Coast finance / welcome

Stephen1144

Hi This is the first post I have done . I thought someone else might of had the same issue? 

We got a secured loan in 2008 from welcome finance. Unfortunately in 2013 we lost our property due to the recession . We thought all debts went with our property.
We have rebuilt and sorted are finances out now . Then in 2019 a company called coast finance have popped up on our clear score .
Saying we have missed payments from 2019 to now 2023 . But we have had no letters or calls just a text saying make a payment? 
Can a loan be changed from secured to un-secured ? 

Sorry for going on a bit ha 

Many thanks 🙏

superbigal

Coast Finance will have bought Welcome Finance debts at a significantly discounted price. Having secured the debt, they are then able to enforce loan repayment to recover the full outstanding balance.  
Saying that Welcome folded in 2011 which is before your repo. 
Suggests that Coast were your lender at that point.

If the sale of the house did not cover all debts, the lender can chase you for the remaining debt.
Seems a little odd if they did not do so.

_Penny_Dreadful

Stephen1144 said:

Hi This is the first post I have done . I thought someone else might of had the same issue? 

We got a secured loan in 2008 from welcome finance. Unfortunately in 2013 we lost our property due to the recession . We thought all debts went with our property.
We have rebuilt and sorted are finances out now . Then in 2019 a company called coast finance have popped up on our clear score .
Saying we have missed payments from 2019 to now 2023 . But we have had no letters or calls just a text saying make a payment? 
Can a loan be changed from secured to un-secured ? 

Sorry for going on a bit ha 

Many thanks 🙏

In England and Wales the statute of limitations for secured debts 12 years for the capital and 6 years for the interest. Before paying a penny I’d contact one of the debt charities, such as Step Change to confirm that. 

Would Welcome Finance or Coast know where to write to as presumably you moved and have possibly changed phone numbers since 2013. 

https://www.stepchange.org/debt-info/can-i-write-off-debt/statute-barred-debt.aspx

Stephen1144

Thank you for both replies. We have always had same numbers. They do contact us by text and nothing else . Just asking for payments . When we had repo we was still with welcome. But to leave it 5 years before correspondence seems strange. 
I will contact step change see what they can advise.
Many thanks 

Leelee0812

Stephen1144 said:

Thank you for both replies. We have always had same numbers. They do contact us by text and nothing else . Just asking for payments . When we had repo we was still with welcome. But to leave it 5 years before correspondence seems strange. 
I will contact step change see what they can advise.
Many thanks 

Hi Stephen, did you ever get to the bottom of this? we has a secured loan with Welcome finance which was then sold to Coast Finance - we repaid the loan in 2020 but have just found out the second charge is still registered against our property and we can't trace Coast finance to get it removed. Unfortunately we never received a letter confirming the debt was finished. Any advice would be really appreciated. 

Nasqueron

Leelee0812 said:

Stephen1144 said:

Thank you for both replies. We have always had same numbers. They do contact us by text and nothing else . Just asking for payments . When we had repo we was still with welcome. But to leave it 5 years before correspondence seems strange. 
I will contact step change see what they can advise.
Many thanks 

Hi Stephen, did you ever get to the bottom of this? we has a secured loan with Welcome finance which was then sold to Coast Finance - we repaid the loan in 2020 but have just found out the second charge is still registered against our property and we can't trace Coast finance to get it removed. Unfortunately we never received a letter confirming the debt was finished. Any advice would be really appreciated. 

The user was last active April 3rd 2023

Best to make your own post and see if you can get the Land Registry user to help