So I am another vulnerable victim that was stupid enough to take out an unauthorised secured loan on my house. Here are the facts:

1st Mortgage with Halifax = £170,000 (interest only)

Secured loan from Swift = £40,000 (interest only)

Payments made to Swift since 2007 = £35,000.

Payments made to Halifax since 2004 = £72,500 approx

Settlement figure from Halifax = £170,000

Settlement figure from Swift = £86,000

Halifax total cost of borrowing £242,500 borrowed 170k, as a fraction 1.42%

Swift total cost of borrowing £121,000 borrowed 40k, as a fraction 3%

So I'm very curious why I borrowed 4 times more with Halifax yet their profit from the loan is £72,500 yet Swifts works out at £81,000

I use the word profit lightly because of course I understand there are other factors in the cost of borrowing however it still feels like I'm being ripped off by Swift.

I've been through the mill with both loans, court hearings twice, remortgaged both times and now I'm about to sell my house and was shocked to receive the Swift settlement figure, they claim it is compound interest.

I have been to financial ombudsman who I don't think can help because it is an unauthorised secured loan, which meant and still doesn't really mean anything to me, from what I can gather it's pretty much like loaning from a loan shark and it would seem they can do what they want.

I was offered by Swift to put a full and final offer in which I did for £60,000, it was rejected, I re-offered at £75,000 again rejected, I just want some of my original £50,000 deposit back because as it stands I am set to lose £110,000 (86,000 to Swift).

The sale of my house is due to complete in 7 days and although I can only just manage to do that, I have lost my 50k and the 100k equity because of Swift.

There must be some help out there what can stop these crooks from just demanding these ridiculous settlement figures, I will be very interested in any advice or pointers please.

Thank you for reading. I'm hoping one day the government and FCA steps in and looks at the older loans like these that were taken and now struggling homeowners like me being forced to sell before being too deep into the ever increasing debt and interest.

Thank you in advance

Wayne.

hi there

I am afraid Swift is like a spiders web, they trap you and then eat you alive with no mercy.

I would like to wipe them of the face of the earth so everyone can sleep in peace and keep their sanity.

The only thing you can really do is look at reclaiming charges, ppi and possibly hidden commissions but you've got a long fight on your hands if you go down that route.

FOS are as much use as a chocolate tea pot. They told me that Swift would not be charging me interest while the FOS were investigating my case, guess what they were wrong and I had another 18 months of charges added because that is how long those idiots took to investigate!!!!

what you have is an unregulated agreement, which is why the fos cannot help

I presume you already have sent a SAR to swift, to identify everything that has occured by way of charges etc

Do you have a copy of your agreement and t&cs

Your only route is going to be via the courts

Have the negotiations been via your conveyancing solicitors?

what you have is an unregulated agreement, which is why the fos cannot help

 

I presume you already have sent a SAR to swift, to identify everything that has occured by way of charges etc

 

Do you have a copy of your agreement and t&cs

 

Your only route is going to be via the courts

 

Have the negotiations been via your conveyancing solicitors?

Please Wayne, don't go near the courts. I am not going to post my circumstances suffice to say that going via the Court with Swift is a waste of time and your money, if they can't win fairly, they'll win unfairly and the Judiciary will not be on your side. All costs, to the penny that Swift accrue will be put onto you account and they'll fleece you rotten.

When Caro says your loan is Unregulated if you are unaware of the terminology, it means it is not Regulated by the CCA, this explains: http://www.finance-law.info/financelawinfo/2008/04/the-big-event-removal-of-the-cca-financial-limit.html

So with a 40k loan before the changed date you have an unregulated loan which more or less says Swift can do what they like and you can do diddly squat and dare you challenge us we will, as a term and condition of your loan, charge you for us to employ extremely expensive barristers, whilst you are struggling to pay us, and to fight you off so bog off!

That about sums it up and Caro will confirm I know what I'm talking about.

You can go down the Unfair relationship route using Section 140, but believe me, if I could look you in the eye and give you one really good piece of advice I'd say pay the feckers and go live your life because I spent the best part of 5 years of my life taking them on and they are slipprier than a worm coated in grease.

I still have pangs of anger knowing what they did to me and how they did it and got away with it, I know far too many people who have spent 10's of thousands of hours researching and fighting, mostly to no avail. Pay them off, get your life back into shape and then if you want to go back from a position of strength to challenge them, then that's the best way to do it and you can annoy the hell out of them without their wanton charges being plied to your account like they did mine..be free of them first, then go back cos you'll get nothing from them while they have your home hanging in their trophy cabinet.

They are asset strippers believe me.

I don't know you, so I have no reason to be biased one way or another, but that's just about as much as I can give anyone these days - my experience and show them how I wasted so much of my valuable time fighting these dregs.

I hope that helps, but nobody will take you as being weak for just getting the hell out of their grips - quite the contrary.

Good luck.

A1

well said Andrew, it's terrible I know but the b@stards are untouchable

but the b@stards are untouchable

almost, not totally, there are cracks, but I'm no spider and leaving it to others....I've had enough.

A1

I'm sorry to say that I can confirm that Andrew knows from bitter experience what swift are like and fought hard. It isn't the advice you want but you should give it serious consideration.

could we not form a gang against swift.

and gang up on them.

there must be someone higher up who can deal with them,

they did not give anything of value because so called money is just promises to pay its not worth the paper its printed on.

where as you put in hard labour to get your house and they just come and take it.

It's fighting the devil (male or female as satan has many guises) always a challenge and all waiting for the deliverer from evil. I tend to go along with the tentacle idea as where does the ladder in Swift lead too? Nose in trough springs to mind and we know not who that is involved. You have a new house to buy and it seems no time to take on Swift. When they are tackled from within the system, you can come back to it rather like what is happening to VW.

A class action is a great idea. I believe there's awareness of Swift in certain places but the cogs in the wheel turn slow i'm afraid. I like to believe the work continues to eradicate toxic unregulated loans.

Take comfort that when you are out of their clutches they can't keep fleecing you. If you then decide to take them on you will be in a much stronger position as they won't be able to charge you more and the sword of Damocles will no longer be there. It'll be in your terms.

It also reminds me of what is happening to FIFA. Unregulated and were getting away with it.

Wayne did you get any paperwork from swift through a SAR and if not try to get some ,especially an actuarial account. They will try to not send out a lot of things especially if you don't request it.