Swift Advances. Secured Loan Charges reclaim

[Smarterchick]

Do I have to add interest at 8%. Mrs Foot it appears was warned about costs and i must admit it does worry me.

 

"HH asked me did i expect to pay reasonable charges for not paying my mortgage on time..yes i replied, that was exactly what i expected to pay, but these charges werre not reasonable i argued. Exactly HH said. HH then stated about the cost of this case, mentioning that if it was to continue it could run into thousands of pounds which did i realise i would have to pay if i lost. He then said that did the defence realise that if i won they would be footing their own costs. He went into great detail about this subject and Defence asked for it to be then placed into multi track where it belonged. HH then called a short adjournment for both sides to consider this. When he came back in both me and OH had decided to continue, al;ong the track of Defence breaching their own contract. There are a few reasons for this which has to remain confidential for a while (sorry). HH was relieved at this and we got the feeling he would have dismissed the claim on the basis of penalty charges. He said it was more the mortgage company had breached their own contract by charging unreasonable charges."

 

That's useful to know OD. Good luck with this, be interesting to see how it transpires.

 

I don't suppose anyone has obtained a copy of the so called TIF (Title Indemnity Fee) insurance policy have they?

 

I think all Swift accounts get charged a fee of about £160 but no-one ever seems to get the policy document.

[jansus]

can i ask where the quote comes from in post 402?

 

Also as this thread has become very long it may be worth the OP summarising the current postion in your post or even in your signnature so that you can get more help for your particular problem:)

[42man]

Did they provide any of the following OD ?

 

· details of any agreements between lender/broker/packager, written or unwritten, in relation to commissions or any other payments

· Underwriting sheet or other such document recording any commission (or other) payment made to an intermediary or packager

[overdone]

Did they provide any of the following OD ?

 

· details of any agreements between lender/broker/packager, written or unwritten, in relation to commissions or any other payments

· Underwriting sheet or other such document recording any commission (or other) payment made to an intermediary or packager

No only the items displayed previously.

[42man]

Write back to them stating that they have not complied fully with your data protection request and ask that they supply the above items....!!!! I presume your loan came through a broker !!

[Dougal16T]

Good morning everyone

 

 

Just wanted to say that I too have a loan (secured) with Swift, and this has mysteriously increased from £16,000 to £25,000!!

 

Just sharpening my pencil now........

 

 

Watch this space, I have just sent SAR and will keep you all posted.

 

Best wishes to everyone

 

Dougal

[Smarterchick]

Good morning everyone

 

 

Just wanted to say that I too have a loan (secured) with Swift, and this has mysteriously increased from £16,000 to £25,000!!

 

Just sharpening my pencil now........

 

 

Watch this space, I have just sent SAR and will keep you all posted.

 

Best wishes to everyone

 

Dougal

 

 

welcome to the club Dougal, see if you can obtain the Title Indemnity fee insurance policy from them during this process of info gathering and also find out if you can how they securitise their portfolio - they'll say they don't, but they do somewhere along the line, probably through Barclays...

 

SC

[pkelly]

welcome to the club Dougal, see if you can obtain the Title Indemnity fee insurance policy from them during this process of info gathering and also find out if you can how they securitise their portfolio - they'll say they don't, but they do somewhere along the line, probably through Barclays...

 

SC

 

I know of a Swift manager who has said. we are NOT intitled to this policy. stating

` It is between the Insurance company and Swift, what benifit does it have to you? Its protection is for the company and is under the data protection act, relating to personal information WE HOLD ABOUT YOU`

[Smarterchick]

I know of a Swift manager who has said. we are NOT intitled to this policy. stating

` It is between the Insurance company and Swift, what benifit does it have to you? Its protection is for the company and is under the data protection act, relating to personal information WE HOLD ABOUT YOU`

 

As we pay for it, surely we are entitled to it? My barrister says it's a 'relevant document' to the Agreement as it's included in it so we should have a copy...

[overdone]

Write back to them stating that they have not complied fully with your data protection request and ask that they supply the above items....!!!! I presume your loan came through a broker !!

I did not do a data protection request. I just asked or a breakdown of where my money went when the house was sold.

[Doc2527]

Did Blackie ever get anywhere with the media coverage situation...i think it was through Watchdog?

 

doc

[42man]

Well OD....do a SAR request as there is probably some hidden commission that was bunged to the broker, that bung was paid for by you (and I don't mean the figure on your agreement either).....the underwriting sheet is what you need....

[overdone]

Well OD....do a SAR request as there is probably some hidden commission that was bunged to the broker, that bung was paid for by you (and I don't mean the figure on your agreement either).....the underwriting sheet is what you need....

I paid 1500 brokers fee to "Regency" Clause V of Swift agreement says,

If you used a broker, it was because you choose to. If you have asked us to include your broker's fee in your loan, we will pay this amount direct to your broker. However, this fee is not our responsibility. It is up to you to make sure it is paid. You confirm that you have not paid any other fees to do with this agreement. Any broker you have hired is acting as your agent or representative. We are not responsible for any statement your broker makes.

