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Everything posted by Apollo18

  1. Hi DM, I found the same when asking for the interest rates charged on my loan..... The reply I got from Swift included a list of AER and monthly rates..... Not an APR in sight! I've come to the conclusion that most of us on CAG probably know far more about interest rates and the associated terminology than Swift. Apollo18
  2. Hi All, It's good to see that Swift are getting some of the bad publicity they deserve in the 'Mail On Sunday' !!!!! http://www.dailymail.co.uk/money/article-1358696/My-mortgage-10---Im-trapped-possibility-remortgaging-elsewhere.html Apollo18
  3. Hi GML, 'Would some other cowboy company take them on'. YES!!!!! PROBABLY..... Apollo18
  4. Hi GML, It may help if you write to Swift and request an 'Actuarial Accrual Account Summary', which appears to be the nearest thing they produce that resembles a full statement account. Perhaps then you might be able see exactly what charges and interest Swift have added, and how they claim to have worked out the balance still outstanding. Apollo18
  5. Welcome back Sparkie!!! It's good to see you again!!! Apollo18
  6. Hi All, I note that the OFT public register has been updated..... Swift Advances plc licence number 0391618 Licence Notes: Minded to Impose Conduct Requirement(s) 10/11/2010 Lets hope we don't have to wait too much longer!!!!! Apollo18
  7. Hi All, shoops.....It's worth e-mailing the details of your experience with Swift to David Blocksidge at the Office of Fair Trading. He has a file on Swift that is growing all the time, and the more complaints he gets regarding the way Swift operate and apply outrageous charges without your knowledge the better. The e-mail address for David Blocksidge is [email protected] Apollo18
  8. Hi All, Very well put Doc.....An unfair relationship without a doubt! Does anyone know when the OFT will be publishing the findings of their investigation into a number of second charge lenders????? Only they've been stating it'll be in a few months time for quite a while now! Apollo18
  9. Hi Cas, OFT = Office of Fair Trading I suggest that you address any correspondence to: David Blocksidge Office of Fair Trading Fleetbank House 2-6 Salisbury Square London EC4Y 8JX E-Mail: [email protected] The more complaints and evidence they get against Swift the better! Apollo18
  10. Hi Marky, Did you say your loan agreement is regulated? I thought secured loans over £25K taken out before the Consumer Credit Act 2006 came into force were all unregulated! Apollo18
  11. Hi Sparkie, It appears that your shadow sparkle72 has returned! Apollo18
  12. Hi All, Excellent post Marky, I agree with you 100%. WLB - As others have commented, think very carefully before spending any money with claims management companies. Dominic Littlewood said on the 'One Show' earlier this week....."If it sounds too good to be true, it probably is", so tread carefully and don't be taken in by people who just tell you what they think you want to hear! Apollo18
  13. Does this not suggest that Swift/Kestrel do indeed securitise? CISX - Listed Security Detail - GB00B3KJXL9 - Kestrel Acquisitions Ltd Apollo18
  14. Hi All, Excellent posting KC.....Very informative. It looks to me that Swift probably do securitise regardless of what Webster and Co have stated. After all Swift Advances plc used to be called Purbeck House Securities Ltd. Apollo18
  15. Thanks wp3, But does the new act specifically say that it covers unregulated agreements, and if so does that mean they're now regulated?
  16. Yes quite.....But has anyone got any answers to the various scenarios expressed?
  17. Does the 'Unfair Relationship' section under the 2006 Act cover unregulated agreements over 25K, that were taken out before the act came in to force?
  18. TIE - Only BBR.....No mention of LIBOR. However, from what others have said on here, if you phone them up they always go on about their rates being dependent on LIBOR. ???
  19. Thanks for the reply TIE. I've had my secured loan with Swift since 2002.....8 interest rate increases and no decreases. Initially Swifts interest rate was: 8.92% above the bank base rate 8.71% above the 3 month libor rate 8.18% above my mortgage rate (first charge lender) As of now it's: 14.89% above the bank base rate 14.74% above the 3 month libor rate 12.89% above my mortgage rate (first charge lender) When I pressed them to justify their rates they stated, 'be advised that Swift is not obliged to release any information deemed as sensitive and related to the operation of the company' So you see.....It's all smoke and mirrors! Apollo18
  20. Hi All, TIE the only reference to the interest rate on my agreement, and probably most other Swift agreements states..... 'If our cost of funds change, we may, by giving at least 14 days' notice in writing by first-class post, change the rate of interest that applies to this loan. The change will apply from the date shown in the notice which will tell you why our cost of funds has changed' The first five reasons Swift gave for increasing the rate were all stated as 'Following the recent increase in the bank base rate'. Then they changed tact and on three further occasions stated the reason for the increase as..... 'As you are aware, there has been a general increase in interest rates in the market recently and this together with the increase in our funding costs makes it necessary for us to increase the interest rate on your mortgage with us'. The last increase was in December 2007. Since then it has stayed the same, despite the fact that the bank base rate, libor rate, and the rate on my 'first charge' mortgage are at an all time low, and have been for some considerable time. When you complain they simply stone wall you, and say that they are happy that they have not acted unfairly. So my question is simple.....Where do we go from here? Apollo18
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