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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.

    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


    • #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

      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

          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 ,
                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


                • #9
                  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


                  • #10
                    Originally posted by Apple View Post
                    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

                    Welcome Finance went into liquidation last Monday > http://www.wfs.co.uk/

                    Coast Finance Solutions Sarl are based in Luxembourg.

                    That's two reasons for me to ask you to update what's been happening with your situation.

                    Di

                    Comment


                    • #11
                      Just an update at the end of the year

                      Comment


                      • #12
                        Originally posted by loring View Post
                        Just an update at the end of the year

                        I believe you may be updating on behalf of Apple

                        When the update is posted I will suggest the next step.

                        Di

                        Comment


                        • #13
                          Hi everyone , just an update on what has happened in 2019 with my problems with Coast Finance Solutions/Welcome Finance.
                          I received responses to the SAR's from both Welcome Finance and both were selective in waht they sent. I attempted to get the missing information and I raised several queries on the paperwork they sent. Coast treated all my correspondence as complaints which they kept open for several months before closing them, they never answered any of the questions put to them nor did they provide any further information.

                          I have raised a complaint with the F.O.S. which covers issues such as
                          • Why have neither Coast Finance Solutions nor Welcome Finance never contacted me concerning this joint loan. The loan was taken out in 2006 and went into default in February 2007. I have never received a letter, text message, email or telephone call prior to November 2018.
                          • Why did Welcome Finance approve this loan when the other had just defaulted on approximately 15 other debts totalling £53,000, Welcome Finance had the copy of their Credit Report and were fully aware of this.
                          • Why did Welcome Services use incorrect information to complete and approve the loan application. Figures for income and outgoings in their paperwork were massaged to permit the loan to be approved. Was this a reckless action by Welcome Finance and is the this loan a valid loan?
                          The F.O.S. have phoned to let me know they are investigating my complaint at present and when I have the outcome of their investigation I will update the Forum.

                          Comment


                          • #14
                            Originally posted by Apple View Post
                            an update on what has happened in 2019 with my problems with Coast Finance Solutions/Welcome Finance.
                            I received responses to the SAR's from both Welcome Finance and both were selective in waht they sent. I attempted to get the missing information and I raised several queries on the paperwork they sent. Coast treated all my correspondence as complaints which they kept open for several months before closing them, they never answered any of the questions put to them nor did they provide any further information.

                            I have raised a complaint with the F.O.S. which covers issues such as
                            • Why have neither Coast Finance Solutions nor Welcome Finance never contacted me concerning this joint loan. The loan was taken out in 2006 and went into default in February 2007. I have never received a letter, text message, email or telephone call prior to November 2018.
                            • Why did Welcome Finance approve this loan when the other had just defaulted on approximately 15 other debts totalling £53,000, Welcome Finance had the copy of their Credit Report and were fully aware of this.
                            • Why did Welcome Services use incorrect information to complete and approve the loan application. Figures for income and outgoings in their paperwork were massaged to permit the loan to be approved. Was this a reckless action by Welcome Finance and is the this loan a valid loan?
                            The F.O.S. have phoned to let me know they are investigating my complaint at present and when I have the outcome of their investigation I will update the Forum.

                            Thank you for the update.

                            May I clarify a few things please since it's important that you aim at the right target when you make a complaint to the FOS.

                            Have you been dealing direct with Coast Finance Solutions Sarl (based in Luxembourg) or Target Servicing Ltd (based in Newport)?

                            Coast Finance Solutions Sarl is not FCA authorised.

                            Welcome Finance went into Liquidation on 13th December 2019 > http://www.wfs.co.uk/faqs

                            Have you checked Land Registry to see whether Coast have registered their charge on the property in lieu of Progressive Financial Services Ltd T/A Welcome Finance, and if so, on what date?

                            Progressive Financial Services Ltd went into Liquidation in July 2012 and was Dissolved in March 2013. Then they 'resurfaced' in August 2016.

                            The names of the legal entities involved, and the dates of what happened are very important. The FOS may be limited in what they can investigate on your behalf.

                            Di

                            Comment


                            • #15
                              Hello Di
                              Thank you for your post,sorry for the delayed response, I had to recheck the details for the response.

                              I have been writing to Coast Finance Solutions Newport and assume this was actually going to Target Services. The address I wrote to was a P.O. Box in Newport.

                              B: Proprietorship Register continued
                              RESTRICTION: No disposition of the registered estate by
                              the proprietor of the registered estate is to be registered without a
                              written consent signed by the proprietor for the time being of the
                              Charge dated 13 October 2006 in favour of Coast Finance Solutions
                              S.A.R.L. referred to in the Charges Register.(23.11.2006) RESTRICTION: No disposition of the registered estate by
                              the proprietor of the registered estate is to be registered without a
                              written consent signed by the proprietor for the time being of the
                              Charge dated 13 October 2006 in favour of Coast Finance Solutions
                              S.A.R.L. referred to in the Charges Register."


                              Coast were not the owners in 2008.


                              C: Charges Register
                              This register contains any charges and other matters that affect the land
                              5 (23.11.2006) REGISTERED CHARGE dated 13 October 2006.
                              6 (10.10.2018) Proprietor: COAST FINANCE SOLUTIONS S.A.R.L. (incorporated
                              in Luxembourg) of 11-13 Boulevard de la Foire, L-1528 Luxembourg, Grand
                              Duchy of Luxembourg and care of Target House, Cowbridge Road East,
                              Cardiff CF11 9AU.

                              The Legal Charge Form which bears my signature and ids Dated 13/10/2006 is in favour of
                              Progressive Financial Services Ltd T/A Welcome Finance.

                              I hope this clarifies the situation andlook forward to your comments

                              Comment

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