Welcome Finance in Voluntary Liquidation
We have had several calls and enquiries from Homeowners who are receiving letters and calls from Coast Financial Solutions.
In a number of the cases, the Homeowner claims to have never taken out a loan with Coast Finance Solutions and has not even heard of them before.
The unfortunate truth is that, with immediate effect, Coast Finance Solutions has taken over all of Welcome Finance debts and is now the new point of contact for all loans previously arranged and administered by Welcome Finance. As a result, if you were a Welcome Finance customer, you will now receive correspondence from Coast Finance Solutions, the new company that claims to be managing repayments.
Payment Freeze: December 2019
At the time of writing (March 2020), Welcome Financial Services Limited is in voluntary liquidation and enquirers are directed to the website of KPMG, the major accountancy firm that is handling the voluntary liquidation. To write to Welcome Finance their registered office is now:
Welcome Financial Services
c/o KPMG LLP,
15 Canada Square,
The FCA registered number is 305742.
The most recent announcement informs readers that loan balances still owed to Welcome Finance were frozen with effect from the end of October 2019, from which time no further charges or loan interest should accrue.
KPMG advises that it will not be pursuing or collecting associated loan balances. Currently, therefore, borrowers and their representatives should not make further payments against amounts previously owed to Welcome Finance.
Depending on their circumstances, some customers might have redress claims against Welcome Finance for mis-selling of payment protection insurance (PPI). Due to Welcome Finance being liquidation, it cannot pay compensation to customers, it is possible to refer such cases to the Financial Services Compensation Scheme (FSCS), if they conclude you indeed had PPI and have not run out of time to claim.
Coast Financial Solutions
As mentioned above, previous Welcome Finance customers have received direct letters informing them that their historic loan agreement is now with Coast Finance, a company administered by Target Servicing Limited and with a registered address in Luxembourg.
It would appear that Coast Financial Solutions have bought a significant proportion of Welcome Finance’s loan book. Make no mistake, Coast Finance will have bought the loans at a very significant discount and will proceed to enforce the loans and recover the full outstanding balance, securing them a significant profit.
It is likely that high fees and charges will be added to account for recovery of the loan if they Coast Finance have to resort to repossession proceedings.
It comes as very sad and difficult news for Homeowners, especially for those who were under the impression that the previous loan had been written off, only to find that they still owe a substantial sum of money.
Importantly, Welcome Finance have not written any loans for many years. Therefore, the majority of the loans that Coast will be contacting have now expired. Coast Finance are starting litigation action, which Welcome Finance never did, to recover the sums owed and will repossess the property.
If this is you, and you have received correspondence from Coast Finance, please call us immediately and look at our expired loan term page.
we will be able to offer you advice and assistance in dealing with Coast Finance and help negotiate terms to resolve the issue that are agreeable to you.
If you do not wish to call immediately, please see the contact form on the website.
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