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scotsguyontour

Hi all, I am looking for some advice on a historic loan with WFS sold to CFS in 2018.
Basically I took out what I thought was a secured loan with WFS in 2008 and was paying this loan right up until 2011, in 2011 i entered a trust deed (Scottish version of an IVA) and this wasn’t included as was thought to be secured against the property, I continued over the next 4 years to pay both the trust deed and the loan which was hard going but I got there in the end, I was discharged from the trust deed in 2016 and continued to pay the loan until 2018 (I was always in arrears with the loan even at the start In 2011) anyway for one reason or another probably by digging around online I found out that WFS actually didn’t register some of their loans with the land registry so in effect no security on the loan. 

I found out that no security ever existed even in 2008 so this loan could have and should have been included in the trust deed, However CFS keep sending me a signed standard security and loan agreement and are standing by “the loan is still valid” and also my insolvency practitioner have said send them a copy of your discharge and tell them to not contact you.
Obviously that hasn’t worked as they keep sending me letters etc, The arrears now are almost the same as the outstanding balance as I haven’t paid a penny since 2018 when I found out about the land registry.
Now I know a lot of people will say you borrowed the money so should pay it back and if it was secured I’d suck it up and get on with it, I complained to the FOS which was a waste of time as they were only interested in what happened after 2018.
the FOS aren’t interested that WFS must have known the loan wasn’t secured or the registry failed for whatever reason but surely that’s not my fault - if I make a mistake in my job I have to own up and put my hands up.
I continued to pay almost £30,000 to WFS after 2011 most of which wouldn’t have been payable under the trust deed, Does anyone have any advice on what to do? Should I complain to the insolvency practitioner? Should I seek legal advice? WFS are out of business so can’t hold them responsible.
Worst of all my credit rating was getting better and now has been destroyed as CFS have started reporting the loan to the CRA,s - I almost feel as if going into the trust deed in 2011 was a waste of time as I’m back to square one.
Any advice would be greatly appreciated. Thanks. 

flipflopflo

Hopefully @fatbelly, @sourcrates or @debt_doctor will be along to help you as they are pretty knowledgable.

sourcrates

Hi,

What an odd situation, i`ve never heard of that before, the loan is either secured or it isn`t.

So you are saying they never registered a charge on your property, bit of a schoolboy error on their part.

For the debt to be covered by your trust deed, you would have had to specifically add it to your arrangement, as you assumed it was secured by a charge, you didn`t do that, hence you are still liable.

You do mention you have been behind with loan payments, you also mention you have exhausted the complaints process with the FOS, the IP is not to blame, as it is your job to make sure all debts are accounted for, not their`s, so i`m not sure what advice you are seeking.

To be fair, if the loan had been secured on your property, you may have been homeless by now, as things stand the debt will continue to accrue interest until it gets defaulted.

The fact they failed to register the charge is unusual, but does not constitute reason enough to stop making payments.

How much do they say you owe ?

prendergast1

hi guys  need help i have a a secured debt on my title deeds despite paying it off over 20 years ago
and supposed handler coast financial solutions in luxembourg do not answer there emails and have no phone number 
cannot get get my new mortgage until discharged  can anybody help ?

RAS

prendergast1 said:

hi guys  need help i have a a secured debt on my title deeds despite paying it off over 20 years ago
and supposed handler coast financial solutions in luxembourg do not answer there emails and have no phone number 
cannot get get my new mortgage until discharged  can anybody help ?

You may be better starting new thread in the Buying and Renting Forum, rather tagging onto an unrelated thread here.

sourcrates

prendergast1 said:

hi guys  need help i have a a secured debt on my title deeds despite paying it off over 20 years ago
and supposed handler coast financial solutions in luxembourg do not answer there emails and have no phone number 
cannot get get my new mortgage until discharged  can anybody help ?

Or contact the Land Registry, their rep posts on the debt free wannabe forum, specifically in this thread -

Charging Order? The myth - Page 488 — MoneySavingExpert Forum 

try asking there, your post won`t be seen by the right people here.