Coast financial solutions / Target / welcome finance

[AndyMac2021]

Hi all.
Looking for some advice please.

In 2008 i took out a secured loan with welcome finance that i had been paying up until 2011 when i entered a trust deed / IVA, this wasn't included as was it was thought to be secured, i then struggled for the next few years to pay welcome and the trust deed.

in 2018 the loan was sold to Coast (at the same time i found out the security with welcome had never been registered) all i have is my BOS mortgage showing.

now i am not denying i took the loan but now that it is clearly "unsecured" as no security is registered, my question is can cost still register a new one even though they don't have a signed security? only 1 in welcomes name?

my insolvency practitioner has advised me to send them a copy of my discharge letter which i have done but coast keep referring to the loan as a mortgage which it clearly isn't. I am really at a loss, what do i do? welcome continued to take payments from me, someone at welcome must have know it wasn't secured?

thanks.

[Still Waving]

Hi

Not offering answers, but I would like to clarify something which others will no doubt be wanting to know. You say you found out in 2018 that the security had never been registered - may I ask, registered where?

Also, I am wondering why your insolvency practioner advised you to send a copy of your discharge if the account concerned was not included in the IVA.

[AndyMac2021]

Hi thanks for the reply.

The signed security has never been registered with the land registry as a legal charge over my property, when i done a SAR request to welcome that is when i found out, it also shows on the information from welcome that i asked for that they did attempt to register but for reasons only known to them on advice from their solicitor firm they didn't attempt to register it again.

I am not sure why the insolvency firm advised me to send a copy of the discharge (maybe to get Coast of my back?) however it hasn't worked.

every communication I get always mentions secured loan / your mortgage etc, how can this be when there is no legal charge, surely they would have checked this prior to buying the account from welcome?

where i am getting at with this - the loan has no security (yes I know they have a signed security) that was never registered, surely means the loan at the time of the trust deed was unsecured so therefore should have and could been included in the trust deed/ IVA.

[Roger]

Hi thanks for the reply.

The signed security has never been registered with the land registry as a legal charge over my property, when i done a SAR request to welcome that is when i found out, it also shows on the information from welcome that i asked for that they did attempt to register but for reasons only known to them on advice from their solicitor firm they didn't attempt to register it again.

I am not sure why the insolvency firm advised me to send a copy of the discharge (maybe to get Coast of my back?) however it hasn't worked.

every communication I get always mentions secured loan / your mortgage etc, how can this be when there is no legal charge, surely they would have checked this prior to buying the account from welcome?

where i am getting at with this - the loan has no security (yes I know they have a signed security) that was never registered, surely means the loan at the time of the trust deed was unsecured so therefore should have and could been included in the trust deed/ IVA.

You need legal advice
"..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 colin@joannaconnollysolicitors.co.uk or by telephoning 0330 053 9340. Our initial advice is always free.
.."
I suggest you email Colin or phone him !
Refer back to your AAD entry

[Roger]

".. when i entered a trust deed / IVA, this wasn't included as was it was thought to be secured, i then struggled for the next few years to pay welcome and the trust deed..."
"..a SAR request to welcome that is when i found out, it also shows on the information from welcome that i asked for that they did attempt to register but for reasons only known to them on advice from their solicitor firm they didn't attempt to register it again..."

"..in 2018 the loan was sold to Coast (at the same time i found out the security with welcome had never been registered) all i have is my BOS mortgage showing. .."

So you know that Coast have a Unsecured Debt! Doesn't matter what the Debt is Called it is NOT a Secured Debt and Coast MUST KNOW THIS because they would have had to register it in their Name.
".. my insolvency practitioner has advised me to send them a copy of my discharge letter which i have done .."

BUT you need to take legal advice because ".. any debt not listed on the bankruptcy cannot be discharged. .."

I strongly recommend that you contact Colin ".. emailing me at colin@joannaconnollysolicitors.co.uk or by telephoning 0330 053 9340. Our initial advice is always free. .."

[The Tech Clerk]

as above

[Still Waving]

It seems to me that the OP should not be bringing it to the attention of Coast that the debt is not actually secured (in case it hasn't clicked with them), as it may give them the opportunity to rectify the situation.

If that is the thrust of the OP's concern - which is what I am gathering from the opening post - then best to leave them in their ignorance. If on the other hand the OP wants this debt to be considered 'Discharged', then I think that can't happen as it was not included in the IVA.

Perhaps the OP can clarify just what he/she is hoping to achieve? The fact that the loan "could or should" have been included in the IVA is moot now, since it wasn't. If anything, that is a matter to take up with the Practitioner concerned, but proving negligence would probably be impossible.

[AndyMac2021]

But can Coast register a standard security with the land registry that is now 13 years old and in the name of Welcome finance, I appreciate everyone's comment's and it is fairly obvious to you all that I am hoping Coast cannot hold me to this - sadly that now appears not to be the case, what is even more galling is a continued to pay Welcome after the start of the trust deed in 2011 at the rate of between £200 and £400 a month so they have had fortunes out of me.

however you live in and learn, I think I will take legal advice and take it from there.

