My secured loan has been sold, does the new company still hold the security on my house?

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  • Kazxa99
    Kazxa99 Posts: 3 Newbie
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    Any updates on this please?
  • Gary1971
    Gary1971 Posts: 1 Newbie
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    Thanks for the Info Gazp 1981

    Watching This As I am in a similar boat
  • Dzire
    Dzire Posts: 1 Newbie
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    Morning all, as with the original poster, my debt was sold on to Coast Finance Solutions in April 2018. However my property which the secured loan was registered was sold in November 2017. Now because of negative equity we agreed to pay £100 per month until the balance was paid. Welcome agreed to remove the charge on completion of the sale, which meant this would become an unsecured loan. I have since found out that welcome sold the loan to Coast as a secured loan and the charge is still on my old property. Is this legal? Do i have form of challenge i can perform to get this rectifed including writing off the debt as procedures were not followed correctly. Grateful for any advice.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    Forget about it being written off.

    All you need to do now is finish repaying it.

    Advise them that you no longer own the property.
  • Geekdonk1
    Geekdonk1 Posts: 3 Newbie
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    I had an unsecured loan from welcome that I recently found out has been transferred to COAST? they haven't got my new address and I've been paying a £5 monthly payment for the last 5 years. the loan amount is £5240. Coast seem to be bit dodgy in my opinion. firstly they keep telling me the loan is secured, then they told me its on my credit file and they are reporting it as in default which they aren't. The loan was taken off my file years ago. Can coast put the loan back on my file? obviously I want to get the debt sorted but I'm a little sceptical about giving coast any of my money. what powers do they actually have?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    They have the same powers of collection as the original owner.

    If the account defaulted more than 6 years ago, it will only reappear on your credit files if they gain a CCJ.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Geekdonk1 wrote: »
    I had an unsecured loan from welcome that I recently found out has been transferred to COAST? they haven't got my new address and I've been paying a £5 monthly payment for the last 5 years. the loan amount is £5240. Coast seem to be bit dodgy in my opinion. firstly they keep telling me the loan is secured, then they told me its on my credit file and they are reporting it as in default which they aren't. The loan was taken off my file years ago. Can coast put the loan back on my file? obviously I want to get the debt sorted but I'm a little sceptical about giving coast any of my money. what powers do they actually have?

    Errrrr, how about repaying the debt - the debt is still the debt....or are you claiming that it was mis-sold it you?
  • Geekdonk1
    Geekdonk1 Posts: 3 Newbie
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    I’ve never not paid the debt. Due to being made redundant many years ago welcome put me on a £5 Monthly payment but in that time they went bust and I continued paying even then. They added about £2000 interest in that time though. I’ve got a PPI claim ongoing at the moment. Coast just seem dodgey as hell and I’m not totally sure they officially own the loan. Any questions regarding the loan must go via welcome?? So I rang them today and told them I’d increase the payment to £40 a month as my situation isn’t perfect still but a lot better. They lie a lot about the loan and that makes me worried about dealing with them.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    If you're not sure if they own the loan, ask them/Welcome.

    It won't take long to find out if they own it or are collecting on Welcome's behalf.

    Regarding your 'PPI claim' - do you mean a claim? Or a complaint? Did you try to claim on it when you were made redundant? How long ago was the redundancy?
  • Kazxa99
    Kazxa99 Posts: 3 Newbie
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    I too am very dubious about Coast, my loan with Welcome finance was apparently sold on to them, they are based in Luxembourg not FCA registered either, mine is secured but fighting them tooth and nail to get it either written off or reduced, I've been paying a reduced amount of £100 pcm but when I've asked for a Sar they have sent yearly statements off Welcome finance showing that we owed more after a year with interest and charges even though payments were never missed!
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