Depending on the amount of equity you have in your home, it is possible to have several personal loans secured on your home. A mortgage lender will typically have to agree to a second loan being secured on a property. It is therefore possible for you to have more than two secured homeowner loans on your home.

Who took over first PLUS loans?

First plus sold all debts to Elderbridge and Elderbridge have taken over the loan in January 2016. My question is as I signed the credit agreement with First Plus in 2006 do I still need to pay Elderbridge as I have no signed credit agreement with Elderbridge.

Can you pay a secured loan off early?

Lenders will usually charge you an early repayment fee if you want to pay off your secured loan early. Check in your terms of agreement, but the lender should make this amount clear upfront when you apply for the loan, and you typically won’t have to pay one or two months’ worth of interest as a charge.

How many secured loans can I have?

You can only have one secured loan on a property by way of a second charge. If you need more money there may be other lenders who will refinance what you have and lend you more if you need it or you can potentially borrow more money form the same second charge lender or your first charge mortgage lender.

Is a secured loan the same as a second charge mortgage?

Second mortgages – also known as second-charge mortgages – are a type of secured loan and an alternative to remortgaging. A second mortgage is a loan that might be seen as an alternative option to remortgaging.

Can elderbridge repossess my house?

Elderbridge could send debt collection field agents to your home if you fail to pay, however they are NOT bailiffs and mustn’t claim to be.

What is elderbridge HCA?

Elderbridge is a financial services company, specialising in the management and servicing of secured and unsecured loans. We are authorised and regulated by the Financial Conduct Authority (FCA) under registration number 719437.

Why did FirstPlus stop offering loans during the credit crunch?

FirstPlus stopped offering loans during the credit crunch and since then its customers have had to deal with Barclays. Many customers allege that the contentious part of their loan contract is clause seven. This states that the bank is allowed to raise or lower rates from time to time, to reflect a change in interest rates generally.

What was the interest rate on my FirstPlus loan?

Mark Wilson wasn’t happy when the interest on his loan climbed above 12 per cent – but he grudgingly admitted the terms of his deal meant there was little he could do. But when base rate started to drop, he expected his repayments to fall, too, again because his contract suggested they would. It never happened.

What happens if I fail to repay my FirstPlus loan?

This means that if they fail to repay their debt, the bank can repossess their property as a last resort. FirstPlus stopped offering loans during the credit crunch and since then its customers have had to deal with Barclays. Many customers allege that the contentious part of their loan contract is clause seven.

Who is involved in the FirstPlus loan scandal?

Barclays says this is a separate case to those with loans like Mr Wilson’s. This latest interest rate scandal involves customers who took out secured homeowner loans from FirstPlus, which used to have TV adverts featuring Carol Vorderman.