Elderbridge/First Plus defaulted loan

Fuzzybunny_2

In 2006 my ex took out a loan from First Plus which he secured against our house. I wasn’t actually aware of this however as I’d moved out. I only found out once he had begun to default on the loan. In 2008 our house got repossessed (I was living else where at the time) but there wasn’t enough from the sale of the house to repay the mortgage and the secured loan so the debt remained. In and around 2010 my ex declared himself bankrupt which I thought was the end of that. Turns out it wasn’t and the loan has since been sold to Elderbridge and they are chasing me. I do want this to go away as soon as possible so my question is as they now have no property to repossess can I offer them a settlement figure? I also have no other property, cars etc in my name they can take. I am currently working in a job that pays very basic money and will not be earning anything next year as I’m heading back to uni.

D_M_E

He took the loan out after you moved out so it's reasonable to assume you had nothing to do with it and that it was in his name only.

If that's the case then you have to ask why are they chancing chasing you for a debt to which you were not party?

Was the property in joint names or in his name only?

Was the mortgage in joint names or his name only?

Any mortgage capital shorfall on sale after repossession becomes, as I understand it, statute barred after 6 years but the interest amount does not until 12 years have passed and think that this also applies to secured loans.

You need to check if you can whether the loan was taken out in your or both names and if so, given what you have written, report it as fraud to Action Fraud.

If you cannot find out then try an SAR - under GDPR which is fee - to the loan company and see what they hold in your name.

fatbelly

Agree with the above.

Never heard of Elderbridge but the first thing you should do is deny the debt and invite them to prove joint liability.

In the event that it is proved and you want to settle that should be possible and you should use the National Debtline standard letter. I've recently negotiated a settlement deal of 5% on a similar debt but first spent some time explaining to the creditor what a weak position they were in in issuing a statutory demand to someone with no assets or income!

sourcrates

You are not liable for any debt not in your name, however its entirely possible the ex took the loan out in joint names without your knowledge.


I also agree with the above, do a SAR request, information and template letter available here :


https://ico.org.uk/your-data-matters/your-right-of-access/


This will get you all the info they hold on you, and it is now free.

Fuzzybunny_2

Thank you for your replies xxxxxx

MUM40

FirstPlus sold the outstanding debt to Elderbridge, I know this has our firstplus loan was sold to elderbridge
Also the majority of these loans issued had PPI on them, so This is something worth checking as well