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I am doing this for a friend an could do with some advice as to where to go next with Swift
I have sent them SAR and they have replied with all information except underwriting sheet.
On a £5k loand there are charges of over £3200 (unbelievable).
On the repayment record it shows a different amount recorded for the 'Loan Amount' than on the agreement. This is because they have added the broker fee and admin charge to the loan amount.
Could just do with a pointer on my next move as my friend is really struggling with these people and charges just keep getting added. He has a redemption figure of over £11k on a £5k loan.
I am doing this for a friend an could do with some advice as to where to go next with Swift
I have sent them SAR and they have replied with all information except underwriting sheet.
On a £5k loand there are charges of over £3200 (unbelievable).
On the repayment record it shows a different amount recorded for the 'Loan Amount' than on the agreement. This is because they have added the broker fee and admin charge to the loan amount.
Could just do with a pointer on my next move as my friend is really struggling with these people and charges just keep getting added. He has a redemption figure of over £11k on a £5k loan.
Any advice appreciated.
Can you post up their agreement ...remove all names and adress of course lets see what they have done on this one
Have they declared what commission they paid the brokers in the SAR information? If not write and ask them to tell you how much and that failuer to tell you contravens the New Fraud Act 2006 failing to supply docs and records you are entitled to see, you want a copy of the letter they send to the broker with the commission information stated on it and in ........they send one to all their brokers/agents,.................. ... we now have absloute proof of that.
They pay commission to ALL of them and that makes them agents...commission is only paid to agents................... ..true brokers only get brokering fees....no commission
I am doing this for a friend an could do with some advice as to where to go next with Swift
I have sent them SAR and they have replied with all information except underwriting sheet.
On a £5k loand there are charges of over £3200 (unbelievable).
On the repayment record it shows a different amount recorded for the 'Loan Amount' than on the agreement. This is because they have added the broker fee and admin charge to the loan amount.
Could just do with a pointer on my next move as my friend is really struggling with these people and charges just keep getting added. He has a redemption figure of over £11k on a £5k loan.
Any advice appreciated.
Hi Toddle,
Shame to hear about the experience your friend is having - problem is that despite what you say that this should be unbelieveable, with Swift it unfortunately is altogether too real for too many people - I still owe them £3,000 more than I borrowed after paying 6 years of a 15 year loan - having made roughly £28,000 in repayments - sound familiar?
Oh and by the way I am one of their 'good customers' (thats the words they used once), never having missed a payment - God help you if you get into difficulties with them becase then the word unbelieveable does not do it justice!
Get your friend to check out the Swift forums, and get involved in the battle.
m
Thanks for the reply. Attached is a copy of the agreement with personal details removed.
They have shown a brokers fee of £500 on the agreemeent. So the agents commission is different from the brokers fee?
Thanks again
Commission is different from Brokers fees
it would appear that the APR on your agreement is actually nearly twice as much as shown to be ....if I am correct your agreement is totally void and unenforceable............ ......would others check this out
Loan amount (£) 5000.00
Starter / admin charge (£) 950.00
Monthly repayment amount (£) 142.77.
Number of monthly repayments 60
Extra final charge (£)
APR should be shown as 40.7%
Also if we convert the nominal rate of interest shown in the other financial information box to APR.
This 15.39% per annum converts to an APR of 16.52%
If we convert the APR shown on the agreement 26.4% to a nominal rate this works out to 23.66%.
These just do not tie up
This also voids your agreement.
Once again I state what our friend Mr White said under oath in my court case, when I questioned him about a rate of interest being shown in Swifts Court bundle as 10.3% when our agreement only showed 9.84%.
He said quote ......"that it is not the practice of a credit agreement to show a series of different rates which could be applicable"
Yet again Swift have done just that on your agreement ...shown two different interest rates ...which do not tie up in any event.
The tolerance for being out on the APR is 0.1% plus or minus
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Thanks 42MAn for that will try that route to get the underwriting sheet
Sparkie thanks for your input. If the APR's do not tie up should the next course of action apart from the 31.16 route be to write and tell them that they believe the agreement to be uneforceable because of this?
it would appear that the APR on your agreement is actually nearly twice as much as shown to be ....if I am correct your agreement is totally void and unenforceable............ ......would others check this out
Loan amount (£) 5000.00
Starter / admin charge (£) 950.00
Monthly repayment amount (£) 142.77.
