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Staffs743

Coast Finance Solutions / Welcome

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Hello. I realise I'm perhaps joining the Coast / WFS party a little late but I'm looking for a little help, or signposting to someone who can help. 

I've an old loan (secured) with WFS that was taken out in 2007 for £17k.

 

Long story short, access to credit was tight and desperate measures called for desperate lenders - e.g. Welcome Finance.

The total credit (including charges) was £20k, with a 121 monthly repayments at an interest rate of 17.46% leaving a total payable of £40k.

 

There were irregularities in setting this loan but I'd rather not outline those here. 

Payments were being made until difficult times (financial crash) during which Welcome were extremely dreadful in supporting and helping to the extent I had to complain to their parent company, Cattles. The upshot is that around £11k has been paid, the interest stopped at 0% and an outstanding balance of £19k. 

 

The debt has since been sold to Coast.

I have tried to reason with this company, offering two settlement proposals, but have been unsuccessful.

It looks like they want to recover the whole £19k, which seems a little unfair tbh, considering the stress I was put through by Welcome, the fact they got into trouble in 2011 for irregular lending and are currently in liquidation, and the fact the now sold debt would have exchanged for pennies in the pound - although I've nothing detailing what the debt was sold for. If it was sold, as there does appear to be tenuous links between WFS and Coast (based in Luxembourg). 

 

As it stands Coast won't tell me what they will accept as a settlement and I'm currently paying £200 pm (for the last 2 months) until the end of this year, following which they've requested payments default to the initial agreed payments (with WFS) of £326. This seems a little odd but there you go. I'm keen to settle (assuming we can remortgage) as I do not trust Coast one bit. However without any idea of settlement it's hard to have a sensible conversation about this. 

 

I've spoken to a couple of solicitors and there may be irregularities in the finance agreement but it's going to cost me around £700 to find out, with no guarantee of success. I'm keen to hear from anyone who might have gone through the settlement process with Coast, or perhaps has similar WFS agreements that have been found to be irregular in order to obtain leverage. 

 

Thanks in advance. 

 

 

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got every statement and the welcome comms log?

if not, I believe the administrators of welcome still honour SAR requests

so might be best to findout how much of this secured loan is unlawful stuff that shouldn't be there and can be reclaimed.

 

has that come from a cca request to coast?

if not do one.

 

Look for any repetitive fixed sum entries late/letter/arrears/dd fail

And also any insurance s on the agreement...all are reclaimable

 

Read the cruz thread 


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Posted (edited)

Thanks, yes I have the WFS response to my SAR but, in all honesty, I'm not sure what I'm looking at - or for i.e. what might be considered unlawful. 

 

There's not a full copy of the credit agreement, as the bottom of the agreement has been overlaid with another sheet (possibly scanned or copied in a hurry) meaning I'm unable to read the full sheet; and I cannot find information of the selling of the loan to Coast. Apart from that it shows the letters and statements, my complaints and requests for support from WFS and the like. 

 

You can see what I mean by the overlaying of another sheet on the agreement.

This appears to be the only copy of the agreement within the SARS info.

There's no signature or name of the person who completed this on behalf of Welcome.

Not sure whether this means anything but I guess it could do. 

 

The info I have is from a SARS requests from WFS. I have all the comms logs and statements within that. 

 

The Cruz thread? 

Screenshot 2020-03-19 at 14.02.17.pdf

Edited by Staffs743

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thread tidied.

there is no link between coast and welcome

 

what you hold is immaterial.

 

send coast a CCA request

 

go up on the .gov.uk land registry site

for £3 you can get your current deeds.

check coast are now listed as the charge owner.

 

the most important thing is what you've glossed over:

There were irregularities in setting this loan but I'd rather not outline those here.

 

we need the full story

 

as for cruz

sorry its a LONG read but tells you everything you need to know or what to do.

https://www.consumeractiongroup.co.uk/topic/394686-welcome-secured-loanscharge-sold-to-alphaprime-repo-received-claim-dismissed/

 

 


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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There's a link between Target and Welcome; and Coast are administrated by Target.  

 

I've made SARS request to Coast, as suggested by ICO, but will also make a CCA request.

 

When I checked on Land Registry (last August) they had WWFS asa unilateral notice, from the time of the loan, and Coast as a beneficiary from when they purchased the loan. I'm assuming that an overseas company can be listed as a beneficiary?  

 

Thanks for Cruz. Re the 'full story' - happy to share but not on an open forum. 

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once you read that thread and this one 

I think you'll understand why its better to spill the beans but ofcourse not pers info.

 

target are just front administrators in the uk for whomever wants to use them as far as I remember.

but sadly most threads go dead.

 

there have been reduced settlements if there are insurances involved from the org agreement.

one here

 

and obv by reclaiming unlawful charges too

 

 

 


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

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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