Landy_alert v Swift Advances

**landy_alert** · 5th February 2009 00:08

Hi Everyone,

I have been reading the various tales of CAGGERS exploits regarding Swift Advances with interest icon

as we too have had dealings with these notorious swines and are about to wage war against them!

In May 2006 we were experiencing some financial problems (mainly due to Lloyds icon

TSB - another bunch of ****) and having tried to increase our mortgage with them to no avail, we took out a mortgage/loan for £58,553 with Swift which was arranged by Norton Finance.

As we were doing major renovations to our house at the time which unavoidably ate up more money than we had envisaged, we soon fell behind with the repayments to Swift.

In early 2007 they threatened us with repossession unless we coughed up £4000 which they said we owed. Unbeknown to me, my OH borrowed this money from his boss, but unfortunately he required it to be repaid within about 3 weeks. This was impossible, so although OH had managed to prevent us losing our home we were still in a terrible mess as to try to repay his boss OH stopped paying other bills etc.

To cut a very long story short, OH had got himself into such a terrible state that he tried to take his own life by taking an overdose of painkillers, in which attempt he very fortunately did not succeed.

With help from our very generous families we came out the other side of all this relatively unscathed (including our son who was in the middle of his A level exams at the time) and in November 2007 sold our millstone, I mean house and bought a smaller property with no mortgage.

Both our Swift and Lloyds mortgages were paid off and despite Swift's hefty charges levied at the time of settlement, we thought no more of it - well tried to.

Recently I stumbled across this wonderful forum and realised that after all the bank (and credit card co.s such as MBNA icon

) had done to us it might be time to make a stand and try to get some redress for all they had put us through with the help of the incredibly knowledgeable people here!

We have set the wheels in motion to reclaim our bank/credit card charges and PPI icon

etc and now want to tackle Swift.

In case anyone has managed to read this far without falling asleep, lol, here is some of our Swift related info -

We took out the mortgage on 30th May 2006, for £58,553.00.

This included £5323.00 for PPI - single premium - for 3 years only.

The interest rate at the time was 14.52% annually, 1.21% monthly.

The mortgage was for 25 years - 300 monthly payments of £728.23 (variable).

The broker's fee was £2500.00.

When we settled the mortgage in full on the sale of our house the settlement figure was £69,728.49.

This was broken down into the following -

Original loan amount £58,553.00

Interest charged £13,844.34

Less payments received £11,538.75

Subtotal £60,858.59

Charges incurred -

Court fees £150.00

Legal fees £1,318.03

Post default collection charges £420.00

Solicitors charge to attend court hearing £82.25

Loan Co admin icon

charge - R/D cheque charge £165.00

Eastern Counselling Agency - Default Charge £360.00

Other fees and charges £906.00

Subtotal £64,259.87

Add: Redemption Administration Fee £250.00

Early settlement interest charged £5,218.62

Settlement figure £69,728.49

I should point out that although we were in receipt of a letter informing us that a hearing for repossession was to take place - we paid the full amount of arrears well before this date and sent a letter to Swift asking them to ackowledge that the case against us would now be dropped. I must admit that they did not respond, but we assumed (naively, no doubt) that it never took place as indeed there was no need for it to have done!

We did also receive a couple of letters from the 'Eastern Counselling Agency', but at no time did we have any meetings with them nor did we miss any arranged meetings - as there were none!

We did receive 2 or maybe 3 solicitors letters also.

Therefore all the above charges for legal fees etc I cannot account for.

We realise the ERC cannot be reclaimed, but are wondering just how much (if anything!!!) we should be reclaiming from the dreaded Swift?

Very many apologies for the overly long post, thanks to all who read it and any advice would be greatly appreciated.

Thank you.

Regards,

Landy

**landy_alert** · 5th February 2009 12:01

Thanks to those who have taken the time to read my long post - apologies again for it's length!

I'm coming to the conclusion, though, that in the light of what Overdone has said regarding the company helping him against Swift having given up - that it's not worth pursuing them, so I don't think we'll bother.

There don't seem to be many people claiming success against them???

Landy

**Sparkie1723** · 12th February 2009 18:25

Originally Posted by landy_alert

Thanks to those who have taken the time to read my long post - apologies again for it's length!

I'm coming to the conclusion, though, that in the light of what Overdone has said regarding the company helping him against Swift having given up - that it's not worth pursuing them, so I don't think we'll bother.

There don't seem to be many people claiming success against them???

Landy

HI Landy do not give up yet wait for the 24th Feb I'll say no more I "may" have some good news at least

sparkie

**landy_alert** · 12th February 2009 19:24

Hi Sparkie!

Many thanks for taking the time to read my thread. Don't worry, I have decided it is worth pursuing after all they put us through a couple of years ago, so will not give up just yet. It's just wanting to be sure of the right way to tackle it.

If you have any suggestions of whether we go for the charges or the PPI icon

first or what, I would be most grateful as at the moment I'm a bit stuck.

All the best for the 24th - I will be watching your thread with interest icon

and if it does go well it will be well deserved after all your hard work!

Thanks again.

