Dear FormerFP-G

I for sure am sure that FP would OF COURSE have passed the T&C with a fine comb before releasing them! ... Do you seriously mean we would not have thought about this? ...are you presuming, unwittingly or otherwise, that you are talking to a bunch of fools here?...maybe we were at the moment we took out loans with FP, granted, but that's also largely because we trusted the good name of companies like Barclays.

We have done our homework since then. And we certainly don't take FP for fools either.

The fact that the T&C are full proof, as you say, doesn't make them right, nor does make it morally wrong for us to challenge them. You say you do not defend FP and I believe you, but then you still do exaclty what FP do, which is say "... it's in the T&C, folks...". So do we just have to nod in silence? And is FP ultimately gaining by anything by having more homes repossessed?

It's all very well to defend the status quo by trying to put forward "their" perspective. But look at the current credit disaster and tell me that the financial institutions have NOT triggered it, for example with business models based on 125% loans, devious interest rate boosts in the early years of the loans and PPI profits from sales of useless policies to gullible borrowers. Tell me that it's all the fault of silly borrowers jumping on a bandwagon and now shouting at FP like headless chickens. I am sorry but I think you have to appreciate that if "their" perspective was so defensible, then we would not have seen FP close its business for example, not to mention many other institutions who have done the same. We would not see banks in trouble. And FP borrowing wholesale??? Please! They borrow from Barclays at little above FHBR. And good for them that Barclays has been forced to save them with the recent capital injection!

I am sorry Former, but the only victims here are the FP borrowers. I don't think you can rationalise anything much of FP's perspective apart from sheer profiteering from a dramatically wrong business model. Saying that FP had a shrewd legal team and likening us to a bunch of fools who are allegedly jumping on a bandwagon is, unfortunately, no help whatsoever.