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FirstPlus Financial Group / Elderbridge Limited

andyc asked:

Hi,

I need some advice. I took out a loan several years ago with First Plus Financial Group PLC which is now secured on my property and have been making the regular payments monthly.

About a week ago I received a letter from them saying the ownership of the loan will transfer from them to Elderbridge Limited around mid Jan 16.

As I have no contract with Elderbridge, do I need to continue making payments once the loan transfers , or how should I proceed?

Applecart1 replied:

~this is interesting, First Plus Financail Group PLC is a subsiduary of Barclays Bank – they only ever had FCA permission for Insurance products….strange to hear you say they are securing loans on property….

I should make enquiries with the FCA if I were you. Quote reference number 309325 to the FCA.

Apple

Pache50 replied:

Was there any update on this topic as I had the same letter as well…..?

Applecart1 replied:

funnily enough another member has posted about Elderbridge….I posted on the thread today..

Here you go:

viewtopic.php?f=109&t=96424

Apple

williams2583 replied:

Well i sold a lot of loans from First Plus which were all secured ones !!!!!!!!

Applecart1 replied:

Under the LRA 2002 a loan is secured only if it is electronically communicated and simultaneously registered by HMLR….so, they may not in fact be ‘secured’ at all….

For securitisation purposes…it is most unlikely the loan will be ‘secured’ in the above way….there will be a gap between the date it was sent to HMLR and the date it was registered on the title….under the LRA 2002 – this is not the way a charge is ‘secured’

Apple

Nick678 replied:

Would love an update on this. Elderbridge are threatening repossession, yet I’m prepared to pay as much as I can, but will take a little longer then they demand. My loan is meant to be secured on my house, so would really like to know about this company..

Applecart1 replied:

viewtopic.php?f=109&t=96424

Apple

williams2583 replied:

All their loans are properly secured otherwise i would never have received any commission. The language existed in the loans that they were transferable so extremely unlikely you can avoid liability, unless you are in negative equity !!

Applecart1 replied:

When you say ‘properly secured’ – what constitutes ‘properly secured’ under the LRA 2002 in your mind?

Do you mean ‘properly secured’ as in – their name will be entered/sitting on the register of title with a date that is different to the date on the deed/agreement??

or – Do you mean – they electronically communicated the agreement/mortgage deed on say x day; so that it was simultaneously registered on that same x day??

I’m thinking the first way may be an “equitable” charge and the second way a “Legal” charge…

With respect – surely, whether you received commission or not – is not the true measure??

For example, what has ‘commission’ got to do with CCA s.173 or the LRA 2002 s.193…..at which point did you factor in CCA s.173 when you speak of transferable terms in consumer agreements….as you must know – contracting out is forbidden….if it happens to be inconsistent with a debtor/sureties protection under the CCA …..or, does this detail not matter, because a ‘commission’ payment now represents the law?

No offence Wlliams2583 – but, you’ve lost me on this one…. 😳

Apple

Applecart1 replied:

the threat of repossession is no joke….but there is no doubt Williams2583 is right – they will definitely make you liable…and look to repossess your property….

I see no reason why one should not send a 14 day Notice under Part 7 – Practice Direction 7B section 10.2 to ‘Elderbridge’ – see if the court will look to the ‘fairness’ of the relationship in the circumstances….

Question begs I suppose – Is it a ‘first charge’ loan or ‘second charge’ loan btw??

Apple

williams2583 replied:

Commission was not payable until the second charge (secured loan) was processed by the mortgage company and they had effective title, i was led to believe that was a secured charge. If their title was defective they would not pay.

Applecart1 replied:

Was there a delay in when the commission was paid out – of say at least 30 days, but never ever before that time period??

Apple