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SWIFT ADVANCES - Excessive Charges


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Hi,

 

I am hoping i can get some advice on here as i am at a loss as to where to go next with swift. we took out a secured loan for £28,000 in 2005 . there was a brief period where we fell into arrears in 2007 due to redundancy but quickly resolved this and have paid on time for the last 5 years every month so was stunned when we got a statement a year ago and we still owe more than we took out - the charges are ridiculous and they are charging huge interest on them. i have already tried to tackle them and got nowhere - it seems my contract was loose and they were not regulated - surely there must be something i can do - can i try and claim these charges back now or am i in a bad situation as they were not 'regulated' at the time ???????

 

Please any advice would be much appreciated as this is holding me back !! Laura

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Hi in the same boat. Borrowed 20k 10 years ago 10 years still to pay. Missed one month in 2008 and have been told that they will add 10 years on to the loan. Pay on time every month and only £5 goes to the capital . Basically when I retire in 11 years I will end up giving them my home and will have paid some 68k back on a 20k loan. If there is anyone out there with an answer I too would like to hear it. As a matter of interest the actual interest on my mortgage last year with biulding society was £299 as I only owe 8k on my house.They are the worst kind of bandits and it would seem, bomb proof.

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  • 4 weeks later...

Hi my story is pretty simalar to the ones above. I took out a second loan with Swift in 2007 for 8k which i only received 7 for. It was for a 10 year loan although i now owe them 21k and have 5 years to pay it. I had to leave work and become a carer for my granmother so experienced difficulty in paying and got into a arrears (my fault i know, but couldn't be helped) although in the time of my missed payments they have abolutely slammed me with interest charges which are extorsionate resulting to me now owing 21k. I contacted swift to complaine as for the last 12 months my payments have been made early and in full yet only 30.13 is actually coming off my loan due to the amount of interest they are charging me on a monthly basis. I have complained to swift who have advised due to my bad payment history they are entitled to charge these prices although they offered me £667.70 (how they got to that i don't know) as a good will gesture which i have 8 weeks to accept. As i don't feel it is right to be charged these amount of charges and want the company looking into which is why i am now on these forums only to find that they are one of the dodgyest companies going so not sure if i will get anywhere with it. Can anybody please advise of their own experiences and outcome or give me some advice as to what to do before i have to set up another arrangement to pay in the term left as i don't feel they should get it when in fact i have actually paid 8k back yet i still owe so much. I have also asked swift for a breakdown of the interest charges and when and why they apply them to the account and how they get to the figure of me paying only 30.13p off my loan. Previoulsy i also had to go to court for a possesion hearing a couple of yeas ago and the judge ruled in my favour due to the amount of interest charges they had applied and also cos my grandmother resides with me, they advised i had to pay so much of my loan and then a certain amount as the court order yet swift clearly isn't sticking to this as they are not taking the money off my loan and seem to be just keeping it for their own pocket and classing it as interest.

Please can someone help or advise me

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Yes i am currently getting the ppi looked at by a company as my loan was done through a broker called broker ridge who apparantly aren't a authorised company anymore. I have also emailed them yesterday requesting a breakdown of the charges although i haven't heard anything back yet. I will also send them the SAR as i wasn't aware of it but after looking at it is exactly what i want althoug can you advise what is best to do once i have got this information.

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hi nic K

We are at a similar stage to you, however our home was repossessed in 2006.

 

I have sent a SAR just last week (recorded) to Swift. Received a prompt reply in receipt of the request, and stated we should have the info within the 40 day timeframe.

If you require a t+c and loan agreement - it took just a phone call, however I did sent a previous request and £1 , but they didn't a record of a letter (called after day 15 of waiting).

Any archived accounts are kept off site at a private company and may not be in date order.

 

Its seems the PPI is held by the broker and not Swift?, therefore any claim for this should be directed to the broker - I assume?

 

 

hope this is useful

willerby20

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Hi Willerby20,

 

You are correct regarding the PPI, when i spoke to PPI Claims they advised they have to contact swift first who will then advise its nothing to do with them and they must contact the broker, I feel i have a good claim against the PPI im just waiting for more info from the company. I also received a breakdown of the charges and interest charges and when they will be applied to my account and it goes like this i have my usual 141.? to pay which is the loan amount and then 220.? in interest charges so basically i am paying nearly 300 a month for only 30.13 to come off my loan as they are taking it all in interest charges, can they do this by law? as my overall account is now increasing as a result of the added interest on a monthly basis. I am wanting to know who to take all my correspondence from swift to to get them looked into as i know from looking on the web about them that they are sharks and so many people are complaining about them. They have been ordered to pay back the outrageous interest for people with their first mortgage with them so why not people with a second charge loan, do i need to go to the FSA, OFT, MP who to get this looking into in the hope i can have this resolved or do i just admit defeat and now pay them nearly 600 pound a month to clear my loan in 5 years although i don';t feel they should get this money as they have had 8k in payments from whihc was the loan amount yet i am know owing 21k PLUS INTEREST. ALsso they shouldn't of even given me the loan back in 2007 as i was only 22 i had only had my main mortgage for 6 months and had misssed a paymenet so by rights aren't they at fault for not checking me out properly. I didn;t intend for my payment record to be like that but couldn;t help it due to financial hardship in which they have no slammed me with interest ontop of interest.

