Coast Finance not accepting my letter

DaveDriver

I am trying to contact Coast Finance in relation to a secured loan with them.

My friend took out a secured loan with Welcome Finance. The loan got into arrears, the interest was frozen, she was still making payments and the balance has been decreasing. The loan has been sold to Coast Finance. She has continued to make payments.

I would like to help her to clear the loan. Knowing that Welcome probably sold the loan for a pittance I am trying to make them an offer of a lump sum. However they are not replying to my letters. I sent one letter a few months ago and did not receive a reply. I sent another at the end of November 2020 by recorded delivery to their PO Box address in Newport and the post office still shows this as undelivered. What can I do if they won't accept letters? My ultimate aim is to have the charge on the property removed, is there a way to do this if they don't accept letters?

Hasbeen

Try their email address or even phone.

Details on their contact page.

sambaird

If the loan is in your friends name, they will not correspond with you as you are not the account holder.
Why can’t you call them while the two of you are together and get a settlement figure that way?

Blackbeard_of_Perranporth

Your friend will have to write the letter.

DaveDriver

Blackbeard_of_Perranporth said:

Your friend will have to write the letter.

She did. It was from her and signed by her. Hence why I wanted to send a letter rather than phoning.

DaveDriver

sambaird said:

If the loan is in your friends name, they will not correspond with you as you are not the account holder.
Why can’t you call them while the two of you are together and get a settlement figure that way?

Partly because we're in lockdown so can't be in the same place. And generally because of the inconvenience of doing it that way. I wanted this to be done in writing.

Xbigman

I'm surprised no one else has pointed out that its very rare to get a full and final offer accepted on a secured loan. Why would they when they can repossess the property and get a full settlement plus fee's. 
You can get a settlement figure and pay off the loan the conventional way. 


Darren

Fighter1986

I was thinking the same. There's no incentive for any firm who has a charge on your house to accept a lower offer. If the debtor defaults on payments, the creditor can just force sale of the house and keep any proceeds not owing to the main mortgage provider. 

DaveDriver

Can they repossess without the agreement of the first charge lender? The first mortgage is not in arrears.

Fighter1986

DaveDriver said:

Can they repossess without the agreement of the first charge lender? The first mortgage is not in arrears.

That's irrelevant, all the presence of a first charge means is that the first charge holder gets first dibs on proceeds of the sale of the property 

MEM62

The first complication is your use of recoded delivery.  When sending recorded delivery to PO box the mail is held and the recipient gets carded (as if they were not home) and they then have to arrange collection of the item.  It is possible that they have no policy for doing this or that it is suspended in the current climate.  Why didn't you just send it first class mail?   
Your second problem may be that, if you have sent the letter in your own name, they will not respond to you.  Unless you have a legal right to speak for your friend they should not and will not correspond with you.  Lastly, and as already stated, this is a secured loan.  ie They have security - probably a charge on a property - to guarantee their funds.  There is no incentive for them to accept an offer of partial settlement.