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  • FirstPlus/Elderbridge

    I see from other posts that there has been manyy issues with these companies so forgive me if I'm repeating problems.
    We took out a secured loan back in 2006 on a repayment loan basis. Unfortunately I became ill a few years after and we had to use our payment protection whilst I was unable to work. Once working payments continued and then the loan was sold to Elderbridge.
    On receiving our latest statement we owed 12k. Last month we became able to pay off the balance so I rang and explained we would like to make an early settlement asked for a settlement statement, only to find out that there was 18k of deferred interest.
    I had a phone call today asking if I was going to pay it in full and I queried why the balance was different to the statement and why was there deferred interest when we were under the impression it was a repayment loan, I.E paying capital and interest.

    The answer left me speechless. The agent said that as it was taken in 2006 the loan was in regulated and that there was never any legal requirement for them to tell us they were deferring I treat payments and that it would have been done in good faith to help make the payments affordable. When I said we should have been informed he agreed but said it is what it is and he could open a complaint if we wanted to, which I have.

    Is there likely to be any redress on this? It seems wrong that they can do this and openly admit that they have never once told us that interest would be deferred.

    Has anyone else had these issues and what steps did you take if you don't mind me asking?

    Thank you for taking the time to read this.
    Tags: None

  • #2
    Hi Jayne Maria

    It is 'unfair' It's best to keep all communications in writing. Follow their complaints procedure, if your still not happy with the response, It might be an idea to email them a SAR, they will provide all the data on the account for the last 6 years, they have 30 days to do so. Then seek further guidance from the site here.

    Last edited by echat11; 26th August 2021, 08:36:AM.


    • #3
      Elderbridge are just the same as Blemain Finance, they think they are all powerful and can do what they like without any comebacks. Sadly, for them at least they cannot.

      I have litigated against Elderbridge Blemain and Swift advances, my most recent case was reported in the guardian https://www.theguardian.com/money/20...ng-over-100000

      Get your data from them using a SAR, if you used a broker then make a sar to them too, if they are still trading of course. There are likely to be many issues you will need to look at, such as Unfair terms, , Secret commission payments, so you need all the data first before you can start building your case.
      I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

      If you need to contact me please email me on Pt@roachpittis.co.uk .

      I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

      You can also follow my blog on consumer credit here.


      • #4
        hello PT 2537 do you mind me asking how you did against Swift?


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