Coast Financial Solutions

[Ruby]

Hi all, I have recently received notification that my secured Welcome finance loan has been bought over by Coast Financial Solutions.

I can't seem to find much information about them on the internet. Can someone enlighten me?

[Amethyst]

Have they given you any address details ?

Can't see anything on FCA auth register or companies house. There is a Coast Financial Ltd ( https://www.coastfs.co.uk/ ) that specifies mortgage finance in its activities https://beta.companieshouse.gov.uk/company/10759793 regulated FCA https://register.fca.org.uk/ShPo_Fir...000003rsDVyAAM

[Ruby]

Coast Financial Solutions P O Box 924 Newport NP20 9PS

Small print at the bottom on their letterhead says they are registered in Luxemburg!!
"agreements are administered by Target Servicing Limited, which is authorised and regulated by the Financial Conduct Authority (firm reference 454569)."

Does that not sound rather odd??

[Ruby]

Target Servicing Limited appear to be just an IT servicing company

[Amethyst]

hmmmm, well they do have lots of mortgage servicing provisions in their authorisation https://register.fca.org.uk/ShPo_Fir...000000MfeFdAAJ

Target Loan Servicing,Loan Solutions,Picture,Button,Blue Motor,Target Loan Servicing Limited,Hartmoor Financial

So this Coast Financial Solutions 'own' the debt and presumably therefore will transfer the charge to themselves, but use Target to administer... pretty sure Coast would need to be authorised in their own right. Might be worth calling the FCA?

[Amethyst]

On their website

Our Work


We work with several major financial services brands including:

• Accord Mortgages – Buy to Let
• DVLA
• Welcome Finance
• Central Trust

which links to this on Welcome https://www.targetgroup.com/about/ca...elcome-finance
which does seem to say they just deal with the IT.

[Amethyst]

Just having a look about and there are others with similar sales happened
https://www.consumeractiongroup.co.u...ance-Solutions
https://forums.moneysavingexpert.com....php?t=5847491
I'm sure more will arise but might be worth keeping an eye on those threads if they come up with anything useful too.

[Ruby]

Target mention Welcome Finance as one of their clients, not Coast. Albeit there is no reason why Coast cannot be a client too, it does seems rather odd that both Companies are using the same servicing company. I think this situation is about to get interesting .......

[Ruby]

A little bit of an update for anyone interested. I have three times sent Coast Data Subject Requests in the past six to nine months and to date have only received back a statement of account and threat-o-matics. I have just compiled today a formal letter of complaint. I have not paid them a penny and will not do so until I know where I formally stand.

[Amethyst]

Have you spoken with the ICO at all ?

[Ruby]

Hi Ame, no I haven't. should I?

Good idea though. I presumed that Coast should be providing me with Credit Agreement, etc.

[Pixie1]

Hi Ruby
im new on here and wondered if you have any advice regards my ‘welcome’ now ‘coast’ outstanding loan.
Theyre chasing me for payment and want to send out someone to discus my account with me.
im supposed to phone today with an income and expenditure etc to prevent that.
Would you advise that I send a CCA(?) to them?
If I set up a payment plan today will that affect anything etc?
Any info would be fantastic.
Thanks

[lurpdog101]

Hi - sorry for resurrecting this thread. I am in similar situation. Had loan with Welcome, since about 2005 and in theory have paid it off twice over with interest but still got about £8k remaining from a 20k loan!*
Anyway - last year was transferred to Coast Financial who I have been paying since, but realised no new credit agreement or anything. I got told the small print is Welcome could transfer it to whomever they wished? I have a couple missed payments this year, was paying £40 more a month too, but missed last month due to critical bills and unemployment earlier this year catching up....anyhow, interested to see where I stand with them? Am I allowed to stop paying and send a CCA? Based on the info and others in same boat, and unable to contact them (I keep trying their number on website and getting answering machine) they have tried calling my home, but I work long hours and cannot take their call....I get a text once a month with a URL to make a card payment.

[tommyhd]

I have a welcome secured loan that was sold to coast. They have said re possession is the next step. I sent them a data subject request and they sent a statement and an agreement but the agreement is dated* year after the charge on the property I had a long running dispute with welcome as they forced us to get a new loan to pay off the original loan when I was made redundnant and fell behind the original loan agreement was or any paperwork concerning this was not sent to me by coast. Should I tell them about this or wait and use this as evidence later I do not want to lose the house*

[Amethyst]

Hi Tommy

You had a secured loan with Welcome Finance that was sold to COAST.

Before it was sold to COAST you had refinanced the original loan with a new loan.

The agreement COAST have sent you is the correct agreement for the new loan.

Welcome obtained a charge on your property when you took out the original secured loan. *

The charge is still in Welcome's name? or has it been transferred to COAST ?* The charge will have been valid for any secured lending you took with Welcome but for COAST to enforce they will need to change it over to themselves from Welcome. That is unlikely to be an issue as the loan will have been assigned to them by Welcome - and the charge would be part of that assignment.

How did Welcome force to get a new loan when you were made redundant - you fell into arrears presumably - was the new loan to reduce payments / changing the term or to release additional funds ?

How much is outstanding, what are the arrears ? have they sent a formal default notice ? and do you have equity in your property, is your property the 'family home' ?

*