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Probism
Probism Posts: 5 Forumite
in Loans
Hi,
I had a loan from Welcome Finance (from 2006) for £6000 which was defaulted in 2008 but since then i made regular £20 payments up until recently when it was passed on to coast finance solutions.
I sent a CCA request to them but received a reconstituted statement of account starting from 2012 with my current address. Nothing signed and no T &C's etc and also describing it as a mortgage.

Can you please advise if this is unenforceable and what my next steps should be?

Please let me know if you require any more information.
Thanks
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  • Gaz83
    Gaz83 Posts: 4,047 Forumite
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    It's still enforceable. The reason they describe it as a mortgage is because that, in essence, is what it is - a loan secured on your property.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    Hi Probism and welcome to the forum :)

    You have to be sent a “true copy” of the agreement – this doesn’t have to be a photocopy of the original agreement. It must be legible and it must include:
    • your name and address when the account was opened;
    • the creditor’s name and address when the account was opened;
    • the terms and conditions of the account at that time, including the cost of credit (the Annual Percentage Rate), when you have to make payments and your cancellation rights; and
    • any other other documents that were mentioned in the Terms and Conditions.

    It doesn’t have to have your signature on it.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Probism wrote: »
    Can you please advise if this is unenforceable and what my next steps should be?

    Yes it is enforceable. Either keep making your £20 a month payments for the rest of your life or get a settlement figure and try and clear it.

    You will find that £20 a month you have been paying wont cover the interest, unless they have frozen it for the last 11 years. Your settlement figure may well be double or treble your original loan amount by now. Any idea of the interest rate you signed up to?
  • Probism
    Probism Posts: 5 Forumite
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    Hi and thanks for the quick response.

    The address on the document is only my current address, not the original address
    The date is incorrect as the loan was from 2006 and the statement of account only starts at 2012
    No T & C's, no APR, no cancellation rights etc.
    As i mentioned it is literally just a statement showing payments made from 2012 to now.

    The interest has been frozen since i defaulted (It racked up to about £9,000) but i still owe about £6,500 now

    Thanks
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Was this a loan secured on your previous property and you have sold that property and bought another one?
  • Probism
    Probism Posts: 5 Forumite
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    The original loan was secured on a previous property which was sold back in 2008. I rent now.
  • DE_612183
    DE_612183 Posts: 1,841 Forumite
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    Does the "statement" say it's a NOSIA ( Notice of Statement in Arrears )
  • Probism
    Probism Posts: 5 Forumite
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    I don't think it does but i will need to check over the letter again when i get home tonight. Would that make any difference?

    Than
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    I am a bit unsure whether your type of loan is CCA eligible, as I do not believe mortgages are covered by the Act.

    If you want someone to check if the documents you have are satisfactory and eligible, then you would have to upload them to the AllAboutDebts forum, as I believe they do a document checking service.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • DE_612183
    DE_612183 Posts: 1,841 Forumite
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    Probism wrote: »
    I don't think it does but i will need to check over the letter again when i get home tonight. Would that make any difference?

    Than

    The NOSIA ( or not ) could have a bearing on whether the debt is enforceable
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