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First Plus interest rate.

Last post Tue, Sep 23 2008, 4:44 PM by von s. 3 replies.
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  •  Tue, Sep 23 2008, 4:44 PM

    Re: First Plus interest rate.

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    hmmm....thanks for the advice fellas....

    i'm not gonna just roll over to this bullsh*t tho ....maybe futile but i love a challenge and makin myself a pain in the ar*e so if i get any joy whatsoever i'll let you know....i've read elsewhere that others have done the same and managed to get a slight % reduction...

    anyway thanks again...
    • Post Points: 5

  •  Tue, Sep 23 2008, 3:21 PM

    Re: First Plus interest rate.

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    FP loans are variable, this is stated when making the application and will be in the T&C's. Ufortunatly the BOE rate doesn't have bearing on the the rate increase.
    • Post Points: 20

  •  Tue, Sep 23 2008, 3:02 PM

    Re: First Plus interest rate.

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    Not really got a leg to stand on sorry to tell you. The rate is classed as VARIABLE and how variable it appears to be is un-regulated. I am sure you are aware of the Credit crunch, the big banks are feeling it also, so they are now paying more for their money, hence your huge hike.

    I know this wont help much but sadly is the way it is.


    Check your credit agreement as a last chance saloon, if it does not mention variable next to the APR or in the terms and condiditons then do you recall the initial sales call, if you were told it was fixed then maybe grounds for complaints. However if you signed it as variable then that is a legal binding document you are bound to.

    Any q's just ask
    • Post Points: 5

  •  Tue, Sep 23 2008, 12:45 PM

    First Plus interest rate.

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    Hello...i have a query concerning First Plus interest rates on their secured loans which I would be extremely grateful if someone could help me out with:

    Took out a loan (to consolidate) of 35k with first plus approx. 3 months ago. Credit agreement says i had a special introductory interest rate for 3 months then was to revert to 8.4% meaning a repayment of just under £400 a month...

    had a letter from them last week stating my introductory rate is due to cease and interest rate is to revert back to 12% APR!!?!?

    i expected a little shift in light of the current climate and the fact that the rate was variable but 3.6% seems very excessive...especially as the BOE interest has not changed during this time...

    can anyone tell me if this is this actually legal and additionally have any advice for me on how to approach this matter with them??
    • Post Points: 35