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F&F secured loan with Elderbridge (old First Plus/Barclays) - coerced debt and selling house

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Hi All,


I'm not sure if I have a problem or not really! I keep getting calls from people asking about our loan with First plus and whether it had PPI on it, with all of them I have told them that there is no PPI showing on my agreement and that was the end of it, but today someone called fom FusionConsumer solutions and told me that although it does not show on the agreement First plus may have been adding it into our payments!!


She asked when I took the loan out which was approx 2006 for £100,000 and what our payments were, then she worked out that we were paying approx £500 per month more than we should be and over the 25 years would be paying back about £270,000!!


I don't know what to do now, if it has no PPI on the agreement how am I supposed to claim it back? Is what the lady from Fusion told me correct? Surely it would be totally illegal to be incluing something like PPI without even telling me!?


Has anyone else had this with First plus?

Any advise greatly appreciated as usual!!


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I'd steer clear of anything a claims company tells you and tell them where to go. They can do nothing for you that you cannot do yourself.


If PPI doesn't feature on your agreement then it won't be part of the loan itself. However you may have been paying a foxed amount each month along dies the loan. To see whether that is the case then you would need to check the statements of the account from which you were making your payments from.




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Thanks for your reply.


I have had a llok at my agreement, and I am confused.


The loan was for 100,000 at 9.4% and over 300 months. First plus have this on my agreement to be £843.31 per month but I work it out to be £364.66, so I don't understand the difference of £478.65? Am I missing something here?



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Ah yes Shaniannie,


Of course you're absolutely right, silly me!!! Was hoping I might have something on first plus, as the interest rate just goes up and up!!


Oh well, back to the drawing board then!



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  • 2 months later...

Hello Everyone.


It seems ike I'm here all the time with every problem but this one is much more serious!!


me and my partner have a large loan with first plus, we took it out in 2004 to consolidate a lot of other debts that we had. We have been managin it since then up untill last Jan 2011l. The Interest rate goes up and up and never goes down, we were paying over £900 per month and last Jan 2011 when we missed a payment, we then missed Feb.


I called them and explained that we were having financial difficulties - we both work in the publice sector where there have been major cuts in our overtime hours etc and no pay increase for 3 years!!


They merged our arrears back into the loan and said that we could pay only £600 per month for a year. This ended in April 2012 and they are already chasing me, and saying that we now have o pay the full £900+ and also an extra amount for the arrears which are around £5,000. The problem is nothing has improved, and I don't know what to do now!


I am expecting an improvement by the middle of next year as my partner will no longer be paying child support as his child will be18 and he now doing the knowledge to become and cab driver part time, this will hopefully bring in more money so that we cann pay first plus.


Can anyone give me any advise, the calls from first plus have not been nice my last payment was 28 April and they have already called me 6 times, I have told them I will look at my income and expences but don't know what to tell them, I don't think they will be happy if I can't pay them the full amount. I have managed the £600 (just!!) and I would like to carry that on for another year, can anyone help me with trying to negotiate this with them??


Any help or comments are as usual very much appreciated - I just feel like I'm panicking but I don't want to lose my home because of a temporary problem in my finances, I know we will be much better by the middle of next year, but I have heard that Firstplus are very difficult!


Please help!


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Not for that amount, no.


Your option, since they have already given you a concession regarding payments for a year, is to make the monthly payment plus an amount towards the arrears. To try to reduce the arrears payment, you could ask them to capitalise the arrears. Your best bet is to negotiate with them as much as possible - tell them that they should not phone you and to put all communication in writing, but NEVER ignore their letters and always respond in writing, send by recorded delivery and keep a copy.


Unfortunately, if you can't meet the CMI (current instalment), then they will probably start possession proceedings (I am presuming the loan is secured on the house), IF you are unable to reach an agreement by negotiating.

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I only need the etxra help for a another year and then I could make the nomal payments, If I tell them this do you think that it's likely that they can capitalise the arrears and make the same arrangment for another year?

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No I don't think there would be it is a secured loan and I also have a charging order. I also don't think that my mortgage company would allow anything else as I went into arrears with them recently but am paying extra on top of the normal mortgage to pay it back

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I asked about equity to see whether the mortgagee had security in the loan being repaid, not so you could borrow more money.

