Elderbridge - Urgent Help needed - Vulnerable person

[Deanloan72]

Hello everyone,

I am writing and asking for help as I am at a complete loss at where to start or how to proceed.

My nan who is a vulnerable adult who is approaching 75 asked me to check on her finances as I noticed something didn't seem right, she is working long hours and the money was going nowhere and I wanted to investigate. She simply works in the healthcare industry working in care homes for the last so many years and I want to try fix this for her

My nan has been paying £548 for the last 6 years, perhaps even since 2006 on a 'Secured' remortgagte that her late husband apparently has done, however she was unaware of this and it is in a joint account. I queried if she was aware of this and she said nope, she has basically been paying £548 and living her life.

I have queried this with Elderbridge and I have noticed that my nan has been paying £548 for the last so many years, The value of the account when opening was £44000, and they take a Interest payment of about 500 a month meaning she has been paying this off very slowly and she was unaware that this remortgage was taken out as there was no knowledge or need for this to be done.

I'm wondering if any of you guys can assist me in either getting this sorted as I would imagine if she's been paying a £44000 remortgage since 2006 then this should be clear by that but there is 36000 remaining!?

Thank you for any assistance in advance and I will respond ASAP.

[echat11]

Hi Deanloan72

First thing to do is for your Nan to send Elderbridge a SAR, they will provide all the data on the account for a minimum period of 6 years, they have 30 days to send you a response. Then you can start to build a picture.

By the sounds of it, it's an interest-only remortgage. When you have an interest-only mortgage you make no capital repayment on the loan itself, only the interest. The full amount is repayable at the end of the term and you're required to have a firm plan to settle the debt, usually evidenced by a suitable repayment vehicle. Only guess work on my part.

[Deanloan72]

Hi Deanloan72

First thing to do is for your Nan to send Elderbridge a SAR, they will provide all the data on the account for a minimum period of 6 years, they have 30 days to send you a response. Then you can start to build a picture.

By the sounds of it, it's an interest-only remortgage. When you have an interest-only mortgage you make no capital repayment on the loan itself, only the interest. The full amount is repayable at the end of the term and you're required to have a firm plan to settle the debt, usually evidenced by a suitable repayment vehicle. Only guess work on my part.

Hello,

Thank you for your fast response,

Will do the SAR,

They have wrote on the statement request letter "Your mortgage is a repayment mortgage"

Carried forward Balance: £36,972.36
Interest Charged During Statement period (6 years) £39,371.33 - Is this PPI?

I am losing my mind of the numbers I'm seeing and really need help, My nan is at breaking point after discovering this.
Link to statement:
https://ibb.co/9pq4KTm
https://ibb.co/k8Zmnzw
https://ibb.co/cvn30fK
https://ibb.co/2nRjmHp
https://ibb.co/7jwRxCQ

[Deanloan72]

Hello,

Thank you for your fast response,

Will do the SAR,

They have wrote on the statement request letter "Your mortgage is a repayment mortgage"

Carried forward Balance: £36,972.36
Interest Charged During Statement period (6 years) £39,371.33 - Is this PPI?

I am losing my mind of the numbers I'm seeing and really need help, My nan is at breaking point after discovering this.
Link to statement:
https://ibb.co/9pq4KTm
https://ibb.co/k8Zmnzw
https://ibb.co/cvn30fK
https://ibb.co/2nRjmHp
https://ibb.co/7jwRxCQ

Can anyone advise if I'm able to get this interest back for her?

[echat11]

Can anyone advise if I'm able to get this interest back for her?

So she's paying back capital plus interest charges on the remortgage. Elderbridge has stated this. When was the remortgage taken out. Obtain the remortgage agreement documents. Find out if anything 'dubious' has occurred. Once you've done that, you'll have a better idea of where you stand with this.

des8 MIKE770 Can you please take a look at this.

[Deanloan72]

So she's paying back capital plus interest charges on the remortgage. Elderbridge has stated this. When was the remortgage taken out. Obtain the remortgage agreement documents. Find out if anything 'dubious' has occurred. Once you've done that, you'll have a better idea of where you stand with this.

Hello,

Thank you for your advice,

I will obtain the SAR and also request the remortgage agreement, My nan states that she was not aware of this even though it is a joint mortgage and is very stressed right now.

The remortgage was done in 2006 apparently

I will follow this up in due course and any additional advice is always appreciated.

Can I ask you echat11 - Does £39k Interest paid in 6 years seem a bit high to you?

[echat11]

Hello,

Thank you for your advice,

I will obtain the SAR and also request the remortgage agreement, My nan states that she was not aware of this even though it is a joint mortgage and is very stressed right now.

