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Im looking for a little (Or a lot) of help
in 2007 I purchased a house under a Goverment Funded Co-Ownership scheme, then later in 2007 I took out a loan with welcome. (it had been refinanced a number of times over the years and now refinanced in to a secured loan) I couldnt afford the repayments, and after being young and stupid for a while I decided I would try and get my finances back on track, and made a payment arrangement with them, Which was fine until COAST took over the loan.
The numbers -
Original Loan Amount 20000 (just shy of)
Paid So Far 20045
Balance 15900 (&Change)
Of which £10k is arrears.
Since then, Ive gone back over the documentation with my mortgage company, and co-ownership scheme, and not knowing (and reading, young, stupid) at the time its prohibited to take out a secured loan on a property. The property is also substantially in negative equity.(valued at around 60% of original purcahse price) Welcome had these documents at the time (to the best of my knowelge) so did they loan in bad faith?
Coast have now made me aware that they may take legal proceedings to recover the debt, But Ive managed to get them to agree a formal arrangement for a few months.
Ive also noticed they have just appeared on my credit file, so no doubt all my good hard work will be sacrificed now.
Since then, Ive got married, Moved out of that house, (its now rented because it cant be sold) and moved in to my wifes house. to whom I pay rent. (rental of the original property covers most of its own costs) and we have not long had a baby, so needless to say this couldnt have come at a worse time and Im a bit worried.
Any advice? or pointers as to how I should proceed or options I have?
in 2007 I purchased a house under a Goverment Funded Co-Ownership scheme, then later in 2007 I took out a loan with welcome. (it had been refinanced a number of times over the years and now refinanced in to a secured loan) I couldnt afford the repayments, and after being young and stupid for a while I decided I would try and get my finances back on track, and made a payment arrangement with them, Which was fine until COAST took over the loan.
The numbers -
Original Loan Amount 20000 (just shy of)
Paid So Far 20045
Balance 15900 (&Change)
Of which £10k is arrears.
Since then, Ive gone back over the documentation with my mortgage company, and co-ownership scheme, and not knowing (and reading, young, stupid) at the time its prohibited to take out a secured loan on a property. The property is also substantially in negative equity.(valued at around 60% of original purcahse price) Welcome had these documents at the time (to the best of my knowelge) so did they loan in bad faith?
Coast have now made me aware that they may take legal proceedings to recover the debt, But Ive managed to get them to agree a formal arrangement for a few months.
Ive also noticed they have just appeared on my credit file, so no doubt all my good hard work will be sacrificed now.
Since then, Ive got married, Moved out of that house, (its now rented because it cant be sold) and moved in to my wifes house. to whom I pay rent. (rental of the original property covers most of its own costs) and we have not long had a baby, so needless to say this couldnt have come at a worse time and Im a bit worried.
Any advice? or pointers as to how I should proceed or options I have?
