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About magicnut

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  1. Thank you both, I did call them on a number of occasions initially to talk to their 'rescue team' however after leaving lots of unanswered messages and call back requests I got through to the customer services who offered me the loan as the only solution. I now have the loan payment, reserve fees, interest and account fee each month they must be raking it in!!
  2. Thanks Dx, I have just been reading a little about the BCOBs sound a little daunting, how would I go about proving in court that my bank had treated me unfairly? I can see that I fall into the levying charges upon charges example of unfair treatment and perhaps if I take a deep breath and add up the charges (aka reserve fees as they are now known - I take it so they so they cannot be described as unauthorised?) over the last 3 years then I may have a case that the fees are excessive and unfair compared to my income at the time? Am I along the right lines with these? I will do some more research into the BCOBs but if you have any more advice about the process and don't mind I would welcome it.
  3. Hi all, Need some help with my barclays account, which I have held for years like many of you from what I have read so far. I am in a spiral of reserve fee charges, and overdraft debt. My wages go in each month pay all the bills, then the charges, interest account fee, etc, come out and I am straight back in the the reserve amount and incurring charges to be paid out the following month..it's a never ending circle. I do not want to count how many reserve charge letters I have received but I could easily pay off my 1800 overdraft and some, with what they equal . I phoned barclays for some help breaking the reserve cycle but all they could do was offer me a small loan to pay off my overdraft and stay out of the reserve fee. I decided to go with it and be very careful with my pennies..however my wages went in, bills came out, reserve fees and interest paid and I was back in the same cycle I didn't borrow enough to get out and stay out of my overdraft. So as you can see I am nowhere to getting this resolved. Has anyone had any joy with claiming any of these charges back? Does the bank charge test case a few years back mean that charges cannot be reclaimed? Please excuse my ignorance of this! ...anyone got any advice? Thank you for your time.
  4. Hi all, I'm fairly new to this posting threads business so please bare with me if i am doing this wrong! I have been trying to claim back the PPI on a first plus loan that I took out in 2005 for some time. My first complaint was after I found out that the PPI was front loaded on to the whole term of the loan 10 years. .even though you are only protected by it for the first 5 years. My second complaint came when I found out that any pre existing medical conditions would not be covered by the PPI although no medical questions etc were asked. I have written to them a number of times but with no joy, I then went to a claims company who said as I had already claimed directly to the company they would not be able to claim again on my behalf. My only other option it seems is the Ombudsman but feeling slightly overwhelmed by it all!! Has anyone else had similar dealings with them and had any success? or do you have any tips feel slightly lost with it all now!!
  5. Hiya, Yeah that is right, I have a firstplus loan and I tried to cancel the PPI thinking that this would make my payments a lot lower and work out cheaper than waiting for it to be paid back. I phoned them and the figure they quoted barely reduced the monthly payment, I queried this and they advised it was because the PPI and the amount borrowed were intermingled now, that the interest and PPI were all added to the loan at the time of taking it out i.e: front loaded. This also means from my understanding (.. please someone point me in the right direction if I am wrong..)that you are paying for the interest and PPI for the life of the loan (in my case 10 years), although you are only covered by the PPI for the first 5 years of the loan. It must also mean that the interest you pay on the whole loan is higher? although still trying to get head round this. I didn't cancel the PPI and waited for the 'cash back' Now it has been paid back my payments are the same as they were before the 'cash back' there has been no reduction - PS - When you write to claim the PPI monies back make sure you claim the interest back on the PPI separately in your letter, I thought the interest would be included and they didn't pay it back - and now think it is too late! Horrible company should never have taken the loan with them - it has been a lesson to learn!
  6. Hmmm that is strange and how can they say that there is no link when their letters clearly state that the increases are due to both the FHBR and BoE. But I suppose that rule is fine for them as long as the interest rates are going the right way!! It is very interesting that our interest rates started at the same point of 9.4% but are now very different? I agree surely if it is based on FHBR and BoE increases should be across the board? I too had an increase of 0.3% in Feb 2007 stating the Bank of England interest rate increase as the cause. Then in April 2007 mine too went up by 0.5% this time due to the FHBR, the next was also July 2007 and went up by 0.3% due to the BoE, then Jan 2008 up by 0.3% due to the FHBR, the last was April 2008 and due to BoE. My rate s now 10.8% and i'm half expecting to get another one!!
  7. Hi, Your letter sums up exactly what I too have been going through with fp. When I took out the loan I understood the term variable in mortgage terms and when it was sold over the phone it was called a variable rate loan but then discussed no further. Here is the letter re rates dated January 2008 (sorry for the delay) ' As a FIRSTPLUS customer the rate on your account is variable. Any changes to the Bank of England interest rates or Finance House Base Rate (FHBR) could affect the rate we charge our customers. Since our last interst rate increase in July 2007, there have been further increases to the Finance House Base Rate. We will now be changing your rate. Please refer to your credit agreement and the enclosed FAQ for more informtion.' The letter then goes on to say that the rate will increase by 0.3% and then details new payment and DD information. I have received 5 of these increase letters since feb 2007.
  8. Hi, I am new to the site and am too experiencing the same problems with first plus, which led me here. Since I took out the loan in 2005 the interest rate has only increased. In one year it has gone from 9.4% to 10.8%. I have a copy of a letter here notifying me of an increase. It states that... "Any changes to the bank of england interest rates or Finance House Base rate (FHBR) could affect the rate we charge our customers." However with the decrease in the bank of england rate there is no sign of a decrease in my interest rate.
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