 

If you have any more advice on the right channels to go to to get them looked into i would be very greatfull as after having a breif look on complaints against swift they are also on their last chance with the FSA and could lose their licence also they could receive a fine of upto 50k.

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Hi Nichola,

 

Once we have our information, I guess will we take this similar route.

 

1, Write to them, not email, setting out your issues along with your financial info regarding the loan. A spreadsheet covering all the interest etc up to now and project for the remainding 5 years of the loan. send recorded and keep copies.

 

2, If no response within a reasonable time frame - I think 8 weeks, direct your complaint to the FOS.

3, In addition speak to your local CAB.

4, The FSA fined Swift - September last year for unfair treatment to customers - I would contact these too.

 

willerby20

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Hi Willerby20,

 

Many thanks for your help and advice concerning this matter, I will take the steps you have advised and see if i can get anywhere with them.

I will let you know how i get on.

Also good luck with your own personal matter and i hope you get the outcome you want.

 

Nic :-)

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Most of these lenders say they are not responsible for PPI claims....the person who you pay your premiums to is responsible for the PPI...hence if Swift are taking the premium payments as part of your loan then it is them you contact to get the PPI back. It's a shame you have contacted somebody to claim this for you because you could have done it very easily here by yourself....and it would cost you nothing,. The company will take a percentage of your claim....a percentage that could have gone towards paying off your loan. Is there any way you can back out of the deal with the claims company?

 

Nicola I suggest you start your own thread on this because you can claim back all these excessive charges. Start your own thread so that you can get help when you need it.

 

SAR first is the way to go and start a new thread on PPI forum if you can get out of the agreement with the company. You will be able to reclaim all the charges back...and if I were you I would be asking them to cancel their PPI, refund you the premiums, plus interest and then find yourself an alternative insurance provider which you will get at a fraction of the price....for the same cover.

 

I suggest you start a thread on the Payment Protection Insurance forum on how to claim back your PPI. The first thing you will be asked to do is send a SAR (Subject Access Request) to Swift to get all the personal data they have on you...this will include any copy agreements, details of your PPI premium AND statement, along with anything else they have on you on their system.

 

You'll be able to claim back the excessive penalty charges too plus interest which, after all this time, will be a very healthy sum and might even be enough to clear your loan....or at least get it down to manageable repayments for you.

 

Here's a link to the PPI forum. Start a new thread there and you will get advice on how to reclaim your PPI plus interest. Before you can do that though you need to get all the information relating to your account from Swift. You send off the Subject Access Request first because if you don't have all your agreement details, statements and info re PPI you won't be able to calculate what you are owed.

 

You'll get lots of help here....and if you need a helping hand please just post back on the forum. I would use this forum to deal with your penalty charged for late payments etc., and the PPI forum to get help for the PPI reclaim.

 

You can do this....when you start you'll feel empowered that you are doing something positive to change the ever growing spiral of debt you have found yourself in because of these legalised Sharks.

 

Good luck.

Gemspan

 

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?111-Payment-Protection-Insurance-(PPI)

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  • 2 weeks later...

They have 40 days in which to compyl with a SAR request by law, then it becomes an offence, however there is always a £10 fee for this, so if you have not paid that, then it is unlikely they will respond..

 

NEVER EVEWR DEAL WITH SWIFT ONT HE TELEPHONE ONLY IN WRITING AND ALWAYS RECORDED........

If you kick a Tiger in the Ass youbetter have a plan to deal with its teeth :madgrin:

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I took out a loan with swift advances in 2003 and by the time they had added ppi and broker fees the amount was £ 27,000 they said it was unregulated?????...I also fell into arrears because of illness in the family biut then continued paying them till the loan was redeemed in 2005 they demand £44,500 !! And proceeded to justifuy this with a long list of dubious charrges...I have been chasing them to justify/recover both PPI and excessive charges and they have ignored my letters...dragged it out and finally are trying to tell me I am time barred becuase the loan was redeemed in 2oo5??? ....but I am not perturbed and will persue this till I get my money back. ...the huge amount they demanded contributed to me eventually loosing my home.....they are sharks and need to be stopped in their tracks. For the record The statement below was culled from the FSA website.....they have set aside money for compensatio lets band togther and fight to get our moneyback!!!!!!

