First Plus / Elderbridge saga!

Jonar15

Hi, A bit of advice please. I stupidly took out a “2nd charge” on my property after seeing the Carol Vorderman adverts many years ago. My loan was subsequently transferred into the hands of Elderbridge. I paid both First Plus and then Elderbridge regularly for many years but then fell into financial trouble / arrears over 5 years ago and admit I buried my head in the sand. I repeatedly asked Elderbridge for help, and questioned the interest rates, as my balance was not reducing but got the same response as everyone else. I believe I’ve repaid in excess of £25k but still apparently have £20k outstanding (which I believed was frozen) but having read other comments on here I’m concerned other charges could be hidden! I regularly receive letters from Elderbridge threatening further action which I have ignored, and I’m embarrassed to say I’ve not paid them a penny in over 5 years! Just recently they have been making phone calls and the letters are now threatening a visit! Strangely enough this debt does NOT appear on my credit report. I was hoping my circumstances would fall into the statute barred 6 years but I believe for a 2nd charge it’s 12 years - have I got that right please? As I’ve not made a payment to them in over 5 years, I believe from reading other posts on this forum, that I wouldn’t be entitled to any refund anyway (again is this correct please?) Any advice on what I should do would be greatly appreciated - Thank you.

retiredbanker1

Contact a debt help charity to advise you.

Even if you believe that the debt will become statute barred after 12 years they have no need to chase you legally - they already have a legal charge on your property. What happens if you want to move and sell - well unless the loan is cleared they won't release their charge and the sale will fail.

Who has the first charge on the property?
Are you in a position to re mortgage?

Jonar15

Thank you for your response. Sorry I probably should have said I wouldn’t have any objection to clearing the debt, but I feel entering into a repayment plan with Elderbridge, would be a total waste of time, as they certainly aren’t a company who show any remorse or want to work with their customers. At the moment I’m not in a position to remortgage but I could be in the future - so that is a possible option. I will make contact with a debt help charity and see what they advise. Thanks again.