Just because you receive a First Plus debt letter from Elderbridge Debt Collection Agency doesn’t mean you may end up settling the debt at all times. But in the meantime, it’s not wise to ignore their debt letters as well. It’s because ignoring their reachouts can escalate to a worse situation where you might not be able to resolve it easily.
Let us walk you through your options.
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First Plus Have Sold Their Debt
FirstPlus loans, provided by FirstPlus Financial Group PLC (a subsidiary of Barclays Bank UK PLC), primarily involved extending money through second-charge mortgages. This loan program was initiated, especially targeting individuals with impaired or poor credit histories.
In July 2008, Barclays ceased new lending through FirstPlus. Then, around January 2016, the loan portfolio was transferred to Elderbridge Limited. Therefore, the Elderbridge debt collection agency is now responsible for managing the accounts.
Many borrowers were attracted to FirstPlus for debt consolidation or home improvement purposes. While FirstPlus loans were effective for consolidating debts, the extended contract durations resulted in borrowers facing higher repayments than initially expected.
Second-charge mortgages rank behind the borrower’s primary mortgage (first mortgage) for security reasons and tend to be more expensive. As a result, they often lead to repayment issues or disputes over the original loan terms.
FirstPlus loan program was notably promoted by Carol Vorderman through a widely televised campaign that encouraged homeowners to consolidate debts.
Below are some of the key advertised features in their advertisements:
Feedback from FirstPlus borrowers indicates that the initial loan application process was straightforward and swift. Borrowers typically underwent a telephone conversation with a FirstPlus representative, who conducted a simple credit check before offering a second charge loan.
A significant concern identified with some FirstPlus loans is the imposition of exorbitant interest rates. Most observed loan agreements reveal variable interest rates, with fluctuations tied to the Base Rate. Despite a Base Rate decrease in September 2009, many borrowers did not experience a corresponding reduction in the interest rates applied to their accounts.
Well, imagine you had a favourite shop where you bought all your clothes. Suddenly, the shop’s ownership changed hands. Would your outstanding credit with the old shop still be valid? Similarly, with First Plus shifting their loans to Elderbridge, it’s Elderbridge you’ll be dealing with now.
If there’s an outstanding balance on your first plus loan, brace yourself. It’s more than likely that Elderbridge will be the one sending you reminders or even letters.
When such a letter finds its way to your hands, there’s something you must remember. Do you want to know what that is? Well, hold that thought and read on.
Getting a letter about an old debt, especially one you might have forgotten, can be daunting. The initial instinct might be to toss it aside, hoping it goes away. But here’s where you need to pause. Ignoring it might not be in your best interest. Dive deep with us to understand why.
A letter from Elderbridge isn’t just a piece of paper. It’s a formal intimation, a nudge to tell you about your First Plus obligations. And if you disregard it, there could be consequences. Worried? Well, the next sections might provide some solace.
Who is Elderbridge Debt Collection Agency that sends you debt letters regarding First Plus Loan Debt?
Elderbridge Debt Collection Agency has operated as a loan servicing company since 2014 in the UK. They are authorised and regulated by the Financial Conduct Authority (FCA) under reference number 719437.
While not actively involved in marketing or selling new loan products, Elderbridge focuses on administering loan portfolios from various lenders.
As a part of the Target Group, a well-established financial services and software provider in the UK with over 40 years of experience, Elderbridge is positioned as a seasoned industry player.
Within this article, we mainly focus on First Plus Loan Debt and ways to solve it. We also have an in-depth article about Elderbridge Debt collection agency under the title Elderbridge Debt Collectors – Tips Before You Pay Up! 2023. Feel free to read that article if you need to learn more about them.
How to Deal with Your First Plus Debt Letters
Receiving communication from Elderbridge Debt Collection regarding the First Plus Loan in the UK is a significant matter, particularly if it pertains to debt collection. Below are steps to consider after receiving such a letter:
Following the initial advice in the provided text, do not disregard the letter. It might be tempting to discard it, hoping they will overlook your case. But the opposite is true. Ignoring it could lead to further legal actions against you.
Thoroughly read the letter to grasp the details of the claim, the amount owed, and the reasons for their involvement.
Compile relevant documentation related to the debt, such as
Then, compare the debt letter and the FirstPlus debt letter to verify the debt. After that, check if the debts meet the criteria for being considered statute-barred.
Your debt becomes unenforceable in the court if they are sorted under the Statute barred debts category. There are three conditions you need to fulfil simultaneously in order to get acceptance for this option.
