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  1. Hi Sparkie did you get the private message I sent you on Saturday
  2. Hi Folks got a reply from Swift this morning and guess what they say they are not in the wrong and if I disagree to go to the Financial Ombudsman. In relation to the increased payments they have advised that my mortgage was at a variable rate of 9.84% which was discounted for one year at 2.00 % giving a rate of 7.84%. Whilst I enjoyed the 2.00 % discount for the first 12 months however it still remained variable which meant it was subject to change depending on economic conditions and any changes in teh interst rate during the loan payment would not be linked to the initial 12 month discount the broker arranged. My initial monthly repayments were £590.51 and then went up to £610.00 this was well before the year was up and increased to nearly £700.00. The way that I worked my figures out was as follows;- Amount of mortgage £66,576.00 12 months interest @ 7.84% = £5,219.55 approx 39 months interest @ say 11.19% = £7,449.85 approx Broker's fees £4,460.00 Insuranc Premiums £3,150.00 Early repayment charge £3,545.58 Discharge of security £250.00 Total = £90,650.00 Less payments made of approx £15,801.42 Total = £74,849.56 Plus charges from 16/6/08 = £1,737.51 (got this from redemption statement I had in 09) Amount to redeem mortgage £76,587.97 approx Mortgage redeemed in August 2009 and £90,000.00 was paid leaving a shortfall of £3,140.64 which I am paying every month at £30.00 and have paid £420.00 since August 2009. I calculate that they owe me £17,771.01 approx With regards to the amount of £17,771.01 I say has been over charged they state I am wrong and this is how they reached their figure. Amount of Loan £66,576.00 plus £4,460.00 for fees, £3,150.00 for insurance premiums i.e.PPI) making the total loan of £74,186.00 the term of the loan was for 22 years and stated in April 2006. Interest levied (excluding charges) £26,036.57 Less payments received £16,066.09 Sub Total due £84,156.48 Charges Incurred Buildings Insurance £ 93.47 Tradesmen invoices£ 56.00 Legal fees £1,997.41 Post default collection charges £1,820.00 Loan Co Admin charge - R/D cheque charge £330.00 Eastern counselling Agency default charge £250.00 Other fes and charges £587.00 Interest levied on charges incurred £234.02 Sub total £89,524.38 Add additional administration fee £250.00 Early settlement interest charged £3,366.26 Settlement figure in August 2009 £93,140.64 That was Swift's reply to my letter Don't know where they got the building insurance charge from as I had my own buildings Insurance with Zurich Insurance nor the tradesmen invoice, other fees totally baffled but won't stop untitl I get satisfaction. This is total robbery for taking out a repayment mortgage of £74,186.00 and owing £93,140.64. The mortgage broker was First Class Mortgages of 6th Floor, Crown House, Cambridge Road, Barking and also Swift paid them £2,967.44 for me taking the mortgage with Swift. May be some one could look at my figures and if they know anything of the charges Swift has given as to how they reached the mortgage. Thanks
  3. thank's sparkie for your help. There deadline is tomorrow so I will let you know how I get on. If I get no satisfaction I am going to the Financial Ombudsman and also going to speak to a barrister I know to get their opinion on it.
  4. thank's Sparkie their dead line is tomorrow will see what they say and if I get no satisfaction going to speak to a barrister I know to see who is the best to help me in this field, Also will send my application to the financial ombudsman. Will let you know what reply I get back.
  5. Hi Sparkie in your last reply to my thread on the 30th July which I am only getting to reply to now you say that you were just back from Northern Ireland. Could you please point me in the direction of someone who could help me in Northern Ireland as that is where I am from. At the minute I am awaiting a response from Swift with regards to the figures I provided them in which I have calculated that I have been overcharged by nearly £17,500.00. In their last correspondence to me on the 9th July 2010 they said that they would have their investigation finished and a reply to me by the 20th August 2010. I also looked up on the OFT registrar for the company who sold me the mortgage who was First Class Mortgages and they do not appear on the registrar. I understand that they went out of business in January 2007 according to Swift. Grateful for any help
  6. Hi everyone I have received two letters from Swift now with regards to me looking monies back from them. In the first letter which I received within the seven day time limit I gave them they told me that they were investigating the matter and that they would be back with me by the 23rd July and if they didn't have answers by that time that they would let me know in that correspondence how long they are going to take. I received a letter on the 23rd July saying that their investigation was incomplete and that they would be back to me by the 20th August 2010. I also forwarded a copy of my original letter to OFT and they replied telling me that my letter has been passed to the FSA and I enclose herein copy reply from them;- I understand that you would like to know whether you have been overcharged in fees by Swift on your mortgage account, given the circumstances described in your correspondence. Firstly, I am sorry to learn about your situation and your disappointment with the actions of your mortgage provider. I can appreciate that this is a difficult time for you. In turn, I will endeavour to provide information about our role and explain your next possible steps. The FSA is an independent body set up by the government to regulate financial services and protect the rights of consumers. All the firms we regulate, including Swift must meet certain standards that are designed to protect consumers. If you deal with a firm we regulate then it must treat you fairly. There is a separate complaints-handling body set up to handle unresolved complaints, named the Financial Ombudsman Service (the Ombudsman). Unfortunately, we are unable to confirm whether or not you have been overcharged in mortgage fees. However, if you believe that you have been overcharged, then you may wish to make a complaint against the firm. To do so, you should: o first complain to the firm to give them an opportunity to investigate your complaint and, if appropriate, put things right; and o ask the Ombudsman to consider your complaint if the firm does not give you a satisfactory response within eight weeks. The Ombudsman decides cases by taking