Firstplus Financial Group Plc

Financial Ombudsman decision DRN2998414 Not upheld

Not upheldoutcome, as published by the Ombudsman

£68,000redress stated in the decision

Wed Dec 28deadline to accept (not the decision date)

The Ombudsman does not print a decision date. The date above is the deadline the consumer was given to accept or reject the decision, which is set about a month after it was issued. It is reliable to the year, not to the month.

What this decision was about

Interest and rates, Mortgage administration

In the Ombudsman’s words

Mr and Mrs B complain that Firstplus Financial Group Plc (“Firstplus”) have wrongly claimed interest on its secured loan after the loan balance was paid in full and the interest rate is too high.Interest and rates

Mr and Mrs B said they then paid the loan balance in full in 2016 after receiving an annual statement, but Firstplus then demanded that they pay interest.Mortgage administration

Rules cited

Consumer Credit Act 1974

Source

This page summarises the Ombudsman’s published final decision. The document itself is the record: DRN2998414.pdf on financial-ombudsman.org.uk.

The outcome shown is the Ombudsman’s own published classification, not our reading of the text. Nothing here is legal advice, and a decision concerns only the complaint it was made about.