WFS/Coast - no copy of loan agreement

lurpdog101

I had a loan with Welcome. They went under, Coast Finance took over. I have astray cked for a signed copy of the original credit agreement but they keep skirting around it (I never asked citing the relevant act). However, I need to know, is it still valid for me to write to them and ask for the original signed agreement? Does the law back me up and make it unenforceable if they cannot provide a copy? They recently replied to one complaint, which took them 2 months, where I had said WFS had offered payment breaks without telling me the consequences....and ruled that no evidence exists....yes, because they told me over the phone!! Not my fault that they didn't make notes...or rather yes it is.

Anyway, what happens if they cannot provide me with a signed copy of the original agreement? (which was taken out at a branch of Welcome Finance in 2005)

Caz3121

from National Debtline

Consumer Credit Act request under sections 77, 78 and 79
You should be sent a ‘true copy’ of your agreement that is easy to read and a statement of your account signed by your creditor. The ‘true copy’ must contain all the terms and conditions from your original agreement, information about any changes made to the agreement and your name and address at the time that you took out the agreement. It does not have to include a signature box, signature or the date of signature from your original agreement.

The statement of account should be signed by the creditor and tell you:

how much you have paid (if you borrowed a fixed amount);
how much you still owe; and
what you still have to pay and when.

sourcrates

You make a written request under section 77/79 consumer credit act 1978, using the National Debtline template letter available from their website, and enclose the statutory £1 payment.

Stay off the phone as they have no legal obligation to take any notice of you.

They have 14 days to provide you with a copy of your credit agreement, but expect to wait at least 6 months.
It does not have to be the original signed piece of paper, a reconstructed version is acceptable, it does not require your signature to be on it.

If they cannot provide what they are supposed too, it renders the account unenforceable in court.

What that means is they cannot use the courts to enforce their rights, the debt will still be live and collectable, they can still ask you to pay, and they can still report to your credit file, they just can`t use the courts to get their money.

Willing2Learn

@OP

...And since I am passing through, I might as well provide you with the link that describes the process:

Debts - why, how & when to ask for the CCA agreement

penelopepitstop1

I am in a similar boat.  I have been trying to get advice on this but getting passed from pillar to post.  Shelter cannot advise me as they only deal with organisations on specialist issues such as this.  I also had a Welcome Finance 'secured' loan which has been passed to Coast.  I was paying reduced payments to Welcome which they accepted.  But when Coast took over, they sent a field agent to my home and started pressurising me.  I have appointed a third party to deal with my debts.  They have not sent a field agent since, but not sure if this is because of COVID or whether they have backed off.  I have a copy of a 'loan agreement' but it looks like a pre-loan agreement.  It doesn't have any signatures on.  It says This is a Copy of the Lo an Agreement.  Underneath it says Copy of proposed credit agreement containing notice of your right to withdraw.  I want to know if the loan is enforceable and don't want to lose my home.  I have been paying what I can afford but they keep heaping on interest and the amount I owe is way above what I borrowed over 10 years ago.  Any advice would be gratefully received, thank you.

sourcrates

If your loan is secured, then non payment is not an option, unless you want them to repossess your house.

This is why secured loans can be a very bad idea, your stuck with it basically.

DCFC79

penelopepitstop1 said:

I am in a similar boat.  I have been trying to get advice on this but getting passed from pillar to post.  Shelter cannot advise me as they only deal with organisations on specialist issues such as this.  I also had a Welcome Finance 'secured' loan which has been passed to Coast.  I was paying reduced payments to Welcome which they accepted.  But when Coast took over, they sent a field agent to my home and started pressurising me.  I have appointed a third party to deal with my debts.  They have not sent a field agent since, but not sure if this is because of COVID or whether they have backed off.  I have a copy of a 'loan agreement' but it looks like a pre-loan agreement.  It doesn't have any signatures on.  It says This is a Copy of the Lo an Agreement.  Underneath it says Copy of proposed credit agreement containing notice of your right to withdraw.  I want to know if the loan is enforceable and don't want to lose my home.  I have been paying what I can afford but they keep heaping on interest and the amount I owe is way above what I borrowed over 10 years ago.  Any advice would be gratefully received, thank you.

Who is this third party you have appointed to deal with the debts ?

Quicker you get it paid the better.
Just dont stop paying.

Duke203

lurpdog101 said:

I had a loan with Welcome. They went under, Coast Finance took over. I have astray cked for a signed copy of the original credit agreement but they keep skirting around it (I never asked citing the relevant act). However, I need to know, is it still valid for me to write to them and ask for the original signed agreement? Does the law back me up and make it unenforceable if they cannot provide a copy? They recently replied to one complaint, which took them 2 months, where I had said WFS had offered payment breaks without telling me the consequences....and ruled that no evidence exists....yes, because they told me over the phone!! Not my fault that they didn't make notes...or rather yes it is.

Anyway, what happens if they cannot provide me with a signed copy of the original agreement? (which was taken out at a branch of Welcome Finance in 2005)

Why don't you use your copy of the agreement?