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welcome finance offering £1k settlement on £12k debt?? - what gives?


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it would appear that something is up at Welcome Finance

 

I received a call the other day saying that they are willing to accept £1000 as settlement of my £12k loan

which went into default in 2008.

 

It maybe a revelation that since I am only paying £10 a month

they realise that it may never get fully paid off

especially since we are also in negative equity in regards to the house.

 

BUT I think there is maybe something else happening

 

but would ask members of this forum, etc to get digging

and maybe see if Welcome are closing down, etc.

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own thread created

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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welcome finance closed down about 5yrs ago.

 

ever sent them as sar

and get all the statements?

 

prob find you have all manner of fees/insurance/ppi/mif etc etc

they really did spoof people blind.

 

have you the agreement?

is there still a charges if its a secured loan?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

It's been frozen for years and we are only paying £10 per month on a £12k debt

 

it is still secured but (luckily) we have severe negative equity as it was one of Northern Rock's fabulous 125% mortgages and the price of the property is no where near what is owed even given for inflation and (any) house price increases.

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got that sar running yet??

 

are you sure the charge IS still listed on land registry?

 

AFAIK they removed all charges years ago, they had too.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 4 years later...

Coast are a con. Beware!!

CFS - Coast Finance Solutions are a company that is setup in Luxembourg and they do not have FCA authorisation unlike WFS - Welcome Finance Solutions who (for their faults!) at least did have FCA approvals. Due to this they have got Target Servicing Ltd to 'manage' the account on their behalf. Target DO have FCA permissions...to a certain extent. All letters that you receive will be from Coast BUT 'administered' by Target. When you call the telephone number you are talking to Target, not coast. Target say that they have a SLA - Service Level Agreement in which they are authorised to perform certain functions without consulting Coast ie agree payment arrangements. 

 

Personally, I have sent a complaint to the FCA and FoS - Financial Ombudsman Service. The FCA won't update you on the complaint which is why you also need to copy it to the FoS. However, you can only send it to the FoS after you have got a final written response from Coast/Target (OR your complaint is over 8 weeks old) about your complaint. 

 

I would suggest asking/complaining to Coast/Target that payment arrangements are being made by Coast (because they are on Coast headed paper) BUT Coast cannot make such agreements as your loan/mortgage is a "regulated product". 

 

The way in which Coast/Target are trying to get around this issue of FCA regulation is by allowing Coast to "utilise (Target) our FCA approvals...". I am certain that is now allowed as it'll open a Pandora's box for anyone else to do the same!! 

 

Therefore, write to Coast/Target about the above and more if you have it....then get a final written responce out of them ....then complain to the FCA AND FoS.

 

Phew...

 

Anyhow...I would be pleased to receive an update from yourself and anyone else who is having issues with Coast/Target.

 

Cheers. 

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Totally immaterial..stop wasting your time chasing various ghosts on the end of your tail.

 

the luxy links have been going on since the 1990's across the industry

 

DX

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

I'm curious about the Target and Coast involvements especially where Target are FCA approved and Coast are not BUT all communications are from Coast but it is Target staff writing and signing the letters. If 'Coast' write to you agreeing to this that and the other then  my understanding is that they are NOT authorised to do that as the loan/mortgage, etc is a regulated product.

 

No? 

 

What is your opinion on the Coast/Target scenario?

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posts moved to your existing thread..

 

as said, most of this luxy owned stuff and who acts in this country is immaterial.

 

so what is your actual problem?

 

paying when you don't think you should?

 

stop chasing your tail.

 

dx

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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