Elderbridge 20 September 2022 at 1:52PM in Loans 6 replies 432 views

rubber6145

I made the mistake of taking a £65,000 loan out with Barclays first plus loan back in 2006, to consolidate and make home improvements.
We have tried to move house but at a final stage we were informed that Elderbridge would not permit the move, on top of that Elderbridge are keen to raise payments in line with the interest rate rises and add their own increases for instance they write; 'the cost of funding  associated with your account, Elderbridge have made the decision to chage your interest rate'.

Is there any advice out there?

sourcrates

Only advice that comes to mind is don`t take out expensive secured lending with variable interest rates.

You are basically giving the lender carte blanche over your future plans.

Had you come here for advice first, we would have strongly advised against consolidation especially with secured credit, it`s a big no no.

Bettyboo11

Many people are having some success in challenging the original loans and the high interest rates which were not reduced when interest rates plummeted. 

We paid our loan off in 2018 but managed to get over 20k back in unfair interest earlier this year. Others have had their loans paid off. 

You need to start by complaining to Elderbridge/First plus and then go to the ombudsman if they fail to manage the complaint satisfactorily. Keep it simple 
There are some templates out there and various groups on Facebook for support. 

[Deleted User]

Just search the forum for Elderbridge and read the threads that already exist and cover this topic, no need for templates or Facebook self appointed "experts"

Bettyboo11

They are not ‘self appointed experts’ but people sharing their own experiences which was invaluable in helping us successfully claim back over 20k. 

[Deleted User]

Bettyboo11 said:

They are not ‘self appointed experts’ but people sharing their own experiences which was invaluable in helping us successfully claim back over 20k. 

Self appointed experts on Facebook with no traceability when things go wrong, many of whom may have ulterior motives e.g. working for reclaim companies wanting a commission.

All the information needed to complain is on here, on a reputable site (or something like Debt Camel), no need for templates or dodgy people on Facebook

Bettyboo11

Deleted_User said:

Bettyboo11 said:

They are not ‘self appointed experts’ but people sharing their own experiences which was invaluable in helping us successfully claim back over 20k. 

Self appointed experts on Facebook with no traceability when things go wrong, many of whom may have ulterior motives e.g. working for reclaim companies wanting a commission.

All the information needed to complain is on here, on a reputable site (or something like Debt Camel), no need for templates or dodgy people on Facebook

As I’ve already said there are people out there who have shared their own experiences of dealing with this difficult company….there are examples of how to word letters and claim the tax deducted back on interest…. Information not found on this site nor debt camel. 

Not everyone is out trying to scam people and I’m not here to get into a debate with you about it so won’t be replying any further on this thread.

People can make their own decisions as to which sites they want to use