Number of monthly repayments 60
Extra final charge (£)
APR should be shown as 40.7%
Also if we convert the nominal rate of interest shown in the other financial information box to APR.
This 15.39% per annum converts to an APR of 16.52%
If we convert the APR shown on the agreement 26.4% to a nominal rate this works out to 23.66%.
These just do not tie up
This also voids your agreement.
Hi Sparkie
I have run this through Dualcalc and come up with the same figures as you . However, I think the 40.79% PR is wrong as their was no initial payment of 950 it was obvioulsy added to the loan even though the loan amount in the agreement clearly states 5000. Suly the loan amount should read 5950
I am confused about the difference between nominal rate of interest and APR and what difference this makes.
Next move is to send 31.16. Cannot my friend try to reclaim unfair charges as in bank cases or is this not the case with these people? I am a little unclear of where i am heading with this and would appreciate any advice
The 950 is classed an an initial payment and has to be included in the calculation this is a must as it has not been added to the loan as you say, quite correctly so.
If a nominal rate of interest is given .......the APR calculated from that, MUST coincide with the APR stated....... it is in fact another way of working out the actual correct APR
The reason a lot of lenders do this is to make the APR "Appear" to be more acceptable.....would you honestly have signed that loan agreement if you had seen 40.7% APR ...I don't think so ...and that is why a court would void your agreement you have been deceived and mis led by misrepresention of facts
Sparkie thanksfor that. Should I now 'attack' them on both fronts at the same time - the 31.16 for the underwriting sheet and the misrepresented APR or jst do the 31.16 first?
Sparkie thanksfor that. Should I now 'attack' them on both fronts at the same time - the 31.16 for the underwriting sheet and the misrepresented APR or jst do the 31.16 first?
Hi toddle2u
I would do both ................the more pressure that is put on Swift the better they are beginning to crumble ....but they do not know it yet, because they are so arrogant ...........they have not got a clue what is coming next....believe me.Their legal dept is under so much pressure they are making big mistakes
IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU
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IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU
I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU
IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.
Before you decide,consider the users here who have already offered help and support.
Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.
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Attached is a reply I have received from Swift after the request under CPR31.16 for a copy of the underwriting sheet. Needless to say there was no copy of the underwriting sheet just another copy of application form and t&c's. Surprisingly they have admitted paying a commission to the introducer but state that this forwas work done on the application rather than a commission.
Also had a reply to letter requesting refund of charges saying they would reply within 4 weeks
Usual response....however the fact that you do not know the amount and the fact that it isn't in the agreement means it is secret....it is a significant amount, probably enough for you to make a decision (especially as you had already paid them a fee too) They have a fidiciary duty to tell you what it is !!....the fact that they haven't disclosed the figure means they have something to hide....and bear in mind you paid for it !!!
PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.
IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU
I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU
IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.
Before you decide,consider the users here who have already offered help and support.
Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.
If you are approached by private message with a view to asking you to visit another website,please inform the site team via the report icon.
We have absolute prima fascia evidence that the sums they pay in commission is not small amount we have evidence of thousands of pounds being paid on EVERY Swift agremeent and written confirmation of a Director of one of their agents in one year they paid £19.2 million in commission,and in an attempt to cover this up in Court under oath say they do not pay commission as such.
They also pay up to an extra £1000 or so for every £10,000 worth of business
Ther will be an underwriting sheet and it is being concealed from you, somewhere in your rsar history notes or oter document you will find ..."passed to underwriters". if it does not have an underwriting sheet ..why pass it to the underwriting department don't be fobbed of use the New Fraud Act section 3 .concealment of documents.
42 Man and Sparkie thanks for your help on this have written back to them again asking for the underwriting sheet along the lines you have suggested. Will keep you posted
Swift Charges
and they have replied with all information except underwriting sheet.
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Originally Posted by toddle2u
