Coast / Welcome Nightmare

[bob-k]

Ive been a customer of Welcome finance for 12 years having unsecured loans up until around 5 years ago when I took out a secured loan,

 

From memory it was around 22k (I have requested a breakdown of info from welcome so will report back with that)

 

Paying back currently at £250 a month until

this month and last when I had no choice but to miss the payments.

 

Having discussed this with welcome I asked for a breakdown of the remaining payments,

to which I was blown away to find out there are 178 monthly payments remaining at that payment amount.

 

By my calculations I have paid them back approximately £15 000 with another 44 500 remaining.

 

Im not in a position to up the payments to clear it off faster and pay less interest.

Have I any other options other than to just keep making the payments?

 

I haven't claimed PPI back on this account,

im going to research into that now,

however from the limited looking around I have done

I believe I am past the time limit as with this loan being 5 years old my previous 3 unsecured loans will be at least 6 years old.

 

Again the information above might not be totally accurate,

but its what ive been lead to believe on the phone.

Ill report back with more accurate information when I have it.

 

So first thing first,

Wait for the documentation requested from WFS,

 

Then send in the information request along with the £10 as outlined in one of the threads above,

and then start persuing the PPI aspect,

However im wondering is there anything I can actually do about the loan?

 

In the mean time, thanks for reading and any basic advice of what way I should move forward would be appreciated.

 

Thanks

Bob

[dx100uk]

an sar to welcome

get all the info.

 

if you have had and have refinanced

you've undoubtedly been done over by PPI rollover numerous times.

 

as for the current loan

have you looked at your credit file?

are there any defaults for any credit showing ?

from anywhere?

 

dx

[bob-k]

Ill get onto the SAR request over the weekend to get all the information I can from them.

 

I am 100% sure I have had PPI on at least one account,

I specifically remember them telling me the only way they could give me the loan was with PPi

as I was young and an apprentice so my job wasn't secure (13 years later still there)

 

There are defaults showing but I haven't checked in the last few weeks to see if there is one from welcome for the recent missed payments,

they are with other companies, and I am working off paying them as much as I can afford

while still maintaing my priority debts.

 

There is also a CCJ on there,

However I have contacted the company that requested this judgement to confirm that this has been satisfied,

They have sent both myself an the register a letter confirming that it has been satisfied,

and I have confirmed that it has now been removed from my credit report.(in the last week)

 

Thanks for taking the time to reply. It is appreciated.

[dx100uk]

ok if you have defaults then one more wont hurt.

 

 

I'd drop the payment to £1 PCM or whatever afford comfortably!!

 

 

dx

[bob-k]

And just leave it there at that amount forever? Surely the long term goal should be to get rid of them for good?

[dx100uk]

you need the info first bob.

 

then we'll know what you ACTUALLY owe

after your PPI+ reclaiming

 

I would also stay off the phone

 

TELL [dont ask] them they are only going to get £xxPCM for xx mts

as a goodwill gesture

and as a reciprocal GOGW they must freeze int & refrain from levying PENALTY charges.

if they wont

drop them to £1PCM for life.

.

as an example>

.

I am currently in financial difficulties and not able to meet my normal monthly repayments.

to show my goodwill, i am going to pay £5 for 6 mts.

 

i will update you in 6mts time or before, should my situation change.

.

could you please as a reciprocal goodwill guesture,

.

refrain from levying any penalty charges & freeze the interest on my account.?

.

Should you fail to assist me during a period of financial difficulty, contrary to all the guidelines and codes

issued by the relevent bodies and authorities that govern you and the way you conduct yourselves.

.

i shall have no alternative but to reduce my offer to £1PCM for the rest of the life of the account,

.

.

as your actions would do nothing to help me.

.

i thank you for your time.

…....

then pay by your internet banking site

.

and get reclaiming

.

TAKE CONTROL

.

or

if you have sent the above and they refuse

then write back........

..

i'm sorry, but you have failed to assist me during a period of financial difficulty, against all the guidelines and codes

issued by the relevent bodies and authorities that govern you and the way you conduct yourselves.

i repeat again, the contents of my letter dated dd/mm/yyyy, for want of clarification:

to show my goodwill, i am going to pay £XX for XX mts

could you please as a reciprocal goodwill guesture, refraining from levying any penalty charges & freeze the interest on my account.

