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Hi all, I'm coming late to the First Plus/Elderbridge saga and would be grateful to be pointed in the right direction. I know there are relevant threads on the forums but I can only seem to fine fairly old ones. My husband and I took out a First Plus load in 2005 for 100k on a 25 year term. We've been paying it diligently for the last 20 yrs and decided to ask for a settlement figure which is apparently 75k (minus £20k rebate if paid now). We're currently paying £888 per month. Turning to the internet for advice I've found the whole world of FP/E nightmares. Ideally of course I'd like to get the outstanding amount written off so am looking for up-to-date advice. Many thanks!
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In case this is useful for anyone else - I wrote to Elderbridge asking that they review our account in light of the changes to the interest rates I felt were unreasonable (I have a screenshot of the website from 2006 when we took out our loan which explicitly states that First Plus loans follow the Bank of England Interest rate, and another from just before First Plus sold their loan book to Elderbridge, stating the exact opposite). In any case, Elderbridge has consulted with First Plus and First Plus has offered to reduce our loan by £12,500 (without accepting liability of course), which brings our payment down by about £250 per month. I'm still contemplating approaching the FOS, but am checking a couple of details with Elderbridge/FP in the meantime. I would encourage anyone in a similar situation to give this a go.Comment
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