Elderbridge Loan

molleym

Hi guys, wondering if anyone could help? I took out a loan in 2007, for £41,975 which included Ppi (which I have subsequently claimed back!) however I have just called Elderbridge for. Redemption figure and they have advice I still owe over £18k some 16 years later !! The loan was originally first plus, I was very naive thought Carol Vordeman wouldn’t lie and mis inform and went ahead anyway. Anyway I’ve never defaulted always paid I just find the amount still owing really excessive. Any advice pls .. I see from many posts that’ there’s a lot of grievances for this company ?? Any advice would be appreciated. I would like to get it sorted before our imminent move when it will be paid off from our equity. Thanks in advance 

Ryan_Holden

Confused, what was the term of the loan and the APR?

molleym

288 months 6.9% variable 

molleym

The original loan amount was £35,000

Ryan_Holden

And how much are you paying a month? If it's around £250 then I think, unless I'm dumb, that's about right.

born_again

So 16 years through a 24 year loan.
£18K sounds about right.
Given repayments will have been interest heavy @ the start.

lordmountararat

You'll find that as the years pass the amount owed will go down quite rapidly, as each month an increasing amount of the principal will be paid off..

lordmountararat

You'll find that as the years pass the amount owed will go down quite rapidly, as each month an increasing amount of the principal will be paid off..

Chlonatben

Hi all, just looking for some advice regarding a First Plus secured loan I took out that was then sold to Elderbridge only because I'm not financially savvy otherwise if I was, I wouldn't have needed to get the loan.

I borrowed £50K in 2004 and have been paying on average £460 a month. I'm saying an average £460 as when the loan was taken out, it was £423 and it is now £512. I have been paying it for 19 years and never missed a payment. I have asked for an early settlement figure today (03/07/2023) and they are saying I still owe £25000. I know as it was a variable rated loan it would go up because that is the nature of the beast but I really thought I would have paid off more of the principal loan after 19 years. Is normal and is there anyway I can ask them to lower the amount or complain because of the number of years I have been paying it and it has only come down 50% of the initial loan? I have read numerous bad reviews about them, the way they deal with people and the fact that they don't offer any help/reductions. 

Thanking you in advance

born_again

Chlonatben said:

Hi all, just looking for some advice regarding a First Plus secured loan I took out that was then sold to Elderbridge only because I'm not financially savvy otherwise if I was, I wouldn't have needed to get the loan.

I borrowed £50K in 2004 and have been paying on average £460 a month. I'm saying an average £460 as when the loan was taken out, it was £423 and it is now £512. I have been paying it for 19 years and never missed a payment. I have asked for an early settlement figure today (03/07/2023) and they are saying I still owe £25000. I know as it was a variable rated loan it would go up because that is the nature of the beast but I really thought I would have paid off more of the principal loan after 19 years. Is normal and is there anyway I can ask them to lower the amount or complain because of the number of years I have been paying it and it has only come down 50% of the initial loan? I have read numerous bad reviews about them, the way they deal with people and the fact that they don't offer any help/reductions. 

Thanking you in advance

What was the length of the loan & interest rate.