 

i will update you in 6mts time or before, should my situation chance.

should you fail to help by refraining from levying unlawful PENALTY charges & freeze my interest,

i shall have no alternative but to reduce my offer to £1PCM for the rest of the life of the account,

as your actions are doing nothing to help me.

This is contrary to the rules you should operate under.

disgruntled account holder

dx

[bob-k]

Fantastic piece of information there. Thank you.

 

Ill stop the contact by phone once I receive the first set of documentation from them that ive requested

to outline the previous payments and payment schedule for the rest of the loan.

 

Ill also, Next time they call (expecting it to be tomorrow)

request that all correspondence be in writing from this moment onwards

and request a copy of the original consumer agreement (although I would hope it is contained within the previous request)

 

Then over this weekend I will draft up the SAR letter,

arrange the £10 Postal Order send that to their head office,

and draft up another letter following your outline above,

send it to the darlington office who hold my account and get them both in the post on Monday.

 

Thanks again for all the help, It really is appreciated.

 

 

Ive had my head in the sand for too long with this.

 

 

I guess im also partly lucky though, being in northern Ireland there is no doorstep recovery,

and they don't have a local office in Northern Ireland anymore

[dx100uk]

doesn't matter about doorsteppers

they ARE NOT BAILIFFS

and have

NO SUCH LEGAL POWERS.

 

 

IMHO the sar is your priority here

 

 

dx

[bob-k]

Ok, Thanks for that. Ill move it to the top of the list and get on with it over the weekend.

 

 

Thanks again

Bob

[dx100uk]

do it tomorrow

simply print the SAR

go get a £10 PO

Post them off

at the same time in the PO get free proof of posting.

 

have you moved in the timespan of all these loans with welcome?

the quicker you get the info the better.

 

dx

[bob-k]

Yes I have, Through 4 addresses including the house I live in now, which the secured loan is registered against.

[dx100uk]

I would

to stop any chance of confusion

include a list of your passed addresses.

 

 

at the top of the sar

[bob-k]

Im looking for a little (Or a lot) of help

in 2007 I purchased a house under a Government Funded Co-Ownership scheme,

then later in 2007 I took out a loan with welcome.

(it had been refinanced a number of times over the years and now refinanced in to a secured loan)

 

I couldnt afford the repayments, and after being young and stupid for a while I decided I would try and get my finances back on track, and made a payment arrangement with them, Which was fine until COAST took over the loan.

The numbers -
Original Loan Amount £20k (just shy of)
Paid So Far £20,045
Balance £15,900 (&Change)
Of which £10k is arrears.

Since then, Ive gone back over the documentation with my mortgage company, and co-ownership scheme, and not knowing (and reading, young, stupid) at the time its prohibited to take out a secured loan on a property.

 

The property is also substantially in negative equity.(valued at around 60% of original purcahse price) Welcome had these documents at the time (to the best of my knowelge)   

Coast have now made me aware that they may take legal proceedings to recover the debt,

But Ive managed to get them to agree a formal arrangement for a few months.

Ive also noticed they have just appeared on my credit file, so no doubt all my good hard work will be sacrificed now.  

Can they start reporting now that this account is in arrears?

IE bad marks moving forward?

Or only at the time of the arrears?  

My credit rating was just starting to improve too

Since then, Ive got married, Moved out of that house, (its now rented because it cant be sold) and moved in to my wifes house.

to whom I pay rent. (rental of the original property covers most of its own costs) and we have not long had a baby, so needless to say this couldnt have come at a worse time and Im a bit worried.

Ive requested a copy of the original agreement from Coast, as I can not find the original

Any advice on what to do or how to proceed forward with this?

[dx100uk]

it cant comeback on your credit file as it was defaulted +6yrs ago I bet.

old and new threads merged.

 

so you never bothered to do the sar in 2014 when advised above?

and you've been paying all this time without ever coming back here?

 

 

[bob-k]

Yes. It would have defaulted more than 6 years ago. 
 

nothing is showing on my credit file as yet, just a notification to say that the account had been added.

In that case I don’t have anything really to worry about here in that regard as the account already defaulted?

In that case I struggle to see why they are reporting to the credit reference agencies, but ok. 

 

You would be correct in that regard.

I have had some stuff happen that simply took priority over this, and then it was just forgotten about until Coast made contact with their threats of legal action etc.

 

Id have probably paid to my arrangement for the rest of my life and forgotten about it.