Meeting all these conditions at the same time makes your debts legally unenforceable.
However, this doesn’t erase them from your credit history. Instead, receiving a Statute Barred excuse impacts negatively on your credit reports. This may pose challenges in obtaining new loans and credit cards in the future.
Also, It’s essential to note that not all debts become statute-barred.
For example, HMRC debts and student loans can remain enforceable for many years. Any debt with a County Court Judgment (CCJ) attached to it within the 5 or 6 year old window will also remain enforceable for the duration of the CCJ.
Understanding the concept of statute-barred debts in the UK can be intricate. If you’re uncertain about your debt’s status, consider seeking guidance from a debt charity. Their advisors can assess your specific debt, determine its status, and provide recommendations for your next actions.
You can find links to some charitable organisations offering advisory services for debt collection in the UK at the bottom of this article for your reference.
You can proceed by contacting First Plus Loan’s new debt owner, Elderbridge debt collection company, to discuss finding a reliable solution once you have a clear understanding of whether you believe you are liable for the debt but not eligible to take statute barred excuse.
They may be able to provide additional information and clarify the situation. Be prepared to ask questions and seek clarification on any points you don’t understand.
For that, you can simply write a request letter under the title Prove the debt, asking to send you written proofs that show you really owe them. Make sure not to include your signature in the letter to avoid the risk of forging your signature. They are bound by law to reply to you with written proof.
Remember to keep a copy of the request letter and to send it via a traceable mail service. These proof documents come in handy if things escalate to a court issue without you getting a reply from them.
Their reply should at least include a copy of the initial credit agreement you had with your original creditor. You are not required by law to settle the debt until they provide evidence to prove you owe them.
Consider seeking legal advice if you’re unsure about how to proceed or if you believe the debt is not valid. A solicitor or a debt advisor can provide guidance on your rights and options.
We have mentioned some of the organisations where you could gain help for free by the end of this article.
The easiest way to stop communication with them is by settling the debt in one go if the Elderbridge Debt Collection Agency proves you really owe them.
Or you can discuss with them to get acceptance for a payment plan if you are facing hardships financially. For that, you need to discuss with them in a manner they get convinced enough that your financial situation is not strong enough to settle the debt in one go.
Surely, they will grant you a payment plan after considering all the facts. Their decision can become strict depending on the current stage of the proceedings. After all, they want to recover the debt.
Therefore, you will surely find a common ground to agree to a mutually agreeable arrangement.
Need more Help to deal with First Plus Loan Debt?
If you’re unsure how to deal with First Plus Loan Debt, feel free to fill out our online form, and our Money Advisor Team will get back to you to guide you.
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What are my rights when dealing with Elderbridge regarding First Plus Loan Debt?
The debt collection industry operates under strict regulations. Hence, any debt collection agency, including Elderbridge, must adhere to the law while pursuing overdue payments.
On the other hand, It is crucial to be well-versed in your consumer rights concerning debt collection.
Creditors and debt recovery firms possess the authority to reach out to you, but they are limited to specific times.
A debt collector is obligated to operate within the confines of UK law, meaning there are certain actions they are forbidden from taking. Since Elderbridge is authorised and regulated by the Financial Conduct Authority (FCA), they need to follow FCA guidelines at all times when conducting debt collection practices.
These prohibitions include:
You are well within your rights to file a complaint if any representative of a debt collection agency engages in the aforementioned actions.
2. Then, in the event that the issue is not satisfactorily resolved, you can escalate your concerns to the Financial Ombudsman Service (FOS).
- The Elderbridge Debt Collection may end up paying huge fines and compensation if they are proven guilty of your accusations regarding unethical debt collection practices.
Keep in mind always to provide provable proof in order to make your complaint case strong. Otherwise, it will become a waste of time since there is no proof to prove your issue. For that, make sure to document and record every communication you had with them.
What action can Elderbridge Debt Collection Agency can take against me regarding First Plus Loan Debt?
Let us walk you through how any debt collection agency in the UK, including Elderbridge Debt Collection Agency, will practise their debt collection procedures in general. This explanation will help you understand what will happen to you if you ignore them.
At first, the Elderbridge debt collection agency will send you an initial notice letter noticing their involvement and requesting for you to settle the First Plus Loan Debt. After the initial letter, they pwill use all normal communication methods such as letters, emails, and phone calls to get in touch with you and convince you to pay.
Then, their agents will send you one last letter titled Letter Before Action (LBA). With this LBA letter, they inform you that they will take your debt issue to court if you do not get in touch with them or settle the debt before the due date mentioned in the letter.
