we do is pay pay pay with no reduction
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We are in the same boat as many, took out the loan in good faith from what was deemed a reputable business and are grown up enough to know as stated that interest rates CAN go up or down, unfortunately this company does not do the down bit.