First plus secured load to Elderbridge

mikeoldale

we had a secured loan with first plus taken out in 2007. we paid this regually then suddenly they stopped taking payments. we inquired about this and was advised that first plus had folded and the new company would be in touch. it is now 2022 and we have heard nothing since
we recently applied for equity release and it shows on our land registor that Elderbridge have a legal charge on there.
I dont want to contact Elderbridge in fear of them reinstating our loan. my question is that after so long do they have the right to chase me for this as i have not ever had any communication from them in at least 12 years 

[Deleted User]

Acknowledgement of debt in the last 6 years e.g. by paying will mean it's not time barred

Edit - but secured loans they have 12 years

Search the forum for Elderbridge and there are loads of posts on it and about unfair lending complaints

JCS1

Deleted_User said:

Acknowledgement of debt in the last 6 years e.g. by paying will mean it's not time barred

Search the forum for Elderbridge and there are loads of posts on it and about unfair lending complaints

I believe it is 12 years for mortgages

superbigal

https://www.creditfix.co.uk/blog/statute-barred-debt-all-you-need-to-know/#:~:text=How long can a creditor,example, to become statute barred.

[Deleted User]

JCS1 said:

Deleted_User said:

Acknowledgement of debt in the last 6 years e.g. by paying will mean it's not time barred

Search the forum for Elderbridge and there are loads of posts on it and about unfair lending complaints

I believe it is 12 years for mortgages

Sure if that is correct then no problem. Given it's a secured loan which they have a charge on the house over the OP is pretty stuck anyway

mikeoldale

so to be clear if i have had no communication or made any payments fo 12 years they can no longer chase me for it?

[Deleted User]

mikeoldale said:

so to be clear if i have had no communication or made any payments fo 12 years they can no longer chase me for it?

They have a charge on your house, if/when you sell it, they will most likely get their money

sammyjammy

mikeoldale said:

so to be clear if i have had no communication or made any payments fo 12 years they can no longer chase me for it?

Have you kept aside the money you were paying?

mikeoldale

no not at all at the time the £550 a month was very handy they suddenly stopped taking the payments and no communication with them at all

sourcrates

What an unusual case, however, despite them not wanting to take your money, they do appear to have a legal charge on your property, which, as others have said, can only be removed by payment of said charge, so the limitation act would not normally apply in this case.

But it would be interesting to know why this loan has never been chased, if, for example, all details of your account with them have been lost, then there would be a question mark as to the validity of the charge, if they don`t have an account with your name on it, there would be an argument that they should not take the money.

It`s a situation I have never come across before, and so I would strongly suggest you get some legal advice on this, and also make enquiries with the Land Registry.

MalMonroe

Hi, I do agree with sourcrates above that it would be a good idea to seek some legal advice.

You said "we recently applied for equity release and it shows on our land register that Elderbridge have a legal charge on there."

So why haven't Elderbridge ever notified you of the situation? 

You also said "I don't want to contact Elderbridge in fear of them reinstating our loan. my question is that after so long do they have the right to chase me for this as I have not ever had any communication from them in at least 12 years"

It seems that Elderbridge haven't forgotten you and won't need to chase you for payment since they have the charge on the land register. I really would have to contact Elderbridge to get their side of things because you need to get to the bottom of this. I wouldn't try to argue with them, though, just ask them what's going on and then take the information they give you back to your solicitor or legal adviser. Citizens Advice can help with finding one of those, if necessary. 

https://www.citizensadvice.org.uk/