Coast finance

[Mjwelsh]

Hi, I have a coast finance come up in my credit file, and after reading up it’s looks like an old northern rock account which they stopped payment in 2016 I presume.. I’ve had no contact with coast finance or accepted any new agreement with them..
Are they allowed to open up a new credit file without contacting me..
Could someone please guide me on how or what to do.

thanks in advance
Michael.

[Colin G Quinn]

Hi Mjwelsh,

Coast are not based in the UK and are not authorised by the Financial Conduct Authority to exercise the rights and duties of a lender, in respect of a credit agreement regulated by the Consumer Credit Act 1974.

When you say 'they stopped payments', do you mean you stopped making payment, or that they stopped taking a direct debit for example?

It looks, from what you are saying, that the account would have originally defaulted in 2016. If that is the case, and the account has then been assigned to Coast, then the record can still appear on your credit file. However, the record would need to show the date of default as it was, not as if the account has only recently defaulted.

Have you received any correspondence from Coast, or Target, which is a firm they often employ to service their accounts.

Do you want to email me a screen shot of the record on your credit file and I'll take a look? If so, my email address is in my signature below.

[Mjwelsh]

Thank you for the quick reply, yes the direct debit stopped by them, to be honest my ex partner felt with my bank account so have had my head buried in the sand, it’s only the last few years where I’ve been on my own I’ve had a big shock and had to take control of my own finances..
ive moved address twice since having the northern rock loan so definitely haven’t received any correspondence, my ex wife still lives at the old address and she said she hasn’t receive anything, but can only take that as gospel.. I’m at work at the moment so will send a screenshot of the credit file when I get chance.

thank you
michael

[Colin G Quinn]

Ok, no problem. Once I've had a look I'll try and post a response to you on here.

[Colin G Quinn]

Hi,

I have reviewed the screen shot you sent to me.

The record shows the date of default as being 2016, and so they haven't applied it as if it is a recent default. The default is due to drop off your credit file next year.

The record is not in relation to a new agreement. Coast will claim to have been assigned the rights and duties of the original creditor, and will claim that as the owner of the account they are required to report on your credit file. Proving legal assignment of a debt is something alleged assignees often find difficult.

It is important you keep an eye out for any written correspondence from Coast, or anyone they appoint to manage the account. If you do receive anything, I'd be happy to take a look, so keep us updated on here.

If you have moved address, it may be worth setting up a postal redirect for anything addressed to you.

[Mjwelsh]

Thanks again for your help, yeah if I get any letters I’ll forward them to you, I’m presuming if they do manage to get hold of me, I don’t have to make any payments even if they threaten me with court actions etc..