Hi, i'm new to this forum and need help with what steps to take when dealing with Swift advances!

I took out a loan in 2004 for £47,500 in which i had to prove my income by self certification as i was self employed.

i started to struggle with the debt so Swift allowed me to take out further advances based on my original proof of income!

between april 2004 to november 2006 they allowed me to take out 7 further advances without question, bringing the grand total of the loan to £97,743.00.

I then started to fall behind with payments so swift asked me to increase monthly payments.

i agreed to pay an extra £50 a month and swift said this would be fine and get me back on track.

however a letter arrived to say if i did not pay a further £67 then the approximate outstanding balance would be £49,613 at the end of the loan term!

i received this letter in feb 2017 when only agreeing the extra payment at the end of 2016.

Did you get the £50 agreement in writing?

yes we did

It's worth sending a copy of that letter to Swift with your covering letter reminding them of the original agreement.

yes will do as always swift change their minds from one week to the next im sure they do this to get you all confused

They have been doing this to me and when I have asked why they just state about late payments have caused increases, a lot of these payments were made on time but there system logged them late citing bank transfer delays. Personally I think they incur penalties if they pay there funders late so they are doing what they can to increase their cashflow and we are the ones paying the price.

i have an appointment with a financial advisor i have asked swift to send as much information about my account as possible so i can show the advisor.im hoping he can help us out of this nightmare