Anyone heard of Elderbridge ltd? Our secured loan has been sold to them and now we are uneasy as to what will happen to our rates and repayments. All I can find is that it was set up in 2014 and owned by Goldman Sachs. Last thing we need is this to start going up anymore already at 11.2%
I have not heard of secured loans being sold on - hopefully one of the experts can help but possibly not until the start of next week.
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All I have so far is a letter that Barclays have of loaded their Secured Loan UK portfolio to Elderbridge Ltd, this is due to complete mid Jan 2016. So anyone with a Firstplus loan will soon get this letter.
If you have equity you could possibly look at moving your loan to a cheaper lender and possibly even raising enough to settle your IVA. I have seen this happen on a number of occasions and is certainly worth considering.
Shaun or Ryan might be worth contacting or they might know more generally about what is going on.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I've had the very same letter and have 3 years left on a Firstplus secured loan, really hope there's nothing to worry about in terms of increased interest rate...
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I know Shaun has access top these types of products and he has helped many people not only get their IVAs settled but also replace loans with cheaper products. He is well worth giving a call.
There's no certainty that rates will go up just because your loan has been sold on but I do note your concern. If you have a reasonably good credit file it might be a good opportunity to review both your mortgage and secured loan arrangements to see if you can reduce your rates. There are some very good deals around at the moment as there is plenty of competition between lenders.
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