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First Plus to Elderbridge Loan!

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Morning Everyone,

 

I have decided to try help my family members out looking into what I believe is a secured loan.

 

Apparently it first got taken out in 2007 with First Plus and it is now with Elderbridge.

They have been paying the payments as usual for the last 12 years.

The amount borrowed was £25,000 and after paying for 12 years the settlement figure is £20,000.

How can this be possible!

 

I sent Elderbridge a SAR request and all they have sent is a 5 page statement of payments since the loan was taken out.

Now I am by no means an expert but surely a lot more information should have been sent!

They got absolutely nothing else.

What kind of things should I be saying in the next letter?

 

Also was I right that you no longer need to pay the £10?

They are willing to pay it but I just thought I had read somewhere that this was not required anymore.

 

Any help would be appreciated,

 

Kind regards

 

Tink

Edited by dx100uk
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Yes the request is now free Tink...are the no calculations of what interest is being applied monthly ?

 

May be prudent to send a section 77 request for a copy of the agreement and T&Cs (Request template can be found in the Library)

 

I assume this is a regulated CCA agreement (2007) ?

 

 

Andy


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Hi Andy,

 

Thanks for replying. I assume it is a regulated CCA agreement although at the minute all I have got to go on is this statement which is just a few pages. It does mention " Your Mortgage is a repayment mortgage" I was under the impression from them this was a secured loan. Sorry If I am being slightly stupid - as I mentioned before I'm certainly no expert at this kind of stuff.

 

The statements say: Payment due by direct debit: £240 and then interest £219 so basically does this mean they've only been actually paying £21 per month towards the payment?

 

In the meantime I will look at the templates for the section 77. Do I also write again reminding them the time has lapsed on the SAR request?

 

Thanks

 

Tink

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Didn't you say that they had responded to DSAR?

 

" all they have sent is a 5 page statement of payments since the loan was taken out "

 

Ideally you should have sent it to First Plus ...the original creditor.

 

 

Section 77 request.....

 

https://www.consumeractiongroup.co.uk/forum/showthread.php?387435-CCA-Request-Consumer-Credit-Act-1974-**Updated-January-2015**


We could do with some help from you.

 

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

    Donate button Give something back to the Consumer Action Group   

 

If you want advice on your thread please PM me a link to your thread

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PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

1. Single Premium PPI Q&A Read Here

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3. Reclaim Bank Account, Loan & Credit Card Charges Read Here

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Thanks dx - had a good read!

 

Am I right in saying I should be writing back to Elderbridge and asking for the rest of the information requested on the SAR, not just a statement. Apparently there was PPI added on but absolutely no mention of this in the statements.

 

Also should I have sent this to First Plus in the first instance and not Elderbridge.

 

I have sent the section 77 request as you advised though also.

 

Many thanks!

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yes try 1st plus


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI Read Here

3. Reclaim Bank Account, Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial Read Here

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