Suppressed interest - First Plus / Elderbridge

[Liz67]

Phoned up Elderbridge yesterday to check up the balance on my Loan originally with First plus taken out in 2007 ( as we do receive any yearly statements ) and was advised that my loan was paid off. And they would ring me back to confirm this. Called back to be told I owe £24000 in suppressed interest. Which I was totally unaware of, was not informed of this by either FirstPlus or Elderbridge when they took over the loan. Also I had been paying a high interest rate already and had benefitted from any of the interest rate cuts that have happen. Is this correct and is there anything I can do?

[Amethyst]

Did they say Supressed or Deferred ? I think you need to send a SAR (Subject Access Request Letter ) to Elderbridge find out exactly what this interest is and where it has come from. Ask for agreement, transaction lists, a full breakdown of the amount owed, and everything they hold that you are entitled to under the Data Protection Act. It may also be worth doing the same with Barclays referencing your First Plus account.
Have you ever had any arrears or payment holidays ?
Have you sat down and done the Maths - add up exactly what payments you have made since taking out the loan. Apparently they only show a balance and the interest is separated, so once the loan capital is paid off there is still the interest to pay off. Doesn't entirely make sense to me that way of doing it but I wonder if that is what this 'supressed' interest is, and if you add up all your payments made they will add up to the original capital amount. Rather than on a normal loan where the interest is added each month and paid off each month plus a proportion of the capital.

[redstar]

How is this legal send staments saying zero arears but elderbridge then say charges interest hidden clear transparent treating customers fairly no ..bleeding them dry they also apply charges for refunding incorrect charges so you get charged more Why is this company getting away with this ?? So disgusted Elderbridge aware previous fos rulings about statments not showibg charges but Elderbridge still law to their own . My fos case still ongoing since 2015. So much on it imo fos closed cases as so much on it and opened new ones fudge figures so to speak but noone is actually looking as Elderbridge breeches and behaviour ?