 

So, I don't see how Swift could give a secret handout.

Edited May 9, 2009 by overdone

[Sparkie1723]

You paid brokers fees.............Swift WILL have also paid the broker "a commission" ............read your terms & conditions again REAL close.

 

sparkie

[42man]

Absolutely....and the bung paid was YOUR money....!! follow this route closely OD....

[Dougal16T]

Good morning all,

 

Absolutely right....I've checked my agreement and they added on the commission to the loan WITHOUT asking me first (not a sensible thing to do, because it brings out the terrier in me!).

 

So I shall pursue this 'doggedly' (pardon the pun), but I will succeed sooner or later.

 

In the meantime I await the reply to my SAR.

 

Best wishes to all as always

 

Dougal

[Sparkie1723]

Hi Dougal,

For clarity when you say they added" Commission" to your loan without asking you .....do you mean "The Brokers Fees" as this is not commission there is a subtle difference.

If you read the important notes on the agreement ...It says we have deducted the Brokers etc etc inl ine with your instructions and the terms of the agreement or words to that effect.................it is in the fine print that they say they may pay your broker "Commission".

This is what Swift rely on when you challenge the brokers fees.

 

I have an argument with this as I contend that in law these important notes are not in the terms and conditions of their agreenments they are purely important notes, therefore they are not terms and conditions.

 

They are aslo BELOW the signature Box so you have not given them signed authority to pay the Brokers fees and other charges, it can be argued that you did not read these important notes BEFORE you signed the agreement for the simple reason they are below the signature box....this argument with Swift is on going.

 

sparkie

[Dougal16T]

Hi Sparkie,

 

I'll check this out later today. Many thanks, they really are a low level bunch to say the least!

 

I'll post this evening, and thanks for the message.

 

Regards

 

Dougal

[42man]

http://www.creditlaw.co.uk/Cases/wilson_v_hurstanger.htm

[overdone]

Absolutely....and the bung paid was YOUR money....!! follow this route closely OD....

Someone will have to give me a clue. There are no terms and conditions under my signature, only overleaf. If there is a commission clause, what letter or number in your agreements does the clause have?

[landy_alert]

Hi Overdone,

 

I've been looking through our agreement and I can't find this either - maybe ours are a different format:(

 

Regards,

 

Landy x

[pkelly]

Why May A Loan Be Unenforceable?

 

When your loan contract was created, the lender had a responsibility to ensure that the contract ‘ticked all the correct boxes’ in terms of legislation, laws, rules and regulations. If this was not done correctly then the contract may have irregularities and be unenforceable.

Swift have sworn in court that they do everything right? and their brokers are reputable, so they are responsible, that is why there is an Insurance added to your contract, and you pay for it to protect them???

[Smarterchick]

Why May A Loan Be Unenforceable?

 

When your loan contract was created, the lender had a responsibility to ensure that the contract ‘ticked all the correct boxes’ in terms of legislation, laws, rules and regulations. If this was not done correctly then the contract may have irregularities and be unenforceable.

Swift have sworn in court that they do everything right? and their brokers are reputable, so they are responsible, that is why there is an Insurance added to your contract, and you pay for it to protect them???

 

I've been advised that this Insurance - the Title Indemnity fee is a part of the credit agreement which should be disclosed..anyone ever seen one? It apparently is to protect Swift in case your property happened to belong to the church in the 1600's and the friendly bishop comes up and tells you he wants their land back....just a nice little earner for Swift if you ask me...Be interesting to ask under the Freedom of Info Act how many claims have actually been made against this policy in the last 10 yrs...wonder if that's possible?

[pkelly]

I've been advised that this Insurance - the Title Indemnity fee is a part of the credit agreement which should be disclosed..anyone ever seen one? It apparently is to protect Swift in case your property happened to belong to the church in the 1600's and the friendly bishop comes up and tells you he wants their land back....just a nice little earner for Swift if you ask me...Be interesting to ask under the Freedom of Info Act how many claims have actually been made against this policy in the last 10 yrs...wonder if that's possible?

swift refuse to send it to someone on the grounds that it was there to protect them, also that it held information and under the data protection act they could not send it, this information it held they said is actually about you, stupid idiots. lol

[Sparkie1723]

Hi Overdone,

 

I've been looking through our agreement and I can't find this either - maybe ours are a different format:(

 

Regards,

 

Landy x

 

HI Landy & Overdone.

If you look in the document

6.. Declaration by you and the use of your personal information

 

Point 6..Says This:....

"If your loan was introduced to Swift by a broker then it islikely that Swift will pay the broker commission"

 

This is not in the general terms and conditions of the actual agreement it is "hidden away" and is very hard to spot. ( as you have discovered that its hard to find)

That's why I believe it can be classed as a "secret" commission.

 

sparkie