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Firstplus/Elderbridge

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  • Firstplus/Elderbridge

    Hi there I took out a firstplus secured loan in 2008 in my own name. I moved to England and continued to pay the mortgage and secured loan on the property and in 2014 my now husband had a serious accident and almost died from a Pulmonary embolism. We were self employed and a family business and he couldnít work for a long period of time. In 2014/15 I had to stop paying both mortgage and secured loan both defaulted and I handed the keys back. We were even having food parcels at that time. The property was sold and I heard nothing more.

    I didnít apply for any credit as I knew I needed to repair my credit. Fast forward to 2023 I have worked hard - started with an aqua card in 2019/20 and now my Experian report is 999 my equifax is 885 so I went to see about getting a small mortgage around £80k and my daddy would help us with a deposit and Iíve been turned down by even the worst bad credit lenders because elderbridge took over the debt. I found this out when I got a copy of my checkmyfile report. The first time Iíve heard of elderbridge. Now I may have had a letter from them I canít say because the name wasnít familiar and I knew I didnít have anything with them I may have binned it thinking it was a scam.

    My query is it has now run 6 behind constantly delinquent for almost 8 years with them, I have never spoken with them, made an arrangement to pay them or made a payment since my house and secured loan were defaulted. It looks like they have started the limitation period from when they took over the loan in January 2016, left the loan open and delinquent instead of defaulted, because in 2021/22 they have added on a huge chunk of interest 6 years later at the last point interest could be applied. Would they not have to stick to the default and continue to persue court action within 6 years of default although they have 12 years to chase. I have never had a debt collector at my door and I am on the voters roll which reading the reviews and bully boy tactics they use I find strange if they were confident they could collect. I really just need it of my credit report as it has been a 6 behind for 8 years with them.

    A default would have dropped of by now and I wouldnít be in this position. My broker has said try and sort it as no lender will touch me while it shows mortgage arrears even though I have no asset ie property so it isnt secured any longer. I am now ill with kidney disease and waiting on getting an ace stoma for my bowel also and we are paying £965 a month rent which is killing us and a small mortgage would be less. I am 51 and my husband is 62 so it needs to be in my name only due to his age, can you please advise the best way to approach getting this removed - solicitor/transunion/financial ombudsman/your help please.

    I donít want to speak to them because I donít want to start the 12 year period again (as Im not sure this will apply), and I need this sorted. Unfortunately I donít have any paperwork because everything was shredded and binned when I handed my keys back of my house as i assumed that was that and i would wait and repair my credit over time. Failing not having the paperwork, it would have been common practice for a regulated secured loan 6 months in arrears to be defaulted - even before the 6 months. Many thanks for your time itís greatly appreciated
    Tags: None

  • #2
    Hi Mummy

    Welcome to LB

    Can you go into your post and add paragraphs.

    EXC Can you take a look.

    Comment


    • #3
      Paragraphs added
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      • #4
        Originally posted by ULA View Post
        Paragraphs added
        Thank you.

        Comment


        • #5
          Originally posted by echat11 View Post
          EXC Can you take a look.
          It's not an issue I could help with I'm afraid.

          Comment


          • #6
            Edited.

            Comment


            • #7
              Thank you for referring on. I am wondering if a lot of this is irrelevant and after 7 years of a delinquent account - no contact, threatening letters, or debt collectors or payment as I only recently found out it was there, should it have automatically dropped of my credit file (even though they feel they can chase for 12 years which Iím in doubt over as it was a defaulted account which should have continued). If so would it just be a matter of contacting trans union to ask them to remove it? Many thanks for anyone who can advise

              Comment


              • #8
                Originally posted by mummyhja View Post
                Thank you for referring on. I am wondering if a lot of this is irrelevant and after 7 years of a delinquent account - no contact, threatening letters, or debt collectors or payment as I only recently found out it was there, should it have automatically dropped of my credit file (even though they feel they can chase for 12 years which Iím in doubt over as it was a defaulted account which should have continued). If so would it just be a matter of contacting trans union to ask them to remove it? Many thanks for anyone who can advise
                I think you need to gather information, find out if Firstplus and Elderbridge has been compliant in their actions to date, did they send Default Notices etc.

                https://moneynerd.co.uk/first-plus-debt/

                https://www.carringtondean.com/statu...atute%20barred.

