First Plus Interest Rate Decrease!

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vad921

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Post by vad921 » Mon Mar 10, 2008 5:52 pm
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Received a letter today telling me that the interest on our F+ secured loan has gone down to 11.2% reducing the monthly payment by £63.97. I didn't see that coming!

Anyone else received anything similar or is the financial ombudsman looking into my complaint; primarily mis-selling of the PPI but I covered a lot of other stuff including the interest rate increases!
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janot

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Post by janot » Mon Mar 10, 2008 5:54 pm
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I had a letter saying our picture loan interest rate had gone down also.
janot
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jane.l

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Post by jane.l » Mon Mar 10, 2008 5:57 pm
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I thought these secured loan rates never went down [:(!]
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vad921

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Post by vad921 » Mon Mar 10, 2008 10:34 pm
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jane.l wrote:

I thought these secured loan rates never went down [:(!]
A 1.1% cut. I suspect there must have been lots of complaints! I wrote to the FSA this morning re First Plus. F+ will love me!
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Reviva UK

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Post by Reviva UK » Tue Mar 11, 2008 12:06 am
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Really look forward to hearing how that goes - keep up updated please
Paul Johns
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Assisted Bankruptcy Specialists
www.revivauk.com
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caraf

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Post by caraf » Tue Mar 11, 2008 7:00 am
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Yes we had a letter from First Plus to say our repayments gone down !!! from 9.6% to 8.5%

We have already had an increase since our iva was approval.
Do we need to tell our IP now and just wait till review.
53 down 7 to go !!
Cant wait till December 2012
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mum of 4

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Post by mum of 4 » Tue Mar 11, 2008 7:43 am
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Firstplus and other lenders use the finance house base rate not the BOE rate (although the FHBR is ultimately based on the BOE rate). If the FHBR goes down as it just has then the likelihood is that the secured loan rate will also decrease!
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vad921

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Post by vad921 » Tue Mar 11, 2008 8:17 am
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mum of 4 wrote:

Firstplus and other lenders use the finance house base rate not the BOE rate (although the FHBR is ultimately based on the BOE rate). If the FHBR goes down as it just has then the likelihood is that the secured loan rate will also decrease!
I didn't realise that.

I will certainly keep everyone informed how my complaints go with both the FSA & Financial Ombudsman. I've never been more determined in my life!!
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caraf

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Post by caraf » Tue Mar 11, 2008 11:35 am
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As our payment has gone down, do we need to tell IP or just leave it to review time ?

As we have had an increase as well since our IVA was approved
53 down 7 to go !!
Cant wait till December 2012
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size5

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Post by size5 » Tue Mar 11, 2008 11:43 am
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As a general point, the majority of people don't realise that secured loan payments can go up and down, they are used to fixed repayments on unsecured loans so it can come as a nasty shock when it happens.
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Adam Davies

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Post by Adam Davies » Tue Mar 11, 2008 1:10 pm
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Caraf
I would wait until your review
Regards
Andam Davies
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