How to Get Your First Plus Elderbridge Loan Debt Written Off

If you’re having a tough time paying off your First Plus Elderbridge loan debt, don’t worry. You’re not the only one. In fact, over 12,000 people visit this site each month for advice on money troubles.

In this article, we’ll explore:

• The story behind First Plus and who took over their loans.
• What you can do to lower your repayments.
• The facts about Elderbridge, the company now dealing with First Plus loans.
• What happens if you can’t pay and how to reply to debt letters.
• Ways to get your First Plus loan written off or to make a settlement.

We understand the stress and worry you might be feeling as some of our team members have faced money problems themselves. They know how hard it can be and they’re here to help you. Read on to find out more about how you can tackle your First Plus Elderbridge loan debt. Together, we can find a way forward that works for you.

Do you have to pay First Plus?

You might not have to pay First Plus

If you genuinely can’t afford your debt repayments then looking into whether you could have your written off might be just what you need. 

If you want to find out whether you qualify for having debt written off or payments lowered then fill out the short form below.

What happened to First Plus?

First Plus Financial Group PLC was a subsidiary of Barclays Bank, but it was closed down in 2008 due to slowed demand for First Plus loans. 

First Plus was well-known for providing homeowners with second-charge mortgages, which are a type of secured loan against property equity. 

However, First Plus has been in the news for the wrong reasons even after it was closed down due to scores of First Plus interest rates complaints. 

First Plus initially sold second-charge mortgages with a variable interest rate which were marketed as other variable rate loans, i.e. slightly higher than the Bank of England’s base rate. But despite the BoE base rate being at its lowest for years, borrowers were paying interest rates in excess of 10% at times. 

This has resulted in many First Plus Elderbridge loan complaints today as people still try to pay off their original second-charge mortgage. 

Who took over First Plus loans?

First Plus loans were taken over by a company called Elderbridge. There are multiple accounts online to comfortably verify this as true.  

But there are also accounts of Elderbridge being difficult to deal with:

Source: https://forums.moneysavingexpert.com/discussion/6289961/second-charge-to-mortgage 

Can you lower your repayments?

If you’re struggling to pay back your debt, then you might qualify for a debt solution.

Some solutions lower your monthly payments while others write off a portion of your debt. 

To find out whether they could work in your situation, hit the button below.

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Is Elderbridge a debt management company?

Elderbridge Ltd is a debt-purchasing company and a debt-collection agency. 

They purchase debts from other businesses and chase payments to make a profit. They do this by purchasing the debt for less than its value. 

Is Elderbridge a legitimate company?

Yes, Elderbridge is a legitimate company that is authorised and regulated by the Financial Conduct Authority (FCA). The company is based in Cardiff. 

It’s normal to question the legitimacy of debt-purchasing companies and debt-collection agencies because they come out of the blue to request money after being tasked with your debt. Just because you haven’t heard of them before doesn’t mean they’re not legitimate.

That being said, you should always watch out for scam companies trying to impersonate Elderbridge or other debt collection agencies. 

Can you ignore First Plus Elderbridge debt?

No, if Elderbridge owns your debt you shouldn’t ignore them. But there might be ways to avoid paying some or all of the debt.

If you do ignore the debt and payment requests, you could be subject to court action and eventually a County Court Judgment (CCJ). 

If you continued to ignore the CCJ, you could then have to deal with bailiffs or even have the debt deducted from your wages, pension or benefits each month until it is repaid. 

How to reply to First Plus debt letters

Your can reply to First Plus Elderbridge debt payment requests by:

1. Telling them the debt is too old to be enforced
2. Telling them to prove you owe the debt
3. Or by paying the debt as agreed

When to send a statute-barred response

The debt becomes too old to be subject to court action after six years in England and Wales and after five years in Scotland. This is known as statute-barred and prescribed, respectively. In fact, it automatically gets written off in Scotland after this time period. 

When the debt is too old to be subject to court action there is no way for Elderbridge to try and get a court order to make you pay. 

So if your debt is too old to be enforced – you must always check with a debt charity as there are some other boxes you need to tick – you can reply to let them know you won’t be paying for this reason.

When to send a prove-the-debt letter

If your First Plus Elderbridge loan is still legally enforceable, you can always make ELderbridge prove you owe the debt. When you request proof of the debt, they must send a copy of the original agreement you signed with First Plus.

Until they send this proof, you’re not obligated to pay the debt!

Can you get a First Plus loan written off?

Yes, it’s possible to get some or all of your First Plus loan written off in specific situations. 

The method you use to do this will depend on your personal circumstances and the other debts you may or may not have. 

Some of the ways to get some or all of your First Plus loan written off are:

1. Use the statute-barred loophole discussed above

2. Use a Debt Relief Order, which is a debt solution that blocks all creditor contact and then writes off all the debt after one year if your finances haven’t improved. But it cannot be used for secured loans like second-charge mortgages.

3. Declare yourself bankrupt if this is the most suitable debt solution for you overall.

4. Make a debt settlement offer to Elderbridge

How to make a First Plus loan settlement figure

A debt settlement offer is when you offer to make a large lump sum payment to the creditor but they have to write off some of the debt in the process. For example, if you owed £15,000 on a First Plus Elderbridge loan, you might offer them a £12,000 lump sum if they write off the remaining £3,000.

If Elderbridge accepts your debt settlement figure, you must get it in writing before making any payment. Don’t rely on the information you were told over the phone. And once you do pay, keep a copy of the offer acceptance and proof of payment. 

The only downside to writing off some of your First Plus Elderbridge loans in this way is that partial repayment is recorded on your credit file. This record can make it more difficult to get approved for loans and credit cards in the immediate future. 

You may need to repair your credit score first. 

How to get out of debt

For more information on debt solutions, including a Debt Relief Order, visit my How to Get Out of Debt blog. 

You can also make the most of free debt advice and debt solution recommendation from charities like StepChange. 

“It will only get worse” 😩

It’s cliché to say, but with debt it’s true; the longer you leave it, the worse the problem gets. 

There are straightforward and effective ways to deal with debt, but you have to know your options. 

Fill out the short form to find out about the debt solutions that could reduce your monthly payments or even write off some of your debt.

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