Loans.co.uk brokered GE Money to Elderbridge - secured loan arrears fees and charges

[Sourcedrop]

Hi all, 

 

I hope everyone's well. I

 

took out a secured loan with GE Money some years ago, which was then taken on by Elderbridge.

After losing my job through ill-health, I fell into arrears.

 

The loan now shows substantial arrears fees and charges.

I've sent Elderbridge a Section. 77 request, and a SAR, which I've received.

 

I've also contacted the land registry and received the pertinent details about my property. 

 

I have done plenty research regarding these fees and charges, I am simply looking for some advice on how I should start this process. 

 

Best wishes. 

[dx100uk]

when did you org take this out?

and who levied the charges and when?

 

you will have a very hard job getting thing back now because of the 3yrs rule bought in a few years back.

should have reasonably known 'they were unlawful and reclaimable.

 

and you most certainly will never get anything back which is outside of 6yrs from today, even if you meet the 3yrs criteria

ge money and elderbridge are very hard nuts to crack on historic charges. almost zero successes here even if you meet the criteria here.

 

[Sourcedrop]

The original loan was taken out in 2007. 

Elderbridge levied the charges starting in 2019.

Having scoured the SAR, they valued my property based on websites such as Ritemove etc. The loan was brokered by Loans.co.uk, who are no longer active, so its been difficult getting any info from them. 

I'm thinking about going down the affordability route, do you think that may be a better option? 

Thanks for your advice, totally appreciated. 

[dx100uk]

ah so charges in recent years then

you might have a case then.

2019 is within 6yrs.

 

not sure irresponsible lending will work on a 2007 secured loan  now.

 

so what are elderbridge levying? arrears fees every month?

 

 

 

[Sourcedrop]

Yeah fees on the arrears balance and there's 3 'visitor' fees as well, I haven't had a visit from anyone. 

There's a few discrepancies in the SAR info, incorrect account number, no reason for the loan, i.e. consolidation, plus the way they valued the property. 

[dx100uk]

well the agreement issues are long dead i feel sadly.

 

the arrears are a monthly fixed sum fee?

how many?

and def can get the visit fees back all with interest too from eaches date.

 

CISHEET time

dx

 

[Sourcedrop]

They're £35 p/month, with interest added onto the £35., i haven't gone through them all yet, I've been popping them onto an excel sheet I made, is there a specific sheet I could use to tally them all up? 

The visitor fees are, £175, £225 and £250.

[dx100uk]

 

foscisheet

put their int rate in D15.

 

list ever charge individually on its own line.

 

dx

 

[dx100uk]

another point..

as this was loans.co.uk whom are a broker, is their any insurances on the agreement listed from day one like

MIP

PPI

Life 

etc

[Sourcedrop]

Thanks so much for that, I'll get entering and see where that takes me. There was PPI, that's been adjusted off now though. 

[dx100uk]

so there could have been a secret commission paid to loans.co.uk too.

 

investigate the plevin ruling.

 

dx

 

[Sourcedrop]

I will do, thanks again.