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Problem with Joint Secured Loan secured against my Property

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  • Problem with Joint Secured Loan secured against my Property

    Hi everyone, I am new to the forum and was recommended to come here by an existing member.
    In Oct 2006 apparently a Joint Secured Loan for 15K was taken by my husband and myself and the loan secured against our home. Two years later we seperated on bad terms and my husband moved from the home and continued to make the loan repayments each month until I believe sometime in 2018. The loan was taken from Welcome Financial Services and has now been assigned to Coast Financial Solutions in Newport. After the loan repayments stopped a Restriction was placed on the property I believe by Coast Financial Services. I phoned Coast Financial Services and they want me to enter in a payment plan within 14 days, there is currently 12k outstanding on the loan. Coast Financial Solutions have sent me a copy of the loan agreement and it is virtually illegible in parts as it would appear to be a copy I am unable to make any payments as my husband left me with several credit card bills amounting around 20k and I am paying the full mortgage payment.
    I have sent a CCA request and a SAR to Coast Financial Solutions to gather information on the secured loan account. Since OCT 2006 I have never received any communication or letters from either Welcome Financial Services or Coast Financial Solutions. I only found out about the restriction last week when I was attempting to remortgage

  • #2
    Diana Mayhew
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

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    • #3
      Hello

      I'll take a look at your situation which probably means you'll get loads of questions from me.

      Welcome secured loans can have problems.

      I'm not raising your expectations but I do think you need to research the history of this debt.

      If this was a Welcome secured debt on the property why did the debt owner (Welcome or Coast Financial Solutions?) need to subsequently register a Restriction on your property?

      Was there a CCJ at some point?

      Di
      Legal Disclaimer

      I am a Litigation Executive at Joanna Connolly Solicitors a firm which specialises in consumer credit. If you need to contact me you can send a message by clicking on my username or by emailing me at di@joannaconnollysolicitors.co.uk or by telephoning 0330 053 9340. Our initial advice is always free.

      Any posts I make on the AAD Consumer Forum are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide on the forum is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

      Comment


      • #4
        Hi Diana
        Feel free to ask questions.
        My husband stopped making the repayments sometime in 2018, they are asking me to go into a repayment plan with them as my husband has told them he is not paying. I have checked my Experian Credit file the loan does not show on the report so I cannot see any CCJ. They may be be about to put a charge notice on the property. Can I email the illegible copy of the Loan Agreement to you. I have found out my husband was declared bankrupt in 2008..

        Comment


        • #5
          Originally posted by Apple View Post
          Hi Diana
          Can I email the illegible copy of the Loan Agreement to you.
          Yes you can

          Email me using di@joannaconnollysolicitors.co.uk

          What makes you think that they (Welcome or Coast Financial Solutions ?) are "about to put a charge notice on the property"?

          Have you received any formal notification from Land Registry?

          Di
          Legal Disclaimer

          I am a Litigation Executive at Joanna Connolly Solicitors a firm which specialises in consumer credit. If you need to contact me you can send a message by clicking on my username or by emailing me at di@joannaconnollysolicitors.co.uk or by telephoning 0330 053 9340. Our initial advice is always free.

          Any posts I make on the AAD Consumer Forum are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide on the forum is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

          Comment


          • #6
            Hi Di,
            The mortgage solicitor has advised me there is a restriction registered against the property I think he said it was by Coast Financial Solutions.
            When I phoned Coast Financial Solutions they told me they would till 15th January 2019 to agree a payment plan with them. They told me the date for agreeing the payment plan was 31/12/2018
            but they would give me an extension till 15th January. I have assumed they intend to take some sort of action on 15th January. I thought the follow on action from a restriction was the Charge against the property.

            Apple

            Comment


            • #7
              Hi Di. I have obtained Title deed from land registry and will e mail to you for your information.

              Comment


              • #8
                Hi Di. I have obtained Title deed from land registry and will e mail to you for your information.

                Apple

                Comment


                • #9
                  Hi Di ,
                  Sent CCA request to Coast Finance Solutions on 7th January 2019 and they have not responded. D I need to write and remind them the response is outstanding or do I just leave it.
                  Coast Finance Solutions however have written to me on another matter. They claim they have been trying to contact me but they were unable to do so. They have advised me they are sending a Field officer to my home to discuss the account with me and I will incur a Fee of 120for this visit.
                  I do not wish to receive their visit and will avoid the Field Officer.
                  My SAR,s to Coast Finance and Welcome Finance are due for response on 7th February 2019.
                  I have noted that Coast Finance are adding approx 250 interest each month to this account.
                  Can you please advise me what to do next.

                  Apple.

                  Comment


                  • #10
                    CCA request outstanding , do not remind them their problem
                    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                    Comment

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