FirstPlus to Elderbridge

[Doingmybest]

I took out a secured loan (2nd Mortgage) with FP in 2005 for £55,000 they added PPI £13,469.50.

The grand total = £68,469.50 WOW.

This was a 20 year term to consolidate debts following an extension and a rogue builder.

Looking back I can't believe that I did this but hindsight = 20/20 vision and all that.

 

The house and mortgage is in my name but FirstPlus adviser told me that I stood better chance of getting the loan if my partner was on the loan.

 

I reclaimed the PPI through the FOS in around 2008 and FOS ordered them to restructure the loan and put it back into a position that I would have been without the PPI.

 

In the early days there have been a couple of late payments and a payment holiday which I know would have attracted charges and interest.

 

I went back to FOS and complained that I believed that my partners name should not be on the loan as she was unemployed at the time and has no way of picking up the payments should something happen to me but I was unsuccessful:

a) because I'd left it too long to complain and

b) FP needed to protect their debt and have someone else to go after.

 

I asked for settlement figure recently and have been told that there is 5 years left and £35,000 more to pay???

I think I remember that the total amount paid back was going to be around £80K but again could be wrong.

 

Math's isn't my strong point but I would have paid them at least £120,000 which is a lot more than the principle sum and what I think I was told when taking out the loan.

 

I remember also being told it would be a fixed interest rate.

I can't find the original contract and terms so could be wrong on all counts.

The tapes would be an interesting listen should they provide them.

 

I have done a SAR and I'm waiting for it's arrival but I think that there is something fishy going on.

I also believe that it may have been miss sold due to their 'lies' at the beginning regarding my partner and the PPI.

 

I have searched this and other forums and there are threads that start but there is no conclusion so quite lost as to what I should be looking out for when I receive the paperwork(disc) and any advice would be really useful.

[ericsbrother]

well, when you get the statement of account with the SAR then you will be able to ask for help. Until then there isnt anythingh we can say about this as we have no idea of the terms or interest rates applied to this.

[Doingmybest]

That’s fair enough, I just wanted to get the thread started. Thanks

[Doingmybest]

Hi all.

40 days have elapsed and Elderbridge have not responded to my SAR. I paid the fee over the phone and then posted the form which was signed for by them.

 

From reading other post regarding SAR breaches it has been advised to send them a letter giving them a week to comply and then complaining to the ICO, is that correct?

 

Can I check also if the 40 days (pre GDPR) is from when the receive the request.

[ericsbrother]

you could remind them but nthing to stop you making a complaint to the ICO now, the first thing they will do is remind them about the SAR

[Doingmybest]

I’ve sent them the non response to SAR letter which gives them 14 days to respond. Then I’ll report them to the ICO

[Doingmybest]

Quick question, should they have been sending us yearly statements? I thought that I read somewhere that they are not obliged to send statements on secured loans which does not make sense.

[Surfer01]

We were with the Firstplus con, but luckily paid it off several months ago. They are supposed to send you an annual statement something which we found lacking. Interest goes up but never comes down contrary to what we were told when agreeing to the loan.

[Doingmybest]

Yes I'm finding these issues out for myself.

They're in breach of my SAR request so just wondering if ringing them to request the statements would be a good idea

 

Just spoken to Elderbridge. They are getting the data team to call me back urgently. I won’t hold my breath!!

 

I requested a statement which she is going t send out. She informed me that the loan is unregulated which is why I’ve never had a statement.

 

The statement will cover the life of the loan but I’m not sure if it’ll have percentage rates on it.

Edited May 26, 2018 by dx100uk
Merge

[Doingmybest]

Hi all,

 

I've received the statement but no contact or mention regarding the SAR.

 

The account type: Fixed-sum credit agreement

Taken out 16th Sept 2005

Duration: 240 months

Total amount: £68,469.50

Balance: £33,045.45

 

Does not say what the total I have to pay back is????

 

Variable % rate which started at 8.1360 to it's highest in 2008 9.8880 and now sitting at 8.8680

 

I've had a look through and I'm struggling to make sense of it in particularly where they refunded the PPI but the refund cheque was added back to the loan balance.

 

Balance £60,286.76 - Discretionary rebate £12,924.10 = £47,362.66

£47,362.66 + Refund cheque £4,681.86 = £52,,044.52

 

The FOS instructed them to put me in a position that I would have been if I hadn't had the PPI in the first place but they seem to have penalised me. I might be reading it wrong though.

 

I can't see any charges accept an indemnity claim for £509 in 2016 where they again add it to the balance?

 

Does any of the above seem right to any of you that are knowledgable in these things?

[dx100uk]

Better you scan up the letters

Read upload

[Doingmybest]

Thought so. Will do.

[Surfer01]

It was the biggest mistake of our lives going with Firstplus.

We sold our home to pay off the balance however we still had an outstanding balance of about £5900.

FP would not let us pay a higher amount to pay it off quicker.

 

We tried paying more than the £69.95 a month, but every 6 months or so they would send us a refund cheque.

Eventually after paying nearly £10,000 back on the £5900 balance we had enough money to pay off the balance which was still £2500!

Never felt so ripped off in our lives!

[Doingmybest]

here it is.Hopefully I have done it correctly.

attachment.pdf

[dx100uk]

letters?

[Doingmybest]

They haven’t responded to my SAR request Dx so I’ve only got the statement.

[ericsbrother]

well for starters they cant add their SAR fee to the mortgage.

It is a separate issue but by doing so they are trying to earn interest where it doesnt apply.

 

Did you send the £10 fee with your SAR?

If not why not, they dotn ahve to do anything otherwise.

 

if they told you that you didnt need to ( not all entities charge the fee) then they still cant add it to your mortgage

[Doingmybest]

I paid it by debit card. The cheeky buggers. So they’ve charged me twice and added interest to the loan.

[dx100uk]

send a new one its free now.

[Doingmybest]

okay will do.

I need to make a complaint about the SAR fee that they've added to the loan which would've added interest to the whole loan.

Is there a way to work out the interest as I don't want them gain from it.

[dx100uk]

what happened to the debit card payment?

[Doingmybest]

They took that over the phone

[dx100uk]

naughty

you should have sent a PO really.

 

ok leave it with them don't chargeback

strong complaint forth coming then yes.

[Doingmybest]

Should I make a new SAR request?

The 14 days reminder is up on the 31st May and then I can report them to the ICO.

Lets face it they are not going to comply.

[dx100uk]

totally up to you if you send a new one.

but oh yes ICO time for sure

 

p'haps that might be the idea place to complain about the £10 too….