[AndyMac2021]

In addition to the above. Below is the complete text in a letter I received from my insolvency practitioner

YOUR TRUST DEED
I refer to your e-mail addressed to xxxxxxxxxxx. of this office on 23 June 2020
I can confirm that you signed a Trust Deed with on 29 June 2011. The Trust Deed was Protected on 19 October
2011 and you were discharged from the Trust Deed on 06 September 2016
From information you have forwarded it is understood that you are being pursued by Coast Solutions for an
unsecured debt which was incurred prior to signing the trust Deed. Once a Trust Deed becomes protected It
means that no further action can be taken against you for debt incurred prior to the signing of the Trust Deed.
There are exceptions to this, however based on the information you nave provided the exceptions do not apply
to Coast Solutions.
I was discharged as Trustee on 15 November 2016 and as such have no authority to act on your behalf, however
you may wish to provide this letter to Coast Solutions to confirm the position.
You may also wish to seek independent legal advice or contact your local Citizen Advice Bureau in relation to being
pursued by Coast Solutions.

[AndyMac2021]

And also the discharge letter that does mention discharging me from the debts and obligations for which i was liable for, nowhere does it say what or wasn't included.

YOUR TRUST DEED
Please find enclosed your formal discharge from your Protected Trust Deed. This certificate has the effect of
discharging you from the debts and obligations for which you were liable at the date of signing of your trust
deed.
Your discharge is effective from 6 September 2016, being the date it is recorded in the Register of Insolvencies.
I suggest that you keep this in a safe place, in case in the future you are asked to provide evidence of your
discharge.
Please note, I will remain in office as your Trustee until my request for discharge is granted by your creditors
in the Trust Deed. I will not request my discharge until I have completed my investigations with regards to
mis-sold Payment Protection Insurance.
If any on going claim or claim that I instruct is successful, then the funds will be paid to me and held for the benefit of creditors.
If funds are incorrectly paid to you then you must inform me immediately
and make arrangements to pay the funds into your Trust Deed account.
Should you have any queries please do not hesitate to contact this office on the above telephone number.

[Roger]

But can Coast register a standard security with the land registry that is now 13 years old and in the name of Welcome finance, I appreciate everyone's comment's and it is fairly obvious to you all that I am hoping Coast cannot hold me to this - sadly that now appears not to be the case, what is even more galling is a continued to pay Welcome after the start of the trust deed in 2011 at the rate of between £200 and £400 a month so they have had fortunes out of me.

however you live in and learn, I think I will take legal advice and take it from there.

I can't see how Coast can if Welcome couldn't register this! This brings into question the nature of this Debt, irrespective of what it is called! because its a UNSECURED loan. Could this be turned into a SECURED debt by a court if you stopped paying? The Debt is likely to be substantial !

So you really do need to seek Legal advice, I suggest you contact Colin G Quinn

[Colin G Quinn]

Hi all,

The first thing to say; is that you are highly likely not to have been corresponding with Coast. They are an entity unauthorised by the Financial Conduct Authority, they are based off-shore, and the majority of their 'cases' are dealt with by a UK based 'servicer'. Take a look at the footer of any letter you have received from them. That should give you some indication as to who you are actually dealing with.

When Welcome Finance went under, the majority, if not all, agreements were 'assigned' to Coast. I say assigned as I do as I am yet to see evidence of any assignment of anything at all to Coast, save for bald allegations and dubious letters.

You say someone at Welcome must have known the debt was not secured. I can see why you would assume that. After all, most consumers put blind faith in the fact they are dealing with a diligent creditor. The fact Welcome went under should probably indicate otherwise. Now, whether it was unknown or known and deliberately not made known to you, are two very different things.

In any event, the subject access request response you have from Welcome sounds absolutely critical. Keep hold of that.

Are Coast/their 'servicer' threatening any action upon you not making payment to them? What your Insolvency Practitioner has said would appear to be correct, however, that likely won't stop Coast trying their hand.

I am yet to see any Welcome agreement, legal charge, or terms (amongst other things) which are compliant and enforceable.

If you would like to send me the latest correspondence you have received from Coast, I'd be happy to take and look and get back to you on here.

[AndyMac2021]

Colin I’ve got that much stuff right back to 20111 loads of letters the latest one just says it’s imperative I make contact.

there has been zero threat of legal action so far.

they know there is no charge showing on my property as I told them 3 years ago. Give or take.

im more than happy to send everything but how would I do that?

[Colin G Quinn]

Hi,

If you just send me the most recent Coast correspondence as a starter. If you don't have a scanner just take a picture and email it to me. My email address is below.

[Colin G Quinn]

Hi,

I have received your emails. I'll await the Coast documents tomorrow.

Regarding the other documents; before I get into the details regarding the 'credit agreement', can I ask who redacted (blacked out) the signatory of the lender on the agreement itself? Was it you, or was it provided to you like this after the event?