Coast now chasing ex Welcome Finance Debt

[Joanna Connolly Solicitors]

Is this the same company coast Financial Ltd ????

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Finance broker in Plymouth, England
Address: 6-8 College Ave, Mutley, Plymouth PL4 7AN

Coast Financial Ltd is Authorised and Regulated by the Financial Conduct Authority. FCA Firm Number: 782715.????

No it's not them - that's a link to a mortgage broker who told me they get calls all the time from people mistaking them.

The OP is referring to Coast Finance Solutions sarl based in Luxembourg which is not authorised by the FCA.

There are potential legal issues with the situation surrounding their apparent assignment of Welcome loans especially the ones where legal proceedings have been issued.

So if anyone reading this thread has received a claim for possession proceedings please email me using di@joannaconnollysolicitors.co.uk

Di

[dmd]

Thank you Diana for your reply.

The GDPR thing won't be an issue. Although I said I sent them a letter, it was written as if it came from my friend with her agreement and signed by her. The loan is in joint names with her husband - they are separated.

There were issues in that they got into arrears for a while, but payments have been made regularly for the most part. When Coast took over the payments were uninterrupted.

Some people on another forum pointed out that Coast will not be particularly motivated to accept a settlement due to having the loan secured. Would you tend to agree? I thought it was worth a try. There was a time when the property was in negative equity, with substantial arrears on the first charge loan too, but this is no longer the case.

[Joanna Connolly Solicitors]

Thank you Diana for your reply.

Although I said I sent them a letter, it was written as if it came from my friend with her agreement and signed by her. The loan is in joint names with her husband - they are separated.

. . . . Some people on another forum pointed out that Coast will not be particularly motivated to accept a settlement due to having the loan secured. Would you tend to agree? .

I cant comment on what you’ve read on another forum, but if a loan is secured then the lender knows they will receive the outstanding balance on the sale of the property or if the property is repossessed prior to that.

If it’s a joint loan then that suggests the property is in joint names, and if your friend is separated but not divorced from her husband there won’t be a financial order which crystallises and legally formalises who is entitled to what.

Is there a reason why your friend didn’t send the letter herself?

Di

[Sweedie]

Hi, hoping someone here may have some good advice ?
I took a loan out with Welcome finance years ago (very early 2000s) I can't remember the exact amount but approximately £1500 and then I stupidly borrowed more, my debt must have been around £5000 in total. I had a mortgage but this debt was also secured on the property.

I made repayments until I had to move out of the house I co-owned and hit financial difficulty. Payments were then sketchy at best and welcome were making demands for repayment. This culminated in me going into their office for a meeting; I was in tears at the time as under a great deal of stress and I know I repeatedly told them that I didn't understand what they were saying. The meeting ended with them saying I could repay £180 pcm with no interest. It sounded like my only way out and I agreed.

For lots of reasons I couldn't keep up with these repayments and I stopped hearing from Welcome. Fast forward years and I have a letter from Coast saying I need to make repayments, the loan is approximately £13,000 and it is in arrears for over £5000!

My guess is that welcome said I wasn't paying interest when in fact they had added the interest to the amount of the loan?? Does anyone else have experience of this?

I no longer own the property I brought with a friend so the loan is unsecured (I signed it over so there was no profit made).

This all happened years ago and my partner and i are trying to save a deposit for a house so I am repaying coast as otherwise it is a recent negative on my credit file but it seems wrong that i am repaying such an extortionate amount. I know for a fact I never had that amount as a loan and it being the interest is the only way I can make sense of it??

I have taken the paperwork i have to the CAB but they just said that because i signed for it, it is all above board??

Any advice much appreciated!

[Roger]

Well the first thing is do not reply or contact welcome at the phone or email or go into their office!
Nothing that might be considered as acknowledgment of the Debt and or restart the Statute Bar Clock!

Has this just appeared on your Credit file? Because of the following
This surprises me as you say ".. This all happened years ago .." you also say "..I took a loan out with Welcome finance years ago (very early 2000s).."
I would have thought that this Debt would have been reported years ago! AND you can't put the same Debt up twice!

Before really making suggestions it would help AAD and yourself if you could start a Diary of your own and provide as much of the following Information as possible

• Type of account -
• Date commenced -
• Approx balance -
• Date last paid -
• Are you on arrangement or not paying -
• Status (default/in arrears/up-to-date) -
• Account owner -

PLEASE DO NOT CORRESPOND WITH WELCOME FINANCE AT THIS MOMENT !
This will help you and AAD as to what you should or should not do next!
Welcome to AAD

[The Tech Clerk]

Welcome Financial Services Ltd is no longer trading and went out of business on 2 March 2011. ... As a result, Welcome Financial Services has been declared as failed. You could be eligible to claim PPI compensation from Welcome Financial Services through FSCS – Ocean took over,. so follow above what Roger suggest at presenr.

[hard to guess]

Hi everyone. today I received something interesting from Coast, after nothing but reminder letters every now and then, which I just ignored..

Today the letter was about the following:

"We are writing to let you know that we are transferring your loan to Swift Advances pc (Swift) starting from 22nd

April 2023.

The transfer of your loan to Swift Advances ple (Swift) will not result in any changes to the terms of your loan and there will be no change to your monthly payment amount, including the rate of interest payable by you. The terms and conditions of your loan agreement and your rights, obligations and liabilities under your loan agreement remain unchanged.

Swift Advances pic (Swift) will write to you within 10 working days after the transfer date to provide you with more information (including details of where you should direct any queries in relation to your account following the transfer) but in the meantime, you should continue making your loan repayments as normal.
"

My question is, how does this now change things? Does it suddenly become enforceable?

I have not paid anything towards this of many years now.

[The Tech Clerk]

Swift 1st Limited is authorised and regulated by the Financial Conduct Authority.
Swift 1st Limited administers its own regulated mortgage contracts and those of Swift Advances plc on its behalf.
Swift Advances plc and Swift 1st Limited are both registered in England under company numbers 1800474 and 5020019 respectively.

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[The Tech Clerk]

• Type of account
• Date commenced
• Approx balance £
• Date last paid
• Are you on arrangement
• Status defaulted
• Account owner

As requested in #35 please give us the info as we advise in the dark at present.,

[Still Waving]

• Type of account
• Date commenced
• Approx balance £
• Date last paid
• Are you on arrangement
• Status defaulted
• Account owner

As requested in #35 please give us the info as we advise in the dark at present.,

I think post#35 was addressed to someone else, unless Hard To Guess and Sweedie are one and the same, but I don't think so. However the request for diary history is still valid.

[hard to guess]

Sorry guys, I have just created a diary here with the info requested above.

Not paid this for over 10 years now, last engagement with them seems to be in 2012

[The Tech Clerk]

OK just stick to the other thread then.