Surely, they will take your debt issue to the court to solve it. And the judge will issue a County Court Judgment (CCJ) against you if the debts are proven true.
A CCJ makes you legally responsible for the debt. It will be recorded in your credit history and in the public registry for 6 years if you do not settle the debt before passing 30 days of receiving the court order.
Otherwise, the status of the CCJ will be updated to satisfied if you manage to settle the debt passing the initial 30-day window.
Receiving a CCJ will negatively affect your credit history. As a result, you may find hardship in getting new loans and credit cards in the future.
The Elderbridge Debt Collection agents will go to court to take a warrant or a writ of conduct to use bailiffs to visit your home and seize belongings if you ignore the initial CCJ conjugation.
Initially, the bailiffs will send you an enforcement notice notifying you that they will visit your home in 7 days. With the warrant in hand, the bailiffs will visit your home and seize your belongings if you do not settle the debt.
Then, the seized goods will be stored in a warehouse and eventually sold in an auction to cover their expenses and total debt.
As you can see, it is not wise to wait till things escalate to this extent. There is plenty of time in between these procedures. We strongly recommend for you to use that time to find a reliable solution.
What if you cannot afford the payment plan suggested by the Elderbridge Debt Collection regarding First Plus Loan Debt?
Sometimes, you may encounter difficulties in agreeing to the proposed payment plans from the Elderbridge Debt Collection Agency, especially if they are financially burdensome.
In such situations, it is advisable to explore alternative debt solutions that can effectively address your debt-related concerns. In the UK, there are various alternative debt solutions to consider.
However, it’s crucial to keep in mind that each of these debt solutions has specific eligibility criteria. Selecting the right one can lead to debt resolution, while choosing the wrong one could worsen your financial circumstances.
Hence, seeking guidance from a professional debt advisor is a prudent step to take if you find it challenging to determine the most suitable debt solution on your own.
if you need personalised assistance based on your current financial situation, please feel free to complete our online form by clicking here to receive help from our Money Advisor Team.
Should You Check For Other Debt Collectors?
You need to be aware of other unsettled debts you have with other companies or debt collectors. Here is a summarised breakthrough for you to follow and track your debts.
Ensure you’re not overlooking any debts. Here’s how:
- Credit Report: Examine it for any defaults.
- Communications: Peruse emails and postal reminders or overdue notices.
- Legal Stand: Look up court records for CCJs you might have.
- Bank Statements: Search for unfamiliar names that might be debt collectors.
Hundreds operate in the UK, each associated with diverse companies.
- Cabot Financial: Often associated with the DVLA.
- Lowell Financial & PRA Group: Famously acquire debts from credit card giants like Barclaycard.
Elderbridge Contact Information:
Below are some of the contact details of Elderbridge Debt Collection Agency that you can use to get in touch with them.
| Website: | https://elderbridge.co.uk/ |
| Email: | arrears.management@elderbridge.co.uk |
| Phone: | 0345 8400 244 Monday to Friday: 9 am to 5.30 pm |
| Fax: | 0345 650 6217 |
| Address: | Elderbridge Ltd. PO BOX 908 Newport, NP20 9NX |
Key Points
- First Plus Loan Transfers: Loans from First Plus are now under the management of Elderbridge Debt Collectors. If you’re a First Plus loan holder, it’s crucial to be aware and prepared.
- Debt Write-off in the UK: A number of UK citizens have the potential to legally write off a portion of their debt within the UK. It’s worth investigating if you’re eligible.
- Statute-Barred Debt: if your debt is over six years old, not acknowledged, unpaid in the past six years, and free of any County Court Judgement (CCJ), then it might be statute-barred. Essentially, you might not have any legal obligation to pay this First Plus debt.
- Prove the Debt: Before paying, always challenge Elderbridge (or any debt collector) to provide valid proof of the debt’s authenticity. They might be unable to present it. Yet, this might grant you additional time to review your debt management options.
- Managing Your First Plus Debt: If you’re confirmed to owe the debt, don’t despair. Numerous payment options exist, from simple monthly plans to structured solutions like the Individual Voluntary Arrangement (IVA).
- First Plus PPI Claims: While First Plus PPI claims once offered relief to many debtors, this route closed in August 2019. It’s vital to be aware that this is no longer a feasible strategy for addressing your First Plus debt.
- Mental Strains of Debt: The repercussions of First Plus debt aren’t solely financial. The mental toll can be heavy, emphasising the importance of seeking both financial guidance and psychological support.
