Threat of repossession proceedings for secured loan, advice please

[Mb0356]

Could someone please advise the best way to approach Elderbridge, to get them to accept an offer of payment which will be well below the amount they want, but is all I can afford?

[Crazy council]

Re: Threat of repossession proceedings for secured loan, advice please

Hi

You need to give some details to get the correct help/advice.

Total loan ammount,
default details
Total morgagee ammount
Property value
Any prior action
What asset in the property

Some of the other posters on here are great at stuff like this but will need the details

[Mb0356]

Re: Threat of repossession proceedings for secured loan, advice please

Thank you, not sure of exact figures but owe around £4,500 altogether ( was a £22,000 loan), and am a number of months in arrears as was paying interest only mortgage (£136 pm) but had to up it as wouldn't be paid by end of term so now paying £500 pm, Mortgage about £58,000, house value approx £80,000, does that help?

[Diana M]

Re: Threat of repossession proceedings for secured loan, advice please

Was this Elderbridge secured loan originally a Barclays First Plus loan?

What year did you take out the loan and was it called a Regulated or Unregulated loan at the time?

Who is the lender for the first mortgage?

I can see you have arrears (on the secured loan) but do you also have arrears on the first mortgage?

It seems you may have accumulated the arrears on the secured loan because you had to increase the payments on your first mortgage in order to pay back that loan before a deadline. If that was an interest only mortgage had the original term length already expired so you've been granted an extension on the condition the loan converts into a repayment loan?

And finally are you dealing direct with Elderbridge or has the account been passed to solicitors which is why you fear repossession?

I know that's a lot of questions but it helps to narrow down the arguments at the beginning before trying to untangle things

Di

[Fred]

Re: Threat of repossession proceedings for secured loan, advice please

Elderbridge recently acquired the management of GE loans as well as Firstplus. Sometimes the loan figures were pushed over the £25K limit (fees etc) so the above questions are really important.

Another point; was there a broker involved in any of the above being set up ?

[Mb0356]

Re: Threat of repossession proceedings for secured loan, advice please

Hi, loan was originally with First Plus, unsure if it was a regulated/unregulated loan. Mortgage term hasn't expired yet but will expire in about 3 years so hoping for an extention until retirement (5 years) so can use pension to clear any shortfall.

Mortgage payments are up to date. Arrears accumulated for a number of reasons, husband unable to work due to illness but not entitled to any benefits due to my income, also had to care for 3 grandchildren for 9 months due to family problems again, not entitled to any help so relied on credit cards etc to get by 😴😴

[Mb0356]

Re: Threat of repossession proceedings for secured loan, advice please

Fred, yes a broker was involved but no longer exist. I think the loan with the PPI took it over £25k but don't have the original paperwork so unable to check at the minute. What's the significance of £25k?

- - - Updated - - -

Sorry meant to say lender on first mortgage was Cheltenham and Gloucester but now Lloyd's and dealing direct with Elderbridge at present, have offers them £100 pm. Took out the loan in about 2006

[Diana M]

Re: Threat of repossession proceedings for secured loan, advice please

Arrears accumulated for a number of reasons, husband unable to work due to illness but not entitled to any benefits due to my income,

If your husband was unable to work due to illness, was he not able to claim on the PPI policy or was the loan in your sole name?

Di

[Diana M]

Re: Threat of repossession proceedings for secured loan, advice please

a broker was involved but no longer exist. I think the loan with the PPI took it over £25k but don't have the original paperwork so unable to check at the minute. What's the significance of £25k?

It may make sense to send a Subject Acess Request to Barclays to get the full history of this First Plus secured loan just in case there are any anomalies with the way it was set up

Di

[Fred]

Re: Threat of repossession proceedings for secured loan, advice please

http://www.barclays.co.uk/Generalinf...P1242601758896

Have you claimed any monies from the PPI ?

[Fred]

Re: Threat of repossession proceedings for secured loan, advice please

Fred, yes a broker was involved but no longer exist. I think the loan with the PPI took it over £25k but don't have the original paperwork so unable to check at the minute. What's the significance of £25k?

- - - Updated - - -

Sorry meant to say lender on first mortgage was Cheltenham and Gloucester but now Lloyd's and dealing direct with Elderbridge at present, have offers them £100 pm. Took out the loan in about 2006

The total loan value exceeds 25K then it becomes unregulated by the CCA 1974, I take it you never get statements ? Anyhow if the PPI was mis-sold then perhaps you may wish to start a claim. If you win the PPI costs back then they should be offset against your loan & it would be difficult for the company to take further action until the matter is resolved. The broker may have received a commission for the sale of the PPI which may also be returnable.

What is the rate of interest payable (APR) now compared @ inception ? Have you recently had a 0.5% reduction on your account ?

[Mb0356]

Re: Threat of repossession proceedings for secured loan, advice please

No I never get statements, how do I claim PPI when the broker no longer exists? Did write to First Plus re PPI but they just referred me to the broker. Can anyone direct me to a pro forma letter to send? Would this go to Barclay's now? PPI definitely miss old as I definitely stated I didn't want it but was basically told without it there would be no loan! No idea what the current rate of interest is just know it's high. I have asked Elderbridge for a statement of account.

[Fred]

Re: Threat of repossession proceedings for secured loan, advice please

http://www.publications.parliament.u...7ix_we_j02.htm
http://www.barclays.co.uk/Generalinf...P1242601758896

Firstplus PPI underwriters were as in the attached link, Cassidy Davis then BID. When you say Firstplus rejected your PPI claim I take it that the PPI was provided by the broker, do you know with which company the policy was or underwritten by ?

If its all gone pear shaped then speak to the FSCS; https://www.fscs.org.uk/

See if they can guide you any further, as far as I am aware this would be your last shot at some form of compensation.