Morning Everyone, I have decided to try help my family members out looking into what I believe is a secured loan. Apparently it first got taken out in 2007 with First Plus and it is now with Elderbridge. They have been paying the payments as usual for the last 12 years. The amount borrowed was £25,000 and after paying for 12 years the settlement figure is £20,000. How can this be possible! I sent Elderbridge a SAR request and all they have sent is a 5 page statement of payments since the loan was taken out. Now I am by no means an expert but surely a lot more information should have been sent! They got absolutely nothing else. What kind of things should I be saying in the next letter? Also was I right that you no longer need to pay the £10? They are willing to pay it but I just thought I had read somewhere that this was not required anymore. Any help would be appreciated, Kind regards Tink

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.

Hi I took out a secured loan in 2003 through a broker called freedom finance who are no longer trading , PPI was added to the loan . I missed a couple of payments when the acct was passed to GE money , but always made up the missed payments over 2 months by paying extra on the contractual payments . The charges from the arrears charges have accrued interest and now stand at £1700. The loan was passed to Elderbridge last year and I have continued to pay the CMI , and when I could made a extra payment to reduce the arrears. I managed to dig out the contract and was surprised to see the loan payments end this May but when I rang Elderbridge i was informed the outstanding balance is £2723 this includes the principle balance of £982 the remaining is the historic charges and interest from GE Money but Elderbridge do not charge interest on historic charges. Is it worth me doing a SAR request and look at the reclaiming the mortgage charges ? I contacted the FOS about the PPI , but was advised as the broker and Igroup is no longer trading , PPI claim would not be successful . Any help with next steps would be appreciated .

Hi I took out loan with firstplus in 2008 for 13 year term long story short I've paid back principal and more. got made redundant a few years back got into arrears about £8k in total but got back on track. recently wife lost job so missed a month and paying less than full amount this month. looking to short sell Any ideas my wife is upset about it but we've been good payers

They want to Evict me,can you help. Can someone please advise what I can do to stop Elderbridge (company that purchased from Barclays, all Firstplus accounts) evicting me from my house, I have received a letter today from Elderbridge stating that they are instructing their solicitors (Eversheds) to ask the court to set a date for Elderbridge to take possession of my property. What I want to know is if they can do this as the original repossession order was granted to Firstplus who have gone bust (and then taken on by Barclays as they were the bank that set up Firstplus) Last year Barclays sold my outstanding account to Elderbridge, does that mean that they automaticity have the right to use the suspended repossession order to start eviction process? If yes how do I contact the courts to stop this eviction and make payments to this new company Elderbridge. Account Balance £64,809.59 Arrears Balance £64,722.09 how can Firstplus, Barclays have let my arrears get so high and charge me 7.8% intrest, I have asked all of the above to stop charging interest but have all refused.

Hi guys, I'm new on this site, so please be gentle... I took out a £85K loan with Firstplus in 2006 for a business, unfortunately, in 2010 our main client stop paying us, and that's when the problems started. FP were great to start with and let me pay reduced payments, but the arrears built up. Eventually, they transferred the loan to a company call Redcastle (still on reduced payments) and then at the start of this years to another company called Elderbridge. I contacted a website called [removed] and the advice one of their recommended advisors gave me some bad advice. He/she said to stop paying even the reduced rates, starting various things Elderbridge had done wrong. However, it looks like it was all totally wrong. Now I have even worse arrears and Elderbridge are quite rightly threatening repossession. Thankfully, I now do have funds available to start to pay off this loan but was wondering, what I should start paying and should I try to negotiate with them, to try and get a lower figure, as I'm sure they bought the debt for a fraction of the price. Any advice would be brilliant.

Hello all it has been a while since I posted here. I have had a loan wth GE money that has been in force for a number of years. I just recieved a letter from GE Money stating that the Loan is going to be transferred to Elderbridge Ltd. They state that in the terms and conditions of my loan with them that there is consent to transfer. I am trying to find the paperwork. But was wondering as a general point if this could an opportunity to free myself from this arrangement. We have been only paying minimum amounts and its taking an age to pay them off. As always any advice or thoughts would be very welcome. regards Kevinski