Lack of equity is, quite frankly, a real issue for you, as the mortgagee will now state that after giving you a year's concession in the payments, their money is at risk as you a) can't afford the CMI and b) there's no equity in the property.

As I stated yesterday, all you can do is negotiate and hope that they will be lenient and allow you a further grace period. Unfortunately, without any equity in the property, you don't have much in the way of a safety net to offer the mortgagee.

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Ah I see, I haven't checked the value of the house in a long time but I have just had a look at Zoopla, which I signed up to ages ago and it seems to show that there may well be some equity, which is a nice suprise! but I'm worried that if the mortgagee know that won't they just want to re-possess even more in order to just get their money back now?

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Depends how much equity there is. If there is in excess of 50k equity, then it is a useful tool to state to them when asking them to keep your payments low for a further year, that there is no prejudice to them as their money remains secure. If it's a very small amount (under 50k), then it's more likely to make them think their money is at severe risk. They'll undoubtedly have done some research into house prices in your area in any case when they considered starting possession proceedings, so they'll have a good idea of it's rough worth.

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Hi Lea_HTH. I have worked it out my property is worth the amount of mortgage, the secured loan and the amount of the charging order all of these would be fully paid if the house was sold (not what I want as this is our family home and I'm trying desperately to keep it!!) I am going to call them tomorrow, I know I should have done it already but I'm terrified and need to pull myself together and calm down otherwise i'll end up crying at them!!


So if I explain the above to them , that the loan is completely covered by the house's value would that be acceptable, sorry I know I've asked this, i'm just worried that they will decide to tell me to sell and pay them back now.


I have done an income and expenditure form for them already, but have not sent it yet to them - Is there a letter that I can write to them, would that be better than a phone call?

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In other words, there's no equity. There would be sale costs involved if you did sell too.


Do not call them, put your offer in writing, they ought to respond within 10 days, and if they refuse they should give you a reason.


In all honesty, this is going to come down to how persuasive you can be regarding a further concession on payment - as they have already given you a concession, presumably with the intention that you'd resume full payments at this point, they may think you are not serious about repaying the loan in the term agreed. But don't let that stop you from writing to them with your proposals, if they say no, then you'll have to have another look at what you can afford. You should include an I&E with any offer you make, not because you have to, but because it'll be easier for them to ascertain whether or not you are able to sustain the payment you are offering.

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  • 3 months later...

Hello all,

I hope someone can help me.

My mortgage provide wrote to me a couple of months ago advising that my mortgage which has been on interest only for approx 2 years was due to return to repayment in september. I went into arrears approx 6 months ago and arrears are about £3,500 which is about 3 months.

I made an arrangement 2 months ago to pay an extra £50 each month towards the arrears but they told me that my mortgage would have to go onto repayment and asked me how I was going to afford that. I told them I would look into it.

I basically need to ask them for an extension of some kind, I cannot affrod the extra £300 each month at the moment but I have a couple of other loans that are ending in Jan and Feb and I just need the payments to stay as they are for now and then in Feb I will be able to make the full repayment amount.

The mortgage company have been calling me everyday since my last payment in August (i have not answered the phone!) as they obviously want to know what I'm doing in Sept. The number I have checked on Who Calls Me is from their collections dept, and the comments on the Who Calls Me website say they are quite aggressive so I don't want to speak to them on the phone.

Can anyone help me with a letter or something to send to them asking for this extension, I would be so grateful! Or any advise at all please!



Anyone have any thoughts at all on this one, really want to get something sorted out but just don't know the best way to go about it.





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Hello there, the first thing to bear in mind is that lenders have rules that they should follow with their customers, the following is taken from our mortgage arrears fact sheet:


Financial Services Authority (FSA) Mortgages and Home Finance: Conduct of Business sourcebook (MCOB)

. If your lender is regulated by the FSA, they will have to follow these rules. The rules can be useful to mention when trying to come to an arrangement with your lender.


As well as treating you fairly if you are in arrears, the rules say that a lender must:


•have a written policy on how to deal with customers who are in arrears;

•set up a payment plan which is practical based on your circumstances and which covers the rest of the term of your mortgage, where appropriate;

•consider all options to help you deal with your arrears and give you a reasonable period of time to consider options they suggest to you;

•make you aware of any schemes run by the Government that may help you;

•send you regular information about your arrears;

•not apply charges to your account each month where you already have an arrangement in place to repay your arrears;

•use payments you make to clear your arrears before clearing the charges that have been added to your account; and

•not put pressure on you through too many calls or letters.


