Coast finance company threatening to repossess our home

[Peeps123]

good evening

if anybody could offer me any good advice, I would be very grateful.

 

A long time ago we took out a secured loan with welcome finance and after a couple of years I lost my job during a recession. 
we renegotiated with welcome a new payment profile but they stopped communicating with us and instead sent us several letters saying we were in default. 

we stopped  hearing after a while and then heard that welcome had dissolved and then out of the blue we got a letter from coast stating that we owe them £21000 and if we don’t pay the debt or make an arrangement with them, they would take measures to re-possess our house.

 

my partner contacted them to arrange a payment agreement of £250 a month but the woman on the line insisted on taking all our outgoing details and demanded we pay £500 per month.

 

we explained that this was not possible and the woman said she would come back to us to confirm if they were pre-armed to accept our offer.

 

last week we received a letter from coast stating that if we did not agree a payment agreement with them, they would instruct solicitors to re-posses our home.

 

my partner called today and offered £375 per month and a £1000 each April when I receive a small work bonus.

we paid £375 today as a goodwill gesture but still insisted on an outgoings conversation before an agreement is in place.

 

what I found odd is that we have to contact them and pay 3 payments before they will set up a direct debit for the agreement….this sounds a bit suspicious to me.

 

can coast force the Sale of our house as I have read different things on the internet tonight stating they can’t because they are not regulated by the FCA….we would greatly appreciate any advice as we are besides ourselves with worry.

thankyou

[dx100uk]

there are lots of stories here regarding our friends coast, but first please pay a bit of worthy attention.

 

there is a very big 'drive' and i use that word wisely about, what i'm sure will turn out to be another nonsense 'class-action' by a very large no win no fee firm, again spouting that foreign debt buyers who are not registered with the FCA are not capable of repossessing homes on secured loans they have mass purchased.

 

as ive said elsewhere this has popped its head up numerous times over the last 30+ yrs with the likes of asenden redstone  nram etc etc that has all done the same and they never went anywhere....so be careful. what you read and what you believe!

 

 

now you own story...

so you refinanced 

thats good as i bet the refinance was not signed by you.

 

now there is SOOO much to read regarding welcome and coast

use our enhanced google search box for coast and get reading up. Particularly the cruz thread.

 

shame you fell for their tactics and you rang them...NEVER EVER DO THAT!

they will lie over the phone simply to get money out of you !!

and yep they won that part already.

 

i suspect all you got was a threat-o-gram, and thinking their pet DCA or whomever had some magical power like bailiffs which they DONT (a DCA is NOT A BAILIFF) you fell for it all.

 

the issue you all have is the loan is secured and i will suspect if you check your deeds on the landregistry.gov.uk site, you'll see welcomes name no longer appears but coasts does?

 

you've alot to do to get upto speed but one thing you must do is find all your paperwork that you can please

and get an sar running to welcome finance too.

 

Programmable Search Engine

CSE.GOOGLE.COM

 

^^^clickme

 

 

 

[unclebulgaria67]

In your situation, it might be worth getting financial advice,  to see if there is some way of re-mortgaging or consolidating debt to pay off the Coast and instead owe money to a Bank that works to higher standards.

 

Companies like Coast will try to make it as difficult as possible for you to keep up with repayments. They almost seem to want people to fail,  so they can make more money from repossessions.

 

[dx100uk]

lets workout what the real debt level is 1st.

 

99% of the time more than +50% of any old welcome debt is made of unlawful penalty fees and numerous insurance that were never agreed too nor needed.

 

dx

[Peeps123]

Hi

i have never dealt with such vile people. Tonight we had to go through our incomings and outgoings with them and they are impossible. We have to call back tomorrow with how much we spend a year on clothes and they will then refer it to a senior manager. 
 

We have offered £375 a month which will clear the debt in 5 years. If they take us to court to have our house repossessed, would a court rule in their favour of them if we have made a commitment to pay this much a month…?….We borrowed the money and accept that we pay it back. Also does anybody have a recommendation for a solicitor that is familiar with this who may take this up should it go to court.

thankyou

[unclebulgaria67]

as dx advises abpve.  send subject access request ( SAR) to get hold of all statements of account and all other information held. 

 

SAR' s to Coast and Welcome may provide very useful information.

 

How much are the arrears approx ?

 

How long ago did you default ?

 

When did you last make any payment or admit to the debt in writing ?

[dx100uk]

please please please

take notice of what i said earlier...

STOP TALKING ON THE PHONE FROM NOW ON ...WRITING ONLY..PUT THE PHONE DOWN!!

 

do NOT ring them.

 

they've got you on a string, get off it now!!

 

they cannot just click their fingers and get your home...you are being scared into wetting yourself by threats they make over the phone that hey would never darn to put in writing, as they would be fined by the relevant authorities for saying them.

 

have you read our coast threads yet?

if not stop what you are doing

follow my link

go spend the night both of you reading them..

 

wise up to these cash cowing liars!!

 

dx

 

[Peeps123]

We are just worried that they will put in motion their threat to start repossession procedures in the meantime…

[dx100uk]

and who says they will win??

 

any such proceeding dont just end at the click of a finger

it would be MONTHS before even a court case....

 

please stay off that phone

go read those threads

you MUST wise up!!

 

dx

 

[Peeps123]

I’ll do exactly that. Would it be wise to write and make a monthly offer to show that we are at least trying to sort out the problem should it go to court. We  have a 14 year old son and dont want to risk losing our home because their letter stated that if we don’t agree a solution within 15 days they will start proceedings against us and today is the 15th day. The problem is - is they only put a phone number on the letter ..

[dx100uk]

you write but why bother, get an sar running to welcome finance and one to coast

there address is on letter in just about every thread in the coast link i sent.

 

yes pay what you can when you can but ENSURE the other debts that harm the roof over your head are paid FIRST.  rent/mortgage/gas/electric/CTAX. etc 

 

as for all non priority bills like mobiles/digital tv/cards/non secured loans/bank OD's  etc etc drop them to £1PCM to pay this debt and the other priority debts .budget properly