into account FSA rules and guidance, the law, good industry practice and what it considers to be fair and reasonable. Its decisions are binding on firms but not on you. I have attached a link to the guide 'Just the facts about making a complaint' which provides further information about the Ombudsman and its contact details: http://www.moneymadeclear.org.uk/pdfs/complaint.pdf. Please be aware, Moneymadeclear is now provided by the Consumer Financial Education Body, an independent organisation set up by the FSA. This guide was printed prior to this change and refers only to the FSA. As the FSA is unable to investigate or intervene in individual complaints, I thought it would be useful if I explained the separate roles of the FSA and the Ombudsman. We are the UK's financial watchdog set up by the government to regulate financial services. We protect consumers by setting standards that FSA-regulated firms must meet and taking action if they don't. Although we cannot deal with complaints on behalf of the public, we still take seriously individual complaints against the firms we regulate. For example, we require firms to categorise all the complaints they receive and to report this to the FSA regularly. We use this, along with information from other sources, including any information that the Ombudsman may share with the FSA, to build up a picture of where firms may be failing to meet our standards. As a result we then take appropriate action. At the same time that the FSA received its formal powers, the Ombudsman was set up as a separate and independent body to investigate individual complaints on behalf of consumers. More information about the Ombudsman can be found on its website at Financial Ombudsman Service. Just to clarify, the Ombudsman is able to consider complaints against the firms we regulate if they cannot be resolved amicably. I hope this information helps you to establish whether you have been overcharged. If you have any future questions on financial services and products, you may find it easier to call our Consumer Helpline on 0845 606 1234 (call rates may vary). You can also access relevant information online at Consumer information and via the Consumer Financial Education Body's website: Home page : CFEB Moneymadeclear. Yours sincerely Suky Dhunday (Mrs) Customer Contact Centre Financial Services Authority Basically they don't want to take Swift on. If after 8 weeks the matter is not resolved between myself and Swift then I will have to refer the matter to the Financial Ombudsman. Will keep you posted as to how I get on.
  7. Got a reply from Swift this morning. They advised that they were disappointed to learn of my complaint. They advised that they are investigating the matter and that I should hear from them by the 23rd July 2010. They also advised that if their investigation is not finished by the 23rd July 2010 with regards to my complaint that they will advise me at that time of the time scale in which they will have my complaint dealt with. I sent a copy of the my letter which I sent to Swift off to the OFT but haven't recieved any response. Will keep you informed of my progress.
  8. Thanks for all your help I have today done a letter to David Blocksidge and have outlined my complaint and have also enclosed a copy of the letter I sent to Swift along with my schedule of payments. fingers crossed they will do something. Will keep you posted as to how I get on.
  9. Thanks for your help. Is the OFC the Office of Fair Commission. If you have an address for them could you please let me have it and I will send a copyof the letter which I sent to Swift to them along with my schedule of payments and see how I go. Luckly enough I have a copy of my mortgage offer and mortgage statement for 2007/08.
  10. Thanks for your advices. I paid £3,500.00 in respect of PPI Insurance. When I redeemed the mortgage which I had a shortfall of £3,450.00 I asked Swift about the insurance premiums. They told me it was nothing to do with them and to speak to the Broker. Unfortunately the Broker is no longer in business and I have since found out that they stopped trading in January 2007. I then went to a company near by who dealt with the mis selling of the PPI. They were looking £500.00 up front and then 25% of anything I got back. I contacted the company directly who the PPI was with and they refused to pay me out. After another letter to them they then agreed to pay me in or around £1,200.00 which I received. If I had of went through that company I would have been at a greater loss. I posted my letter to Swift on Friday 18th June 2010 in relation to the mortgage and enclosed a schedule of payments to them in which I charged the interest on the loan amount only and then added on the insurance premiums, brokers fees, charges, early redemption penalty etc. I then deducted all payments off and got a total of in or around £17,111.00 which I feel I have over paid them by. I also asked in that letter that if they disagree with my figures to send me out a schedule as to how they arrived at the figures they have quoted, As soon as I receive this I will let you know what they say and take it from their. I have a form already downloaded and ready to go to the Financial Ombudsman if I don't get a satisfactory reply from them.
  11. Having read everyone's notices about Swift I had a mortgage with them which I took out in April 2006. The amount of the mortgage was for £66,576.00 plus £4,460.00 for fees and £3,150.00 for insurance premiums that were added to the loan making the loan amount £74,186.00. I fell into arrears with the mortgage and in or around April 2009 I brought the mortgage payments up to date and the amount which I paid included all charges. I redeemed the mortage in August 2009 and they were looking £93,550.00 of me to settle the account. I have recently took the opportunity having read through every one's complaints about them and I have written to them enclosing a schedule of payments. According to my calucations any monies which I paid towards the mortgage was never taken off. I have written to them and have shown them how I have arrived at the figures and according to my calucations they have overcharged me by nearly £17,000.00. I have asked that I hear from them within the next seven days. I have also stated that if my calucations are wrong in any way to let me have a break down of how they arrived at the figure to redeem the mortgage. By the way it was a repayment mortgage and not an interest mortgage only. I will let you know how I get on. If in the meantime any one has any suggestions I would like to hear them.
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