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

[Deleted User]

That's to be expected if you have reduced your payments, and interest has not been frozen.

Kentish_Dave

Kazxa99 wrote: »

I too am very dubious about Coast, my loan with Welcome finance was apparently sold on to them, they are based in Luxembourg not FCA registered either, mine is secured but fighting them tooth and nail to get it either written off or reduced, I've been paying a reduced amount of £100 pcm but when I've asked for a Sar they have sent yearly statements off Welcome finance showing that we owed more after a year with interest and charges even though payments were never missed!

What reason have you for saying that it should be written-off or reduced?

Kazxa99

The reasons being I don't even know if what welcome has done is even legal, by selling secured loan on I mean, I'm passing all on to ombudsmen to look at for me as I'm not getting the answers to my questions, no deed of assignment as I've asked for so this loan, in my eyes not worth the paper it's written on, I'll keep updated after I've contacted Ombudsmen!

lurpdog101

New on here. Reading this thread with interest (no pun intended).

I have been paying a welcome finance loan back for the last 13 years and have paid back about 3 times what originally borrowed, and still have 3 years left. They sold it to Coast Financial last year, and I had nothing from Coast or Welcome except a letter advising me of this. I had actually been paying £40 above my contract to try and clear down, as apparently although I've only missed 2-3 payments of £260, I have arrears of £2300!!! I did PPI and they knocked off £7000 initially, reducing the balance a few years back. (after HUGE battle).

Anyhow, appears Coast have taken the £300 a month which included the £40 as my contractual monthly payment!!! So this information must have been passed across from Welcome.

Also Welcome put me in default a while back and Coast have this year (as was contracting and contract ended with no notice and was out of work for 3 months)....I read that once it's in default, that interest usually stops. But it hasn't....or is that only if it sells to a debt collection for unsecured?

I am going to contact Coast this week to see if can arrange to freeze interest, as I am single income in the family after my wife became too sick to work and sadly will not be able to for the foreseeable. I've told them about this situation before and they ignored me.

toshyboy

I've ran a credit report today, and found an unsecured Welcome loan has just started being reported on by Coast, at my home 2 addresses ago.The debt is 13 years old and being paid in monthly instalments (direct to Welcome). Are they allowed to do this now, with it being so old, as it is killing my improving credit score

DCFC79

toshyboy wrote: »

I've ran a credit report today, and found an unsecured Welcome loan has just started being reported on by Coast, at my home 2 addresses ago.The debt is 13 years old and being paid in monthly instalments (direct to Welcome). Are they allowed to do this now, with it being so old, as it is killing my improving credit score

Luckily your score isnt seen by lenders but your history is.