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    • well done you i'm going to recommend we announce this too.   i've merged your old thread for history
    • The FOS have finally seen that there is a massive issue with these loans after years of customers telling them. I was taken to court by them in 2013/2014 for possession but successfully got a decision from the judge that the interest rate variation clause written in the contract was unfair (see Firstplus vs Murphy & Dye) but others have not been so lucky - some have lost their homes to these people or are maybe still struggling to pay them If you have a first plus loan (now transferred to Elderbridge) please make sure you make a complaint to Elderbridge or Barclays first plus asap! please feel free to use the court judgement above too - although it did not set a precedent, it will only help you! Please also check out the following urls (use chrome) - these are archived web pages from first plus's website the first is in 2006 - under the section How does the variable interest rate affect my loan? they state quite clearly "From time-to-time, your monthly repayments may go up or down in accordance with the Bank of England interest rate movements." http://web.archive.org/web/20060812175251/http://www.firstplus.co.uk/new_customers_faq.aspx#loanfor Yet they did not reduce their rates when the BOE rate dropped to a historic low did they? then 2008 where you can see they changed it to say "This is the rate of interest that fluctuates over time with general interest rates" – becoming quite vague in their explanations. http://web.archive.org/web/20080223123115/http://www.firstplus.co.uk/aboutourloans/Pages/loan-jargon-buster.aspx#v And finally in 2015 close to when they sold their loan book to Elderbridge they then changed their website and then said that it is not tied to the BOE or FHBR http://web.archive.org/web/20150511120847/http://www.firstplus.co.uk/FAQs(please select Interest rate changes for the dropdown to view) Here it states "The product is a variable rate product and the rates charged on the loan are not tied to the Bank of England or Finance House Base Rate. Our terms and conditions permit changes to the rate for various reasons, including to reflect changes to interest rates and to ensure our business is carried out prudently, efficiently and competitively. The reasons which allow us to vary the interest rate are set out in your loan terms and conditions." This is a clear contradiction to the version in 2006 when most customers took out their loans. This is simply mis-selling of product as well as being unfair, you have not been able to predict or rely on any specific market deviations that may give rise to a change, moreover, they do not provide any specific data to enable you as the customer to plan for any such changes. I have now not paid them for 2 years and complained again last year - my case is with the FOS and I hope that it will resolved soon, I have done a simple internet search and found a freedom of information request to the FOS for the numbers of complaints about this, the reply was that they have negotiated settlements on 150 cases and have 60 outstanding (this letter was dated July 2020) I in my complaint to first plus I advised that I have been given a lot of information from a friend who was in court with them but due to what she was about to ask for in court they very quickly settled her account in full after previously giving her a settlement figure of 189k! Based on this I stopped paying them 2 years ago and they have not chased me - now I do not suggest you do that as it will affect your credit score - I did because I had already suffered the default on my credit report for 6 years so would not affect me and I wanted them to take me to court again but they have not even written to me to ask why I have stopped paying. So again please make sure you make a complaint now - you will need to give Elderbridge 8 weeks to resolve -they will deny that they have done anything wrong but after that make sure you send to the FOS. Do not be put off by anyone on other advise sites such as Moneysaving expert or elsewhere, you have been miss-sold miss-led and generally treated badly and it's time for payback!
    • The advice is still the same-do NOT divulge the name of the driver or suggest to us that you were driving. Please answer the questions on post 2 so we can see what they say. Illegal parking sounds very dubious. Unlawful possibly but not illegal.
    • With airlines grounded due to Covid, we speak to three former pilots who have left the industry. View the full article
    • With new hotel quarantine rules for arrivals from abroad, many people are seeking UK holidays instead. View the full article
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    • I sent in the bailiffs to the BBC. They collected £350. It made me smile.
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    • Hi @BankFodder
      Sorry for only updating you now, but after your guidance with submitting the claim it was pretty straight forward and I didn't want to unnecessarily waste your time. Especially with this guide you wrote here, so many thanks for that
      So I issued the claim on day 15 and they requested more time to respond.
      They took until the last day to respond and denied the claim, unsurprisingly saying my contract was with Packlink and not with them.
       
      I opted for mediation, and it played out very similarly to other people's experiences.
       
      In the first call I outlined my case, and I referred to the Contracts (Rights of Third Parties) Act 1999 as the reason to why I do in fact have a contract with them. 
       
      In the second call the mediator came back with an offer of the full amount of the phone and postage £146.93, but not the court costs. I said I was not willing to accept this and the mediator came across as a bit irritated that I would not accept this and said I should be flexible. I insisted that the law was on my side and I was willing to take them to court. The mediator went back to Hermes with what I said.
       
      In the third call the mediator said that they would offer the full amount. However, he said that Hermes still thought that I should have taken the case against Packlink instead, and that they would try to recover the court costs themselves from Packlink.
       
      To be fair to them, if Packlink wasn't based in Spain I would've made the claim against them instead. But since they are overseas and the law lets me take action against Hermes directly, it's the best way of trying to recover the money.
       
      So this is a great win. Thank you so much for your help and all of the resources available on this site. It has helped me so much especially as someone who does not know anything about making money claims.
       
      Many thanks, stay safe and have a good Christmas!
       
       
        • Thanks
    • Hermes and mediation hints. https://www.consumeractiongroup.co.uk/topic/428981-hermes-and-mediation-hints/&do=findComment&comment=5080003
      • 1 reply
    • Natwest Bank Transfer Fraud Call HMRC Please help. https://www.consumeractiongroup.co.uk/topic/428951-natwest-bank-transfer-fraud-call-hmrc-please-help/&do=findComment&comment=5079786
      • 31 replies

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Hi

 

Wonder if I can ask some advice - I have a car loan and a credit card with the same bank.

The loan looks fine but its one of those that has balloon payments at the end (or give the car back) however I don't think the credit card is enforceable - my question is if I go down the CCA route and withhold payments on the credit card if they can't provide me a copy - Can they then take my balloon payment or any of my loan payments in liue of any missed card payments ? Or are the 2 debts completely seperate ?

 

S

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they can only offset against accounts in credit if this is within the original terms and conditions

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HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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  • 2 weeks later...
they can only offset against accounts in credit if this is within the original terms and conditions

 

Hi Ida,

 

Is this stated in any regulations that you are aware of?

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check rory's link ;)

 

and nice to see you more active Rory :D

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Sorry re-read it properly this time! :(

 

Barclaycard just 'nicked' some from my deposit account, completely forgot to move it elsewhere. :(

 

They won't be getting anymore!

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