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Hi, At the end of 2006 I took out a secured loan from Barclays Firstplus. Unfortunately due to redundancy I fell behind on my payments and a subsequent suspended possession order was made on my house. We kept up with the arrangement and after a while the debt was first sold to a company called 'Credit Solutions Ltd' and then they sold it to 'Elderbridge Ltd'.
I continued to make payments and got regular statements showing an ever decreasing outstanding balance, some of this balance was classified as arrears and some was just the outstanding debt. Eventually on the 16th August 2018 my outstanding balance showed that I had in fact overpaid to the tune of £126.00. I called them up to see how I could get a refund and I was told that in fact they were applying a 'Manual Interest' amount of £16021.26 to the account as they had put the interest on hold when they bought the debt and they wanted me to pay this off. They pressurised my wife and I and we agreed to pay £349.98 per month but asked them to explain how it was that we still owed this money. They have not yet explained it in any way that I can understand. I spoke to the Citizens Advice Bureau and to the FCA and they advised me to put in a Subject Access request and get all correspondence from them which may clear things up. I did this and received a statement of payments and balances but no correspondence and the statements I have show the overpaid balance and the manual interest but with no explanation. I have told them I am going to get advice but have said I am reluctant to pay someone money just because they say I owe it to them. They have now sent me a threatening letter giving me 15 working days to make a payment plan or they will seek to enforce the Suspended Possession Order. This order was made in 2010.
Any advice on what I should do would be gratefully appreciated. Google paints a fairly bleak picture about Elderbridge. Obviously if I owe money I am happy to pay it.
I continued to make payments and got regular statements showing an ever decreasing outstanding balance, some of this balance was classified as arrears and some was just the outstanding debt. Eventually on the 16th August 2018 my outstanding balance showed that I had in fact overpaid to the tune of £126.00. I called them up to see how I could get a refund and I was told that in fact they were applying a 'Manual Interest' amount of £16021.26 to the account as they had put the interest on hold when they bought the debt and they wanted me to pay this off. They pressurised my wife and I and we agreed to pay £349.98 per month but asked them to explain how it was that we still owed this money. They have not yet explained it in any way that I can understand. I spoke to the Citizens Advice Bureau and to the FCA and they advised me to put in a Subject Access request and get all correspondence from them which may clear things up. I did this and received a statement of payments and balances but no correspondence and the statements I have show the overpaid balance and the manual interest but with no explanation. I have told them I am going to get advice but have said I am reluctant to pay someone money just because they say I owe it to them. They have now sent me a threatening letter giving me 15 working days to make a payment plan or they will seek to enforce the Suspended Possession Order. This order was made in 2010.
Any advice on what I should do would be gratefully appreciated. Google paints a fairly bleak picture about Elderbridge. Obviously if I owe money I am happy to pay it.
