My secured loan has been sold, does the new company still hold the security on my house?
Comments
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It is likely that the lender will want you to start paying for the debt.
If you couldn't afford in 4 years ago, can you afford it now, has your financial position improved?
You could try a debt charity, Step Change or similar.0 -
mgt1978 - try sending Coast a CCA request and see what they reply with.
Example letter available here:
https://www.stepchange.org/Portals/0/documents/sample-letters/stepchange-right-to-information-request.docx0 -
mgt1978 - try sending Coast a CCA request and see what they reply with.
Example letter available here:
https://www.stepchange.org/Portals/0/documents/sample-letters/stepchange-right-to-information-request.docx
Yes good point, if the loan was under 25 grand, it will be covered by the consumer credit act.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thank you all for taking the time to reply. Coast are taking ownership on the 11th June so should I wait until then before sending them the CCA request? Also what am I hoping to achieve by doing this, sorry but I am new to all of this but have today read loads about Welcome loans!
Once again all advice is appreciated.0 -
HI, I wonder if you can offer me some advice. I once had a loan from Welcome which was sold to Coast Financial Solutions. I heard from neither for months / years. My property was sadly repossessed and the debt was discharged by Welcome from the proceeds of the subsequent sale of the property. However, there was still a substantial surplus sum of money due to me. Welcome confirmed that there was no further charges registered against the property and that I should send them proof of ID and and other information they required to refund my money, which I did the following day. A week later no refund. I rang welcome again only to be told they had passed it all to Coast as the owners of the debt. I rang coast who were most unhelpful and did not believe the money was mine stating they would have to investigate it. I was by now apoplectic and I feel I am stuck in limbo.0
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Follow the complaints procedure - you may find that any spare equity has been "spent" on legal and other fees. Best of luck.0
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Secured loans and mortgages can be sold between companies. They call it securitisation. Basically Welcome Finance has offered for example a loan book worth £1 million outstanding for £400,000 cash. Often when companies need to raise cash they sell on their customers long term debt. This does mean however that any payment arrangements have to be agreed with the new company.
I would urge people to use the CAB / Stepchange to offer a payment proposal rather than do it themselves. Nowadays all finance houses have to sign up to a code of practice which includes recognising people in debt and the CAB etc. If you send in a financial statement compared to one from CAB / Stepchange then the latter more likely to get accepted as will form part of a long term plan and the charity is supporting you.0 -
WillyWonga wrote: »Secured loans and mortgages can be sold between companies. They call it securitisation.
No they don't, because it isn't.
Securitisation is when a lender funds a portfolio of loans by selling bonds secured on those loans.
Not that it makes any difference to this thread, but it's best to get these things right.:)0 -
Hi, I have the same issue with the original post. I have looked into this and every avenue suggests that the loan is still secured. I wondered if this is still the same in Scotland as our laws are different. But what I noticed on the original T&cs of my loan with Welcome was a section that states. If the contract is unfulfilled due to the creditor going into administration then you are able to sue the creditor for breach of contract? I recently registered in a trusted and it would be ideal if this loan was unsecured now as it would be part of my trusted.0
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Hi, I have the same issue with the original post. I have looked into this and every avenue suggests that the loan is still secured. I wondered if this is still the same in Scotland as our laws are different. But what I noticed on the original T&cs of my loan with Welcome was a section that states. If the contract is unfulfilled due to the creditor going into administration then you are able to sue the creditor for breach of contract? I recently registered in a trusted and it would be ideal if this loan was unsecured now as it would be part of my trusted.
Debt is still a debt in England, Scotland, Wales etc etc.
What is a "trusted", is it a Scottish thing?
Unlikely that this secured loan will magically become unsecured in any scenario.0
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