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  • #16
    Originally posted by Lil84 View Post
    it was secured loan with welcome.

    i have been paying coast £10 a month since 2018. That was in place from the last company that was managing it.

    I have spoken with Coast again today and they said they don’t have the CCA.

    The original loan was 16000. There is £6500 outstanding.

    I offered them a settlement last month (£1000). They refused. That was before I requested the SARS and CCA.

    I really need to remortgage, but I’m really struggling as I need to pay off a few credit cards when I remortgage.

    I see you're paying Coast a modest £10 per month so is this an arrangement to pay perhaps because the original loan term has expired since that seems like a low monthly repayment.

    You've referred to the last company who was managing it, would that be Target by any chance?

    Do you have any arrears on this loan or is everything paid up-to-date?

    Coast won't be motivated to reduce the balance outstanding on a secured loan since they'll be happy to collect the full amount when the property is sold.

    You also say you have "a few credit cards" to pay off, so have you sent CCA Requests to each of those to see if they are unenforceable?

    Di
    Last edited by Diana Mayhew; 30 October 2020, 22:44. Reason: typo

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    • #17
      Hello, I'm in a similar although not the same situation.

      I took out a secured loan for £7k with welcome in 2007 on my shared ownership property I didnt discuss this with the housing association or my main mortgage lender at all.

      I haven't paid anything on to it since 2008/9 and the amount outstanding has been £9695 since i stopped paying even though it was being paid for over a year. I've not really been contacted about it. It's not now and has never been on my credit file.

      It is a second charge on my property and i've confirmed that with land registry, its labeled to Welcome finance.

      Every now and again Coast send me a default notice about the outstanding balance, and thats it.

      However I'm now looking to sell my house and assume that whatever equity there is will go towards the welcome balance. I did ask about whether i was sold PPI years ago with the welcome loan but apparently I wasn't.

      My main question is, is the amount to be paid to welcome who have the charge on the house still enforceable, does it just get paid automatically or should this be paid to coast who have been writing to me?

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      • #18
        Originally posted by MurrayJA View Post
        i've confirmed that with land registry, its labeled to Welcome finance.

        . . . . I'm now looking to sell my house and assume that whatever equity there is will go towards the welcome balance.

        My main question is, is the amount to be paid to welcome who have the charge on the house still enforceable

        Hello

        Do you mean that Coast does not show as having a registered charge on the property on Land Registry or have I misunderstood your post?

        Di

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        • #19
          Hello, thats correct, it's only Welcome that have the charge on the property, should that have been changed to Coast?

          Thanks

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          • #20
            Originally posted by MurrayJA View Post
            it's only Welcome that have the charge on the property, should that have been changed to Coast?

            Good question

            My answer has to be: was it an admin error by Land Registry (or someone else in the chain of events) which can be remedied retrospectively, or was the account/loan/debt ever lawfully assigned to Coast?

            Di

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            • #21
              Good question, if it wasn't lawfully assigned to coast would that just mean the balance would be paid to Welcome automatically, or at least the administrators? I'm almost too nervous to contact them directly as they haven't been demanding for payment and theres not been anything on my credit file ever.

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              • #22
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                • #23
                  Sorry sent without writing anything ????.
                  let me know if I can post this here?will remove if not. Does this mean Coast will receive the money?

                  thanks

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                  • #24
                    Hi Lil84 just wondered if you had a resolution for your coast/welcome charge. I've since checked with Land registry and there is a deed of variation to coast financial so I assume that the debt will automatically go to them when I sell my flat. I've look at loads of threads and seen things about secured loans being statue barred of there was no communication or payment for 12 years and wondered if I could use this, but not sure its possible. Any luck for you?

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                    • #25
                      Hi,
                      I managed to settle for just over half of the amount owed.
                      It was a nightmare to be honest.
                      They won’t give any indication of what they will except. Apparently every case is treated individually.
                      I offered a very low amount, they instantly refused. Offered just over half they came back and said they would accept abit more. I refused and said it would put me in financial difficulty. They eventually accepted.
                      if selling though they will prob want the full amount.
                      I was remortgaging, settled before the remortgage.
                      good luck

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