Regards,

Landy

**landy_alert** · 18th February 2009 12:40

I'm bumping this up because I'm still not sure whether I should be claiming the PPI icon

back first or sending an SAR icon

or both? I have the PPI spreadsheets all ready too go, thanks to Pompeyfaith, but feel I should also be attempting to reclaim those hefty charges.

Also, I could do with some advice as to how to word the SAR icon

specifically in the case of an old mortgage icon

.

I would really like to get this sorted as Swift did a pretty good job of trying to ruin our lives 2 years ago and it's payback time!

Thanks in advance,

Landy x

**landy_alert** · 19th February 2009 00:00

Bump!

**cerberusalert** · 19th February 2009 00:25

Send the SAR icon

first, they are allowed 40 days to comply.

The interest icon

rate at the time was 14.52% annually, 1.21% monthly.

You need to have someone look at the figures above because these figures do not add up. see Annual percentage rate - Wikipedia, the free encyclopedia

**landy_alert** · 19th February 2009 15:26

Thank you Cerberusalert, But I don't understand what you mean about the figures not adding up?

Could you explain further please - I do apologise but am feeling particularly dim today!

**42man** · 19th February 2009 15:31

What he is saying is that if the figures aren't correct in the loan (bearing in mind there is a small amount of variance (something like 0.5% +/- but i'm not 100% on that) then the debt may be unenforceable....

**cerberusalert** · 19th February 2009 15:40

IIRC from what I've read elsewhere, the monthly interest icon

rate cannot be multiplied by 12 to give an annual interest rate because there is 'compound interest' to take into account.

I mentioned it in the hope that someone with more experience would be able to pass an opinion.

**42man** · 19th February 2009 15:55

Useful thread here - http://www.consumeractiongroup.co.uk...lp-credit.html

**Sparkie1723** · 19th February 2009 15:56

Swift agreements do not state interest icon

as an APR it is purely their annual rate of interest ......it is this argument that is one point of my friends argument in their case its use as it is stated is misleading confusing and is not clear to the debtor before the agreement is signed contray to The Consumer Credit Agreement Regs which came into force 2005...Swift kept on referring to the 1983 Regs to try and bluff the judge they are in trouble with this argument because the OFT warned all creditors in 2004 to get the form and content of their agreements in order ...Swift took no notice.

sparkie

**landy_alert** · 22nd February 2009 13:25

I have been advised by members of another forum that it is not worth pursuing Swift for charges on a closed and paid off mortgage icon

account as I will only lose and the stress involved will be too great - they say the number of people who win in these cases is so small in comparison to those who lose..................... ......

..........they are probably right. Last time we were involved with Swift OH tried to kill himself, but then we are talking several thousand pounds here - why should they get away with it?

**determindator** · 23rd February 2009 22:19

Hi Landy,

I have read your thread.Swift owe you more than words can say. The damage they have done to your family is indefensible. Swift are misrepresenting themselves by claiming they have a counselling service in the guise of Eastern Counselling. It doesn't exist which tantamounts to fraud. Sparkie is off to Court tomorrow and it will give great weight to the cause. I had a thought that maybe it would be possible for the Swift forum to organise a meet to discuss the situation. I left a message on my thread to you which I said, add me to your list of people to get a Watchdog investigation going. I am sorting my PM box.

Termi

**determindator** · 23rd February 2009 23:08

PS Landy,

Have a look at Sparkie's thread for today to give you some encouragement.

**Sparkie1723** · 23rd February 2009 23:16

Hi landy,

I have e-mailed you on my views about your agreement it is one of the worst ones.....and in my opinion totally and absolutely unenforceable by any judge ....you are also covered by section 140 "unfair relationship" of the New Consumer Credit Act amendments,

sparkie

**landy_alert** · 23rd February 2009 23:21

Hi Termi,

Thanks for your support and comments - they are most appreciated! I am off to re-read your thread now and will be in touch about Watchdog etc.

Sparkie - Many thanks again for being bothered to take a look at my agreement when you are sooooooooo busy yourself!

I'm very grateful. Good luck for tomorrow - we'll all be keeping our fingers crossed for you and your friends!

Regards,

Landy

**landy_alert** · 23rd April 2009 12:04

Just updating this - sent Subject access request icon

to Swift and copied it to the broker, both via recorded delivery of course. We know Swift received it as RM Track and Trace confirms this, but the broker didn't appear to have received theirs.

42 days have now passed and we have had no response at all from Swift.

Today we will check whether the postal order has been cashed - I presume there is a way to do this?

Then we will have to either report them to the Information Commissioner or maybe send a letter before action icon

for non-compliance with our request.

I have a feeling that going from recent experience regarding banks lack of response to SARs, that their excuse will be they need further ID to process our request - particularly as this is for a closed account

**42man** · 23rd April 2009 15:48

lba

.... - have a look here Landy - http://www.consumeractiongroup.co.uk...ct-access.html

**landy_alert** · 23rd April 2009 20:30

Hi 42man,

Thanks for the link - will get that sent off tomorrow!

OH went into the post office today to check whether we could find out if the postal order had been cashed, but apparently the only way this can be done is if you fill out a missing letter form which will take ages to be looked into

Regards,

Landy x

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