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stepmum1

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  1. I now have a photocopy of the original agreement and copy statements dating from May 2007 to December 2016. The totals read as follows: Instalment Due Bounced Items Monies Received Arrears Arrears in Months 22,823.63 820.20 23,587.81 56.58 0.3 The loan amount is stated as £12,825 for 120 months. Current monthly instalment £195.63. (She has been consistently paying more than this since April 2013). What I do notice is that there have been periods where she has either left payment until after the due date or missed payment for 2-3 months. This will be because of the way she is paid (I believe it is a four week rota on her salary) or because she has had other bills to pay. I am assuming that this is where the interest charges have piled on. A letter received from Swift dated 8 March 2017 states Arrears of £102.21. "Further to our previous letters we are very concerned that we still do not have an agreement on your account to assist you with managing your arrears" Key Information concerning your loan account: Current monthly repayment: £195.63 Last Payment Received: £195.63 Last payment received: 23 February 2017 Current Interest Rate on Arrears: 1.230% Additional Interest charged to date: £20,640.35 (This includes interest on arrears, all disbursements and added charges). If you cannot clear these arrears immediately then you must contact us. If you do nothing then you risk losing your home. Furthermore, if you delay contacting us or making your payment then your account will continue to be subject to additional fees and interest: this will mean you have to pay more and it will make it harder for you to repay your loan within the agreed term. If you call us we will try and help you through any financial difficulties you are experiencing. We will review your financial circumstances and agree a way forward that is both affordable and fair." It goes on to offer a face to face visit for a cost of £110. She has asked them to provide a final settlement figure. She also has recorded on her phone receipts for all her payments up to date. Later today she will email me every piece of correspondence she has from the company. I'm not sure how £32K (the original cost they quoted she would owe at the end of the term) has reduced to £20,640.35. What we need now is advice on what to say/what not to say to the company and what NOT to do! Please let me know if you need further information and I hope all of the above makes sense.
  2. I don't currently have all the paperwork to hand. We are going to see stepdaughter in a few minutes as we need to go through it all again with her. I was under the impression that Swift was the original lender but this may not be the case and I will check. Incidentally there was PPI on the loan. I don't know if this is of any significance. It is also fair to say that we only just discovered her difficulties - when she got into arrears she buried her head in the sand (as many young people do) as the debts around her mounted. However since 2014 she has kept up all payments on her bills etc. and thought she was on top of things until this demand for a further £32k arrived. Please bear with us as we gather the information to hand. I will contact you later today. Thanks
  3. 2007 stepdaughter and her husband took a secured loan (against house) for £10k. They subsequently separated and daughter was left high and dry to pay mortgage, loan and bills etc. Inevitably she fell into arrears but managed in 2014 to pay off all the arrears and has continued to pay monthly. The loan term ends in April 2017 and she has now been told she must pay £32k in further interest and legal charges. If she doesn't pay they will repossess. This would bring the total cost of the loan to over £50k as she has already paid them in excess of £23k. Ombudsman has investigated but says her claim against them is out of time according the paperwork she has seen from Swift. I was thinking of writing to the company and asking them to extend the term and freeze the charges and perhaps to offer to pay a lump sum to reduce the cost - but we can only afford a couple of thousand. Would they be obliged to accept an offer to continue payment? We fear the only alternative would be for her to sell the house but she has three children of 17, 13 & 12. Would paying a debt solicitor for legal advice/intervention be likely to help in any way? Finally although permanently separated she and her husband are still legally married but has not even contributed child maintenance. Would it be reasonable to give Swift his contact details and ask them to serve proceedings on him also? As you can tell - we are in turmoil and need advice urgently on what steps we can take to prevent my stepdaughter and her children being made homeless.
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