The FSA rules are contained in the ‘Mortgages and Home Finance: Conduct of Business sourcebook (MCOB)’. Search for ‘MCOB’ at http://www.fsa.gov.uk.


In a nutshell your lender has an obligation to try and help as much as they can, and they should consider any reasonable arrangement. If you have any 'non-priority' debts such as credit cards and unsecured loans you may need to reduce the payments on these to free up as much money as possible for the mortgage payment.


You can read more about dealing with mortgage arrears via our fact sheet:



Hope you find this post useful!



For Free, Confidential and Independent advice: 0808 808 4000

Monday - Friday 9am to 9pm // Saturday 9.30am to 1pm // 24-hour voicemail. Please leave a message to request an information pack. http://www.nationaldebtline.org // http://www.mymoneysteps.org

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Thank you very much for this it is usefull.

I would like to put my situation and proposal to them in writing but I am just struggling write it, can anyone help me with this please?

Anyone have any ideas on this, please really want to send something off to them and get it sorted out but just don't know how to put it to them. Any help greatly appreciated!!

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Well I wanted to explain that I expect a car loan to be ending in Jan and I am reducing my payments to credit cards and loans in order to free up enough money to cover the mortgage my partner also expects to be getting better wages as of January - overtime is returning in his company :-) so I wanted them to consider keeping my payments as they are until Feb when we can make the full repayment amount.

I'm just not very professional when it comes to this and I just need help with the best way to write this.

I didn't want to sound weak but on the other hand don't want to sound too stroppy - can anyone help?

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  • 1 month later...

Hello all,

I have a secured loan with first plus and I can no longer afford the monthly payments of £950!

It was for 100k!

My partner and I took it out in 2006,

but his earnings have gone down by almost £1,000 per month

(he used to do a lot of overtime which was contractual, but contracts in his job were all changed and that was scrapped)

We are struggling

the interest rate never goes down and is now at about 10.3%.

I have never received statements for this account, they only ever send me letters saying the interest is going up - again!

I went into arrears and it has been passed to Redcastle who harassed me constantly 6 months ago.

They agreed a 6 month payment plan of £210 per month, which ends this month but I can only afford to increase my payment to £500, not the full £950.

I just dont know what to do now, I have read various threads on this website about unfair terms in my agreement regarding the interest rates, which I believe is true in our case too.

The agreement says this in regards to interest rates

" We may from time to time vary our interest rate.

We may increase or reduce our interest rate to reflect a change which has occurred,

or which we reasonably expect to occur in interest rates generally or to ensure that our business is carried on prudently , efficiently and competitively.

The interest rate on your account will not in any twelve month period, vary by more that twice the variation in the Finance House Base Rate

published by the Finance and Leasing Association during the same period.

If for any reason, the Finance and Leasing Association ceases to publish the Finance House Base Rate

we may refer the variation in our interest rates to any other Base Rate which in our reasonable opinion best matches that rate."


Also other people saying that in a case of a couple we should have been told to get legal advise,

which we never were advised to do this,

this was my partners idea to take this loan to clear other loans and credit cards etc,

I'm not saying I disagreed but I went with it because I trusted him that it was the right thing to do and we would be better off.

I thought about selling the house and moving to somewhere cheaper,

I believe I could sell for enough to cover the mortgage and First plus

but my mortgage company say that although our mortgage is portable they would not let us take our mortgage to another property

as we have been in arrears with them and need to be up to date for a year and even then our credit rating has gone down

as we have made payment arrangements with other creditors and so they would probably not approve us for a mortgage

- it is like a new application, not just moving it to another property.

- I'm just totally stuck and trapped here!

Can anyone help please I don't know what to do anymore.

we wouldn't even be able to rent as credit rating would let us down again.

The situation is desperate, my partner wants me to phone them to try and agree £500 per month but I know that I shouldn't call them as I have no way of recording them, but he just thinks I am delaying things but I'm just trying to be sensible and get advice first then write to them.

Any help gratefully received!

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You are in a difficult situation and amongst a lot of others in a similar situation.....your options ? Hope that your situation gets better soonish, hope they lower the interest rate (have you challenged them on this yet ?), or sell your house and rent, any PPI ?

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