Secured Loan/Elderbridge Ltd - Advice Needed Please!

2

Comments

  • amersall
    amersall Posts: 17,005 Forumite
    First Post Combo Breaker First Anniversary
    edited 17 May 2017 at 9:14PM
    get your Hubby to phone them and give permission to speak to you, this is better and faster, have your income and expenditure ready.

    Dont delay, this will stress you even more, it is worth calling them to put your mind at rest.

    Is the balance £3,000 or, did you miss a zero?, If it is only £3,000 i doubt they will go for repossession, I am sure they will work with you, unless there is something your Hubby is not telling you

    Do it and good luck.
  • Walda_Wild
    Walda_Wild Posts: 58 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    amersall wrote: »
    get your Hubby to phone them and give permission to speak to you, this is better and faster, have your income and expenditure ready.

    Dont delay, this will stress you even more, it is worth calling them to put your mind at rest.

    Is the balance £3,000 or, did you miss a zero?, If it is only £3,000 i doubt they will go for repossession, I am sure they will work with you, unless there is something your Hubby is not telling you

    Do it and good luck.



    No missing zeros, thanks:)


    3100£ back in March 2017, so now it must be 2700£.


    He said he spoke with them in all sorts of ways in the past, so that is why I would rather attempt to write.


    But thanks for your advice yet again, Amersall.
    If life gives you lemons, make lemonade!
  • GarthThomas
    GarthThomas Posts: 164 Forumite
    No-one's explicitly pointed this out yet, I think, but if they don't feel that they will get their money back then they can go down the route of taking your home off you.

    Is there no way you can take on evening or weekend work, sell a car, ebay your possessions etc. to raise the money?
  • amersall
    amersall Posts: 17,005 Forumite
    First Post Combo Breaker First Anniversary
    You make very valid points in your post.
    Walda Wild only knows so much regarding this as her Hubby took this loan out, she states that in her opening post.

    It could be that the Husband has made several "offers of payment" but has never stuck with them, in that case they could go for repossession rather than make another arrangement to pay, we nor Walda, know what the full circumstances are surrounding this loan, she posted that
    He said he spoke with them in all sorts of ways in the past, so that is why I would rather attempt to write.

    Which makes me think he has broken some arrangements in the past and does not want to speak to them now, this is understandable.

    If the Hubby has stuck to the current repayment plan, I doubt they would go for repossession for being asked to lower the payment due to circumstances, especially with the low balance.

    This must be an awful situation to be in and I hope this gets sorted for them positively.
  • Walda_Wild
    Walda_Wild Posts: 58 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    GarthThomas wrote: »
    No-one's explicitly pointed this out yet, I think, but if they don't feel that they will get their money back then they can go down the route of taking your home off you.

    Is there no way you can take on evening or weekend work, sell a car, ebay your possessions etc. to raise the money?



    Why wouldn't they feel they will get their money back if the debtor has a stable full time job, but given change in our family budget, we would only want to pay smaller monthly instalments for a longer period of time?


    The car is a company car...
    If life gives you lemons, make lemonade!
  • Walda_Wild
    Walda_Wild Posts: 58 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    amersall wrote: »

    Which makes me think he has broken some arrangements in the past and does not want to speak to them now, this is understandable.

    If the Hubby has stuck to the current repayment plan, I doubt they would go for repossession for being asked to lower the payment due to circumstances, especially with the low balance.

    This must be an awful situation to be in and I hope this gets sorted for them positively.


    You're right, he does no longer want to speak with them, in fact, he is reluctant to discuss it all over again with me.


    But we agreed on trying to negotiate in written way to find out if they agree.


    3K is a lot of money in my view, but I am also inclined to believe that might not be the sum worthy enough for repossession if payments still being made?
    If life gives you lemons, make lemonade!
  • Walda_Wild
    Walda_Wild Posts: 58 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    I am reading through their last letter right now and it also says:


    "The current rate of interest is 7.9120% and your loan is on variable interest rate".


    What does it even mean? Is it constantly increasing anyway?
    If life gives you lemons, make lemonade!
  • amersall
    amersall Posts: 17,005 Forumite
    First Post Combo Breaker First Anniversary
    edited 18 May 2017 at 8:02PM
    It can increase and most likely will, you rarely get a decrease with these.
    They can put the rate up at anytime and for any reason, I kid you not, if you could see the agreement and look at the interest rate section on the reverse, you will see what I mean.

    If you could negotiate another reduction, this loan will keep increasing for each month you pay less, it will cost you a lot more than £3000 in the long run.

    They may not allow another reduction, it depends how many have been broken to date. They may then decide to take further action, this is hard as it is secured on your property, you really need to negotiate with them and the quickest way to do this is by phone.

    It is a shame you cannot afford to pay it in full each month.

    Is the full loan payment being made at the moment, or, is it a reduced payment and something off any arrears?.
  • amersall
    amersall Posts: 17,005 Forumite
    First Post Combo Breaker First Anniversary
    These are the interest terms on a First Plus loan.



    "We may from time to time vary our interest rate. We may increase or reduce our interest rates to reflect a change which has occurred,
    or which we resonably expect to occurrin interest rates generally or to ensure our business is carried outprudently, efficently and competitively.
    The interest rate on your account will not in any twelve month period vary by more than twice the variation in the Finance House Base Rate published
    by the Finance and Leasing association during the same period.
    If for any reason the Finance and Leasing Association ceases to publish the Finance House Base Rate, we may refer the variation in our interest rate
    to another base rate which in our resonable opinion best matches that rate.
  • Heatherclark
    Heatherclark Posts: 6 Forumite
    First Anniversary
    hi

    Also for some customers FP/Elderbridge will provide statements showing 'balance' but have an 'account' that they put the accruing interest into. When the balance reads zero the accured interest is transferred to balance. Then the process starts again!
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