Ex Welcome Finance/Coast now Swift Advances

[hard to guess]

Hi, sorry never got around to creating this diary.

Initial info:

• Type of account - Secured Loan
• Date commenced - On/Around 2007
• Approx balance £11k
• Date last paid - Around 2012
• Are you on arrangement - No
• Status defaulted - Yes
• Account owner - Was Welcome Finance, then Coast, now sold to Swift Advances PLC

[Still Waving]

That's fine, but now we need some history up to date, ie correspondence received. I know you put some on the other thread, but it needs to be consolidated on this thread now.

[The Tech Clerk]

Brought Forward:- Please keep to this thread from now on!



25 April 2023, 19:34
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.

[Roger]

Hi, sorry never got around to creating this diary.

Initial info:

• Type of account - Secured Loan
• Date commenced - On/Around 2007
• Approx balance £11k
• Date last paid - Around 2012
• Are you on arrangement - No
• Status defaulted - Yes
• Account owner - Was Welcome Finance, then Coast, now sold to Swift Advances PLC

Its a secured Loan?
Secured on what your property?

[hard to guess]

That's fine, but now we need some history up to date, ie correspondence received. I know you put some on the other thread, but it needs to be consolidated on this thread now.

Will bring the history up to day, thank you.

[hard to guess]

Its a secured Loan?
Secured on what your property?

Hi, secured loan yes. Against property.

[Roger]

Hi, secured loan yes. Against property.

Then its unlikely that the six year rules of CCA Unsecured debts will apply, I am not up to date but 12 years used to be the guide line for secured debts.
At some point you will need legal advice.

[The Tech Clerk]

Once a creditor has a county court judgment (CCJ) for a debt, the Limitation Act does not put any time limits on how long they have to enforce that judgment. If your CCJ is more than six years old, and the creditor wants to use enforcement action, they must first get permission of the court.

[The Tech Clerk]

Statute barred secured debt and loss of creditor's rights might give some idea?

[hard to guess]

Then its unlikely that the six year rules of CCA Unsecured debts will apply, I am not up to date but 12 years used to be the guide line for secured debts.
At some point you will need legal advice.

It has to be approaching the 12 year mark now. I am wondering how I can track back and find out when my last payment actually was without resetting the clock? I don't have access to old bank accounts now.

With it changing over to a new company they are for sure going to start chasing harder I'd think. All I ever received from coast was the odd letter reminding me to make payments.

There is no interest or charges being applied.

[hard to guess]

Once a creditor has a county court judgment (CCJ) for a debt, the Limitation Act does not put any time limits on how long they have to enforce that judgment. If your CCJ is more than six years old, and the creditor wants to use enforcement action, they must first get permission of the court.

There is no CCJ on this, they have never taken any sort of action like this over the years.

[hard to guess]

Statute barred secured debt and loss of creditor's rights might give some idea?

This sounds very promising! I need to find out exactly when the clock stopped.

[Roger]

This sounds very promising! I need to find out exactly when the clock stopped.

Big thanks to the The Tech Clerk
Don't assume that your bank can't get hold of old records! Ask them?
Welcome Finance, then Coast, now sold to Swift Advances PLC
I think it is unlikely that with this ownership trail that payment records are actually known and have been passed on!

Find out whether there is a charge registered against the property and by whom!

I would avoid correspondence with Swift Advances PLC
Home work here without directly dealing with Swift is your way forward.

[hard to guess]

Big thanks to the The Tech Clerk
Don't assume that your bank can't get hold of old records! Ask them?
Welcome Finance, then Coast, now sold to Swift Advances PLC
I think it is unlikely that with this ownership trail that payment records are actually known and have been passed on!

Find out whether there is a charge registered against the property and by whom!

I would avoid correspondence with Swift Advances PLC
Home work here without directly dealing with Swift is your way forward.

Good call, will ask. However I have found ( I think!) the last date where I "acknowledged" the debt and engaged with them, them being WFS via email. It was September 2012.

On my title deeds there are a couple of charges.

1. Charge dated <removed> 2007 in favour of Welcome Financial Services Limited.
2. Then a note stating "NOTE 2: The charge has been varied by the Deed of Variation dated 30 April 2018 made between (1) Welcome Financial Services Limited (formerly known as Progressive Financial Services Limited) and (2) Coast Finance Solutions S.A.R.L referred to below.
"
3. Then in 2018 another charge added "The Deed of Variation dated 30 April 2018 made between (1) Welcome Financial Services Limited (formerly known as Progressive Financial Services Limited) and (2) Coast Finance Solutions S.A.R.L varies the charge dated 13 December 2007 in favour of Welcome Financial Services Limited referred to above.
"

[The Tech Clerk]

A debt collector can only “enforce” a CCJ that is more than 6 years old which you have not been paying if it goes back to court to get special permission.