The remortgage was done in 2006 apparently

I will follow this up in due course and any additional advice is always appreciated.

Can I ask you echat11 - Does £39k Interest paid in 6 years seem a bit high to you?

Very odd, payments due column is empty.

[echat11]

Checked your post on another site -

This might be helpful (only posting for article) -

https://www.ellisjones.co.uk/news/fi...old-mortgages/

[Deanloan72]

Checked your post on another site -

This might be helpful (only posting for article) -

https://www.ellisjones.co.uk/news/fi...old-mortgages/

This is actually really helpful and good to know! Thank you so much.

I will keep you updated on everything!

[echat11]

Quite a few threads on this site, do a search -

https://legalbeagles.info/forums/for...-fos-mediation

[pt2537]

Elderbridge are an absolute nightmare, between unfair terms, unfair interest variation clauses, and unfair relationships they really are one of the worst i have ever dealt with. Im unable to say too much as i am locked in litigation with them on 7 or 8 cases at present, but have a look at First Plus v Murphy and Dye, that was a litigant in person who kicked their ass, if they had litigated the case properly they could have demolished Elderbridge. Also look up Jane Charles Aryeequaye as that case was with Blemain but it is similar to the issues you seem to have, in Janes case they had to write off £36k

[echat11]

Elderbridge are an absolute nightmare, between unfair terms, unfair interest variation clauses, and unfair relationships they really are one of the worst i have ever dealt with. Im unable to say too much as i am locked in litigation with them on 7 or 8 cases at present, but have a look at First Plus v Murphy and Dye, that was a litigant in person who kicked their ass, if they had litigated the case properly they could have demolished Elderbridge. Also look up Jane Charles Aryeequaye as that case was with Blemain but it is similar to the issues you seem to have, in Janes case they had to write off £36k

Is it worth going through the Financial Ombudsman Service (some have had success via the FOS) after Elderbridge has been given the opportunity to look into the matter?

[Deanloan72]

Elderbridge are an absolute nightmare, between unfair terms, unfair interest variation clauses, and unfair relationships they really are one of the worst i have ever dealt with. Im unable to say too much as i am locked in litigation with them on 7 or 8 cases at present, but have a look at First Plus v Murphy and Dye, that was a litigant in person who kicked their ass, if they had litigated the case properly they could have demolished Elderbridge. Also look up Jane Charles Aryeequaye as that case was with Blemain but it is similar to the issues you seem to have, in Janes case they had to write off £36k

Hello everyone,

I have just spoken to Elderbridge and I have confirmed that this is not by 'Firstplus' this was done by "London Scottish" The SAR will have everything including notes.

They have informed me that the remortgage does look 'normal' however he states that it looks like something is not right.

They have informed us that the annum interest is at 14.5% which he stated is extremely high for a loan of this sort and he has sent an official request to suppress the interest going forward due to the amounts of money paid.

The mortgage was taken out in 2006 for £45,600 and the total amount of money paid since is a shocking £107,700 in total.

They have told me the correct procedure by making a complaint to see where that gets me and at worst case to contact the Ombudsman Service

Does £107,700 in total with £36,000 remaining for a £44,000 Mortgage seem high to everyone else? Can anyone issue general advice

We will wait on also wait the SAR before we begin the complaints process.

The call handler seemed stunned almost to the point that he was unhappy with this.

Thank you,
Dean

[echat11]

You need to wait until you get the documents / information from Elderbridge, what you do and how you do it will depend on them.

[Deanloan72]

Just an update:

SAR has been posted and we are waiting on details.

I have asked Elderbridge to try provide me with some information just to help my nan calm down.

The loan was taken out in 2006 via London Scottish, It looks like the funds were used to pay other creditors which could be a some form of reconsolidation second mortgage, The mortgage rate has been varying around 14% since.

The 'credit agreement' is signed by both parties apparently - Will verify.

My nan has paid about £90,000 in Interest and £10k of the loan, My nan was unaware as she does not really have the capacity to understand, My grandad was always struggling for money too so it does not make sense why this was done when they already had a mortgage keeping up with payments and just seems really unfair.

We are also under the impression that the mortgage was paid off when my grandad passed away (via life insurance, Scottish Widows)

I have the feeling I will have to seek legal options in the worst case scenario to which someone on here has been really helpful and looks like he may be able to do something. Elderbridge asked me if I wanted to open a complaint however we are waiting on the SAR to know how we will take any action

Will keep you all updated on this case as I would like to help others who find themselves in the same situation and also helps me keep track of it all as a little trail haha, any additional help or advice is always welcome.