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  1. Hi matrix, glad you feel a bit more contented with the situation. They won't stop your payments while working out your new payments, I've made changes before and my payments have never stopped. You'll find your next payment will reflect the changes, you'll probably notice the difference in payments before you actually get your new Award notice. Keep us posted, I'll do likewise. Still nothing through the post.
  2. Thanks everyone. Well I contacted them yesterday by phone (you're right matrix it takes bloody ages). The guy I got was lovely but again, I had to hold while he went off to check what was happening with my renewal. He came back and said there's no problem with it, it's a problem on their behalf that everything is moving very very slowly at the moment and I should receive my renewal shortly. Phew! Backofbeyond, my payments meantime have been the same as always, don't know anything of the additional payment the system generates you speak of??? Has everyone received this?? Matrix I know it's tough when you have bills to pay. Don't they understand that when a lot of people are living month to month it's not always easy to hold back 'overpayments' and yet they expect everyone to have this extra money sitting in a seperate bank account not getting used!! Go figure! If we all had bank accounts whereby we could put additional money in and not spend it I don't think the majority of us would need additional help with our incomes! Chin up matrix, I'm sure you'll also hear from them soon, the guy I spoke to did say it was fault on their behalf that the system is working incredibly slow at the moment. Good luck and thanks guys!
  3. Hi everyone Just wanted to say how useful this thread has been and I wondered what everyone's updates were? I renewed my WTC over the telephone on July 30th and as of today have heard nothing! Am starting to worry now. I did receive a letter in June asking saying that my childcare was under review and they asked for proof of what I had been paying my childcare providers and a copy of my contract with them which I provided. I received a reply a few weeks later telling me they were happy with my information and they would not be pursuing the review further. But I've heard nothing on my WTC renewal and it's now been 8 weeks. Anyone else heard back from them after 8 weeks?? Thanks all
  4. Hi there I too have had similar problems with Birmingham Midshires. They transferred us to interest only last year for a period of 12 months after my hubby was working on very little hours and as I had 3 children under the age of 2 (2 being twins!) it wasn't going to pay us any extra for me to go out to work and have a childminder in. However we missed one months payment in May and they put us straight back on repayment! We simply cannot afford repayment and our arrears are at £4,000. They are only at the stage nowof threatening that they are starting court proceedings but what I have been doing is continuing to pay the interest only amount. I was advised that if you keep doing that, a judge will look favourably on the fact you are trying to pay something within your affordability range. They are supposed to explore all options with you and to be honest, I don't think Birmingham are very good at that. I wrote and asked them to continue the interest only for another 12 months as we are very confident my husband's business will have well picked up by then but they said no on the basis that they look at your 'investment potential' which basically means if you get to the end of your mortgage term then you need to have something to pay off the mortgage with if you've (worst case scenario) been paying interest onlu for the full 25 years. Considerng my husband built our house, our mortgage is £160,000 and the last valuation 18 months ago was £420,000!!! And that's during an economic downturn so I think they're missing something!! I've also just recently written to them asking them to transfer the arrears to the end of our mortgage term but I doubt they'll agree to it. Try not to worry, hav you tried contacting any independent debt counsellors/advisors in your area?
  5. Hi everyone, I've not posted since I launched my campaign to reclaim PPI from Welcome back in the middle of May against 3 accounts I had with them which I settled and closed3 years ago but....good news......got letter today saying they uphold my complaint and offering compensation for the full PPI amount plus interest plus the 8%!!!! Am delighted with the outcome.........bit of positive news for you all......it CAN be done!!
  6. I'm sure he is, however it would be great if any news could be shared with the 'group' ?!!
  7. Interesting Sparkie, my guy from financial rights spoke with me last night on that very subject about interest! He noticed something in the terms and conditions about it being applied to charges etc and said it's a whole big mess. They're looking at it more closely for me this week before writing off to Swift so will also keep everyone posted on what his team find out! Mark, loving your idea. Once we get all the facts as Sparkie mentioned I defnitely think it's worth working together on a template:cool:
  8. Guys, sorry for the continuous posting, just as I'm remember info from yesterday's meeting. This might be useful for those in the same position as me, i.e. I have a 2nd charge mortgage with Swift on a buy-to-let property I own. I thought I couldn't sell the house as the current value doesn't equal what I owe in the two mortgages.....not true! Apparently I CAN sell the house, the 1st charge mortgage will be paid off and the 2nd charge, i.e. swift will get the rest. If that isn't enough to cover what I owe....then the loan becomes 'unsecured' i.e. I can negotiate to pay them the balance. They cut all interest for a start,and I could probably get away with paying them as little as £10 a week if I can prove that's all I can afford. I don't even have to 'legally' prove that's all I can afford. These guys don't want to bankrupt you as then they get nothing so will almost always accept any offer of repayment that you make. Just a wee FYI!
  9. Sorry Rick, meant to add, have you checked your original agreement to see if it states anywhere about interest being charged on 'charges'. Mine only states the charges for being late, missed payments, etc, says nothing about interest. If not, you'd have an even stronger case for arguing to get them taken off, possibly under the 'mis-sold' route. How affordable was your loan when you took it out, i.e. were the repayments close to the maximum you could afford? If so, it apparently works under the mis-sold umbrella that the company could not possibly expect you to be able to afford interest on charges, or interest increases etc. Am just learning about this myself so will fill you in as I learn more:D
  10. An update on my own situation. Spoke with debt guy yesterday, filled out questionnaire for lawcomm to audit if I have a case to pursue. Seems I was confused about the no win no fee etc. It costs £295 for them to audit my case. If they decide I have no case to pursue, I am refunded £250, thus paying them £45 for their time in looking at it. If they think there is a case to pursue then I don't pay anything additional at all! They are confident enough if they take on my case that they will win and apparently thus Swift are then liable for their costs. I'll head back from them within the next week or so on whether they are going to pursue this. Interestingly, I got a call from the broker this morning to schedule an appointment with me at Swift's request to do an income and expenditure questionnaire, which I asked them to do six months ago as my circumstances had changed so much, and they refused! Am surprised to be honest, last time I was late with a couple of payments they went straight for threatening repossession!!
  11. Hi Rick, with regards to the interest going up and yet not going down I would imagine there would be some conflict under the 'unfair relationship' umbrella. I too have had the same problem with Swift increasing my payments but yet not decreasing even though bank and Libor rates are at an all time low and I'm pursuing this with them under that term via Financial Rights Northern Ireland. With regards to unenforcability you might just have a case there too considering you took the loan out before 2006, check your original agreement for the areas previously mentioned on this thread to see if you might have an unenforceable agreement, such as APR not being correctly stated etc. Charging interest on charges for the life of the loan seems ridiculous!! Read back through the whole thread, I know it seems tedious but you will find the answers you're looking for. Sorry I can't be of more help, I'm new on here too and still finding my feet with all this information;)
  12. Excellent guys, great reading Busterg. Marky you've certainly been busy:D I'm also going down your route of contacting OFT, it's essential! Dougal I'm pretty sure I'll have plenty of questions before this 'goose is cooked' and Apollo advice heeded. Thanks for the support guys!
  13. Caro, thanks for the advice on both fronts. I will indeed do the prior and with regards to the latter I haven't yet committed to anything and take your points on board. It is my intention to take some time over the weekend to look at the template letters etc and see how I would go forward with this if I were to do it on my own. It is quite tempting to go down the line of having a bigger organisation's backing but I also understand where you're coming from. Keep you posted!
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