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2 replies 154 views
I took out a 20k secured loan with first National 14 years ago, the rate was approx 7.9% - this was then sold to GE money and then into a Elderbridge. 
I’ve paid over 45k back, and the rate has steadily increased to now 12%
ive trued everything with elderbridge to short settle however over the past two years they have been the most difficult lender I’ve ever dealt with. They still want 24.5K to close the loan...

What I want to know is how elderbridge can continue to increase apr rate .. even with the current Bank of England rate changes... I spoke to them yesterday and they basically said they were not passing any rate decrease on.

when a loan is sold on like this how can it be right that they ineffect double the apr?  No one in their right mind would take a secured loan out at 12%!!

currently I’m up to date with payments however elderbridge have caused the most grief I’ve ever had with a lender .. I’m just wondering where I stand legally with being Mis sold a product .. 

has anyone else ever successfully short settled with them?



  • edited 27 March at 10:55AM
    zx81zx81 Forumite
    27.7K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    edited 27 March at 10:55AM
    The only way to short settle is to default and avoid paying for as long as possible.  If you can hold out until the debt is sold to a DCA, the chances of a settlement will increase 

    But come to a settlement before they get the CCJ, as that will then be non negotiable.

    You don't stand anywhere with being mis sold.  You should also expect the rate to increase further as defaults rise, which dwarves any base rate change.
  • Clive_WoodyClive_Woody Forumite
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    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    How long was the original loan for (loan term on original agreement)?

    Paying early should save you some interest, but if you've only been making payments of just over £3k per year then there's still going to be a lot of capital left to pay off. 
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
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