The interest is frozen and it was such a nominal amount. 

I take it that is no longer the reccomended first step to send the SAR to welcome since they have now closed?

 Can I still get some help here or so I need to seek elsewhere?

 

thanks

rob

 

Sorry. Just to add. 
 

I haven’t been paying them the contracted amount.

And the interest has been frozen on the account 

[BankFodder]

I'm sure that @dx100uk will be along to answer your latest questions. Although it's Sunday and it may not be today.

[bob-k]

Thanks for that @BankFodder  I’m not exactly in a rush,  but very appreciate of anyone who takes the time to give some input. And thanks to @dx100uk for everything so far

[dx100uk]

ofcourse you can send welcome an sar

let's get the truth on what really happened here.

memories can play tricks esp as this was a consolidation loan, and probably full of all manner of unlawful reclaimable penalty fees and insurances.

 

there are a few threads here regarding coast. use our search top right and go READ THEM, get upto speed.

none as far as I remember went anywhere other than willy waving.

 

read these:

 

https://cse.google.com/cse?cx=partner-pub-8889411648654839:3134625398&q=welcome coast&oq=welcome coast&gs_l=partner-generic.3...4479.8772.0.9118.13.13.0.0.0.0.195.1054.12j1.13.0.gsnos%2Cn%3D13...0.4313j1704049j13...1.34.partner-generic..13.0.0.InoNopg4ABI

 

 

[bob-k]

@dx100uk thank you for the link about the SAR. I’ve had a quick scan and it’s very detailed, I will read it properly tonight and write up the request and post it off tomorrow

 

should I be sending that to Coast as well? Or do I just stay as-is with them for now?

 

Ive has a read over a fair few threads on here about Coast/Welcome but I didn’t find any that had a positive result/outcome. Most still seemed to be in discussion. 
 

I will read some more. 
 

one final thing. Is the address correct as found on google for where to send the SAR?

 

or does it need to go to the liquidating company?

 

 

thanks again. 

Edited February 9, 2020 by bob-k

[dx100uk]

welcome are not in liquidation they still exist.

 

I would not go poking Coast until/unless you get a letter of claim or something from one of the numerous fake/tame paperwork only solicitors they use letterheads from.

 

as you've already spotted , which backs up what I said earlier, Coast just willy wave, so threads turn into a discussion because they actually never do anything other than threaten even if they do goto court if you read the Cruz thread (sorry its long) they have little legalwise to backup their claims IF things are defended PROPERLY ...hint hint don't go head in sand.

 

 

[AndyOrch]

Ed Boyle and Ben Leith of KPMG LLP and Sarah Rayment of BDO LLP were appointed as Joint Liquidators of Welcome Finance - in Liquidation - on 16 December 2019.

 

http://www.wfs.co.uk/

[bob-k]

that’s what I saw earlier when looking for an address to send the SAR too. 

 

I’ll have a read over those threads, sort the SAR and hopefully something comes of it

 

ive already read something about a CCA? That others have sent to Coast, but I’m not sure what this is or if any benefit, so will leave them for now as @dx100uk has said. 

[dx100uk]

as far as I am aware and I'll check this but I know someone local to me that sent an sar certainly over the xmas/new year period to welcome and got all their data, theres has been sold to coast too,

 

though he did say he had a letter from coast stating that the charge should have been removed by welcome as coast were prevented from changing it to their name by LR when they tried.

 

sadly as with the OP above, he is busy with the coming lambing too and so will me and the dog..so confirmation of where it came from might be a while...

though again someone here on CAG got theirs from coast (sar)

[bob-k]

Is it worth me then querying with land registry as to what charges are on the property? And if so is there a correct way to go about it?

 

On the letter I received recently from Coast, it states that the default date is 18/2/15, so will still appears on my credit file which isn’t great, but not too bad. I’d be intrigued to see if that lines up with whatever may come after the SAR to welcome
 

they have also enclosed a copy of the loan agreement for this loan, but not the previous from the roll overs. 
Along with that is a mortgage agreement (or so it seems) however it is not dated on this copy at least which is very odd. 
 

I have the SAR sorted and will post on way to work tomorrow and see what welcome come back with 

[dx100uk]

goto the .gov.uk land registry site 

only cots £3

 

make SURE its the .gov.uk site else you'll get scammed +£40.

 

dx