                You could send the original creditor a SAR request, they have 30 days to provide all the data they have. Make sure you get Proof of Postage.

                https://legalbeagles.info/library/gu...ccess-request/

                You could contact the ICO, run the circumstances regarding the default past them.

                https://ico.org.uk/for-the-public/cr...0broken%20down.

                You could see if they can write off the debt because of your ill health.

                https://moneynerd.co.uk/write-off-de...ite%20it%20off.

                Comment


                • #9
                  Originally posted by echat11 View Post

                  I think you need to gather information, find out if Firstplus and Elderbridge has been compliant in their actions to date, did they send Default Notices etc.

                  https://moneynerd.co.uk/first-plus-debt/

                  https://www.carringtondean.com/statu...atute%20barred.

                  You could send the original creditor a SAR request, they have 30 days to provide all the data they have. Make sure you get Proof of Postage.

                  https://legalbeagles.info/library/gu...ccess-request/

                  You could contact the ICO, run the circumstances regarding the default past them.

                  https://ico.org.uk/for-the-public/cr...0broken%20down.

                  You could see if they can write off the debt because of your ill health.

                  https://moneynerd.co.uk/write-off-de...ite%20it%20off.
                  thank you so much for taking the time to reply - this is very helpful. Moneynerd called and didnt know the answer. I have sent an email to FOS, and I will contact ICO. I am petrified of contacting Elderbridge and opening a can of worms and threats. I am also thinking I might call transunion and make a general enquiry see what they say. Thanks again

                  Comment


                  • #10
                    Originally posted by mummyhja View Post

                    thank you so much for taking the time to reply - this is very helpful. Moneynerd called and didnt know the answer. I have sent an email to FOS, and I will contact ICO. I am petrified of contacting Elderbridge and opening a can of worms and threats. I am also thinking I might call transunion and make a general enquiry see what they say. Thanks again
                    You can add notes to your Credit File, correcting information for potential lenders. Future lenders can read the notes.

                    Only Elderbridge can remove the Default marker.

                    It might be an idea to visit CAB, see if they can advise on it.

                    Comment


                    • #11
                      Ok so today I contacted the national debt line to see what they had to say - their opinion is that once the secured loan was defaulted when I had to hand the house back, Elderbridge can not revert it to an open delinquent account - which is what they have done - there is no default marker on it, it shows consistently 6 behind and delinquent. Although they can still persue the debt for 12 years the debt would have dropped of my CRF by now. As I have not received a CCJ or a debt collection visit, paid anything since the start of 2015, they have suggested contacting transunion and asking them to remove the account as it is more than 6 years, so before I do that I think I am going to wait to see if I hear back from the FOS, and in the meantime i will also contact ICO, so I can go armed with information - thanks everyone for your input it is a long way of being resolved yet but I will keep you informed for others who may need the same issue resolved at some point in the future with this horrendous company.

                      Comment


                      • #12
                        Originally posted by mummyhja View Post
                        Ok so today I contacted the national debt line to see what they had to say - their opinion is that once the secured loan was defaulted when I had to hand the house back, Elderbridge can not revert it to an open delinquent account - which is what they have done - there is no default marker on it, it shows consistently 6 behind and delinquent. Although they can still persue the debt for 12 years the debt would have dropped of my CRF by now. As I have not received a CCJ or a debt collection visit, paid anything since the start of 2015, they have suggested contacting transunion and asking them to remove the account as it is more than 6 years, so before I do that I think I am going to wait to see if I hear back from the FOS, and in the meantime i will also contact ICO, so I can go armed with information - thanks everyone for your input it is a long way of being resolved yet but I will keep you informed for others who may need the same issue resolved at some point in the future with this horrendous company.
                        Sounds promising, do update.

                        Comment


                        • #13
                          Welcome to LB
                          am new here too

                          Comment

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