 

"The joint FSA and OFT investigation has gone on for over two years. Companies like Swift Advances plc have put aside £9.4 million in their company accounts to cover the cost to redress to consumers and yet those companies, often funded by private equity, continue to repossess vulnerable family homes and I would like to know your answer on that. " I think we need to form a cpllective group to bring a class action against swift advances is anyone interested in doing this?

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  • 5 weeks later...

Hi

 

I took a small loan out with swifts about £7,000 and was stung with stupid charges, including one for "attempted contact" of £12.00. Since when has an unanswered phone call cost £12.00!!!!!!!!! Altogether with interest they wanted me to pay over £3,000. I sent them a letter stating I thought charges were excessive and would be sending letter to the Office of Fair Trading etc Got a letter back from Swifts saying that they had looked at my a/c and were prepared to knock off £750 + interest. Funny enough they left on the attempted contact one! which I am now disputing. Good Luck.

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  • 4 months later...

Hi all

Just submitted a claim letter and spreadsheet for nearly 9k in excessive charges. Received a "generic" response letter, more or less within 2 days. In real terms we could tell that no real investigation into the claim, and offered us a mighty £80 "as a sign of goodwill" !!!!!!!!

Initially they quoted a full response with 4 weeks. This is their final response in the matter.

Unfortunately this secured loan was unregulated. I don't think FOS can help?

Any suggestions for next steps.

thanks

willerby20

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Hi

 

I got same response for 6k charges They offerred me £700 & interest I'd paid on this. Did they send you a statement showing all the charges. In my case I asked for details ofall charges on a/c they then sent statement and when I got the offer I asked for a breakdown of which charges they had cancelled. Sent me statement with highlighted charges dropped. As a guide they drpped the management charge from £70 to £35. Dropped 2 amounts @ £250 & £110 (1st & 2nd default charge) and other bits & bbs. I have now said that I don't accept this offer and have sent them a spreadsheet shwing them which charges I will pay!!! I have dropped the £23 letter charge down to £12 (Based on what is fair & just) etc. I said if they arn't happy with this then they should show me how their charges are fair & justified and give me a breakdwn of how they have calculated their cost & time etc. Just waiting for a reply. Try and get a copy of your charges etc so we can compare be interesting to see whether they are still charging yo for things they have cancelled fr me it might give you some leveredge!!!!!

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Hi pam56,

I gathered all the charges from the statement, that came with the SAR. I compiled a spreadsheet (template from here) added the relevant description and interest rate - hence nearly 9k.

This account has been closed since 2007, following repo of the property. The statement, we believe is not comprehensive, as during and after the repo charges , compound interest and redemption costs are not visible. I will be requesting a full account summary and blanked out history notes from the SAR.

 

THANKS

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  • 2 weeks later...

Hi, I asked for a SAR from Swift, they sent me a copy of the agreement! Wrote to them again and finally got a history printout detailing things from them, like a notepad type computer printout. But they refuse to give me a breakdown of charges as they are "not personal data"!!

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Hi

 

I think that any details which are held on your a/c are covered by a SAR but not 100% sure. Check out websites or ask around on this forum, someone with better knowledge than me wld probably tell you the law. Can't believe that is the correct version Swifts are telling you, remember they're lying b's and will do anything to not give the truth the whole truth and nothing but the whole truth.etc.:roll: I'll see if I can find anything too and let you know if I find it

 

Pam56

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Report them to the ICO for failing comply with the SAR... also report them to the OFT for A the same and B for failing to give you the breakdown requested.

If you kick a Tiger in the Ass youbetter have a plan to deal with its teeth :madgrin:

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Hi Sergent,

 

Being in arrears has nothing to do with the charges..... there are a few things you should consider first, as the court route could prove VERY expensive....

 

Pay the £10 fee and SAR them.......this means they have to give you everything they have, they wont ofcourse, but you can then report them to A the ICO for failign to comply and 2nd the OFT.

 

Also contact the OFT and make them aware you have asked for these charges and they have refused......

 

The OFT have already fined them last year, and placed certain conditions on Swift, that if they fail to comply their creidt licence may well be removed....... in order for that to happen people need to complaint to the OFT........ once they reach a certain amount of complaints ( under normal circumstance) that triggers an enquiry...... but as they are already in a serious trouble.....

 

You will encounter a myriad of excuses as to why they wont give you a break down........... they will claim they have been told by official agencies it is confidential but when pressed cannot tell who or given proof....

 

be well warned they will add all court costs onto your existing loan..... your case will have to be meticulously prepared...

 

I also advise contacting your MP and making them aware , as they can raise this in the house....

 

Can I ask why over the 1st october

If you kick a Tiger in the Ass youbetter have a plan to deal with its teeth :madgrin:

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Can I also offer a suggestion, it is well know that SWift are on this site, and read all the threads, so anything you post with regards to how you will conduct your case ect they take note of ........play your cards close to your chest...

If you kick a Tiger in the Ass youbetter have a plan to deal with its teeth :madgrin:

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