My secured loan has been sold, does the new company still hold the security on my house?

Gazp1981

A trusted is a Scottish form of a debt management plan which is protected through the court. I don’t see any way of the debt becoming unsecured. But the terms and conditions statement about Welcome going into administration is the more interesting point

D_M_E

The quoted T&C is very interesting - got me wondering if it' was in all their loan conditions and, if so, does it mean that, since Welcome are no more, then all their loans have effectively been written off?

Also makes me wonder if other posters on this thread have cause to complain to DCA's and maybe have any payments made since Welcome's demise refunded?

Gazp1981

I have spoken to the financial Ombudsman who have advised me to contact Coast Finance and raise an official complaint. Once they have responded with a final response letter then they will look into the matter.

scotsguyontour

Gazp1981 wrote: »

A trusted is a Scottish form of a debt management plan which is protected through the court. I don’t see any way of the debt becoming unsecured. But the terms and conditions statement about Welcome going into administration is the more interesting point

I have also have a loan secured on my house from welcome finance taken out in 2008, I’ve been paying over the contracted payment for a couple of years but on the year leading up to them selling to coast I did fall into arrears.

I like the poster received a letter from welcome to advise the sale in may this year and if I’m honest I’ve paid nothing since, I didn’t hear anything from coast up until a few weeks ago, I sent welcome and coast a SAR request and only welcome have replied with a copy of my agreement held on file for audit reasons, It wasn’t a clear copy but you can see my signature.

Coast however haven’t replied yet, But the have sent me a letter today to advise a field agent visit unless I get in touch, My question is are they allowed to take this action without complying with my request? I also read with interest that welcome could be in breach as they continued to take money from me after going into administration, I’d be very interested to hear the previous posters response as advised by the FOS.

Any advice on Coast contacting me because of the non compliance would be appropriated
Many thanks

scotsguyontour

Sorry I meant to ad that because I’m on an interest only mortgage (ticking time bomb I know) the value of my property is slightly less than the mortgage balance - So theoretically Coast wouldn’t get anything if they took me to court or would they consider that fact if I told them and offered a token amount of money as full and final settlement

Gaz83

Gazp1981 wrote: »

A trusted is a Scottish form of a debt management plan which is protected through the court. I don’t see any way of the debt becoming unsecured. But the terms and conditions statement about Welcome going into administration is the more interesting point

I realise I'm late to this, but...

Do you mean a trust deed? Not a trusted?

Gaz83

scotsguyontour wrote: »

I have also have a loan secured on my house from welcome finance taken out in 2008, I’ve been paying over the contracted payment for a couple of years but on the year leading up to them selling to coast I did fall into arrears.

I like the poster received a letter from welcome to advise the sale in may this year and if I’m honest I’ve paid nothing since, I didn’t hear anything from coast up until a few weeks ago, I sent welcome and coast a SAR request and only welcome have replied with a copy of my agreement held on file for audit reasons, It wasn’t a clear copy but you can see my signature.

Coast however haven’t replied yet, But the have sent me a letter today to advise a field agent visit unless I get in touch, My question is are they allowed to take this action without complying with my request? I also read with interest that welcome could be in breach as they continued to take money from me after going into administration, I’d be very interested to hear the previous posters response as advised by the FOS.

Any advice on Coast contacting me because of the non compliance would be appropriated
Many thanks

Presumably the 'non compliance' you refer to is in regard to yourself not complying with the payments you agreed to?

Farmer_Johnson

Gazp1981 wrote: »

Hi, I have the same issue with the original post. I have looked into this and every avenue suggests that the loan is still secured. I wondered if this is still the same in Scotland as our laws are different. But what I noticed on the original T&cs of my loan with Welcome was a section that states. If the contract is unfulfilled due to the creditor going into administration then you are able to sue the creditor for breach of contract? I recently registered in a trusted and it would be ideal if this loan was unsecured now as it would be part of my trusted.

The contract going unfilled means you did not get your money, I assume that you did receive the funds, so this is a non-starter.

DCFC79

Farmer_Johnson wrote: »

The contract going unfilled means you did not get your money, I assume that you did receive the funds, so this is a non-starter.

Cant see Gazp replying as they haven't been back since october.

Gazp1981

Hi, sorry for not replying for so long. Been looking into this and trying to find out where I stand!
I have contacted Welcome and Coast to log an official complaint. Coast have passed all responsibility on to Welcome and have frozen the interest on my account while Welcome investigate it. Welcome have said they will need up to 8 weeks to look into it! I have also contacted the FOS and they seem pretty interested in this case. But won’t be able to do anything until I receive a final response letter from Welcome!
It all looks fishy to me as from the start there were alarm bells ringing with certain points raised.
1. Coast never had a loan agreement for me.
2. When Coast was asked certain questions about my account they advised me I would need to contact Welcome even though they were taking payment.
3. Welcome said i would need to speak to Coast with any matters regariding the loan even though they never passed over my loan agreement!
4. As it stands the name on the loan attached to my property on the land reg is still Welcome Finance.
5. The one which really raised my suspisicon was when I requested a copy of my original loan agreement from Welcome they only sent me page one. When I requested the other part of my loan agreement ie page 2. They took around 5 weeks to send it after initially saying that they had already sent me my agreement in full! The second part of the agreement eventually sent is where it states about the breach of contract!
As it stands i have still to hear from Welcome!
Sorry for the massive post but thought I’d put everything down and will keep you all posted on the outcome!