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Hello LB,
I am in a bit of a predicament. I had a second charge with First Plus in 2005 which was sold onto Elderbridge in January 2016.
I went bankrupt in 2009 where First Plus formed part in the bankruptcy. I was advised by the official receiver that if the property is repossessed or sold and there is a shortfall in the sale of the property that I would not be liable to pay the shortfall.
Currently, I am trying to complete the sale on the said property and did no such thing as readopt the loan with Elderbridge when First Plus transitioned the loan. I did not sign any papers whatsoever however, I received letters from Elderbridge notifying me of the transition outlining what was happening and on what date this was happening 18th January 2016. I did not need to do anything as it was dictated in a letter as to what was happening and really didn't know how to challenge this because I did think, how can they do this and felt completely powerless.
Now that I am selling the property, there is definitely a shortfall on paying back Elderbridge and as a result, they have sent my solicitor documents where they want all my personal details so that they can chase me for life for the shortfall, and if I should ever buy another property that they would expect me to pay it back.
I did not readopt the loan, the change of loan was dictated to me in letters. I was advised by the official receiver (post-bankruptcy) that in the event of a sale and if there is any shortfall that I would not be liable.
Elderbridge have thrown a spanner in the works by blocking the sale, requesting a lot of personal information from me where it now appears that they want me to readopt the loan where signatures are required and this is before they make a decision to remove their charge on the title which puts me in a situation. I feel bullied into giving my personal details.
I am not signing any of those documents and know that financiers can provide documentation to show that I agreed to readopt the loan, I had experienced something similar with First Plus back in 2009.
I am trying to access the Official Receiver for some support, but then I am not clear on what the Official Receiver can do concerning the matter.
I would have never sold the flat if I thought I was going to remain stuck with the Elderbridge loan. In total it has been 15 years with this loan and stopped paying towards the loan in November 2019 due to ill health and found a Buyer in February 2020 and only now completing on the property where there is a shortfall and stuck.
This loan has been a huge bearer on my health. Imagine I have had a lot of stress and anxiety with the amount this loan has cost me on a monthly basis of £531.33 a month.
Can anyone advise on what I can do to get me out of this mess?
Any positive solutions are welcome.
Thank you
I am in a bit of a predicament. I had a second charge with First Plus in 2005 which was sold onto Elderbridge in January 2016.
I went bankrupt in 2009 where First Plus formed part in the bankruptcy. I was advised by the official receiver that if the property is repossessed or sold and there is a shortfall in the sale of the property that I would not be liable to pay the shortfall.
Currently, I am trying to complete the sale on the said property and did no such thing as readopt the loan with Elderbridge when First Plus transitioned the loan. I did not sign any papers whatsoever however, I received letters from Elderbridge notifying me of the transition outlining what was happening and on what date this was happening 18th January 2016. I did not need to do anything as it was dictated in a letter as to what was happening and really didn't know how to challenge this because I did think, how can they do this and felt completely powerless.
Now that I am selling the property, there is definitely a shortfall on paying back Elderbridge and as a result, they have sent my solicitor documents where they want all my personal details so that they can chase me for life for the shortfall, and if I should ever buy another property that they would expect me to pay it back.
I did not readopt the loan, the change of loan was dictated to me in letters. I was advised by the official receiver (post-bankruptcy) that in the event of a sale and if there is any shortfall that I would not be liable.
Elderbridge have thrown a spanner in the works by blocking the sale, requesting a lot of personal information from me where it now appears that they want me to readopt the loan where signatures are required and this is before they make a decision to remove their charge on the title which puts me in a situation. I feel bullied into giving my personal details.
I am not signing any of those documents and know that financiers can provide documentation to show that I agreed to readopt the loan, I had experienced something similar with First Plus back in 2009.
I am trying to access the Official Receiver for some support, but then I am not clear on what the Official Receiver can do concerning the matter.
I would have never sold the flat if I thought I was going to remain stuck with the Elderbridge loan. In total it has been 15 years with this loan and stopped paying towards the loan in November 2019 due to ill health and found a Buyer in February 2020 and only now completing on the property where there is a shortfall and stuck.
This loan has been a huge bearer on my health. Imagine I have had a lot of stress and anxiety with the amount this loan has cost me on a monthly basis of £531.33 a month.
Can anyone advise on what I can do to get me out of this mess?
Any positive solutions are welcome.
Thank you
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