Elderbridge (First Plus) Interest Rate

Bugsy6503

Hi Everyone,

I know this has probably said before but i am looking for some advice with regards to the never ending farce that is Elderbridge, i am just looking for a bit of advice on how i can see the end of this never ending loan, my wife and i took out a loan of £25,000.00 in 2006, the balance of the loan just doesn't seem right at all and if you phone Elderbridge you are just held in a queue for ever then you speak to someone who simply cant answer your questions. We are paying £322.08 per month and we have roughly been paying around that for the last 15years, but the balance just doesn't alter, we have another 5 years to pay on this loan and we basically still have a balance of £15,025. I had heard there was some group started that was looking at a action against First Plus but is there one where we can get any type of review of what Elderbridge are also doing?

Any advice would be gratefully received.

Isthisforreal99

https://forums.moneysavingexpert.com/discussion/6653561/elderbridge-first-plus-interest-rate

Interest rate?

But if you borrowed £25k over 20 years then it takes 20 years to pay off? As with any loan, most of the early payments are going towards interest with the capital slowly reducing, moreso with a high interest rate.