Swift Advances. Secured Loan Charges reclaim

[pkelly]

Good luck everyone, without this website But if it were not for the likes of Sparkie, we would have no hope, its about time good people like them were able to have their say, if we depended on government or local political representatives we would get nowhere. Hopefully we will beat them and have a party, or two even!

[pkelly]

I well understand where you are coming from. It was me that started this thread and even Bob the Bank Buster, something of an expert would not take my case on. There are firms who can absorb the risk factor and I have gone through one of them. The thread, has however shown people more about Swift as a body. A difficult body at that but don't give up hope until you have explored all the avenues, this thread will help you to access.

 

well done you have no idea what help you have been, perhaps we can all club together to get someone to fight our cases????

[Sparkie1723]

A late developemnt n my friends case with Swift as you know they applied for possession of my friends house, but they contested it and put in a counter claim and challenged their agreement under the New Consumer Credit Act 2006 and section 140 unfair relations ....the trial is set for next thursday, Swift have made a part 36 offer to waive the brokers fees to cancel the proceedings that is alleged to be part of the agreement....no offer to pay their costs to date nor any other compensation ..........it looks like they are are going to reject the offer and take Swift on in Court.

 

 

Keep you all updated.

 

sparkie

[42man]

Thank you Sparkie....watching with interest...

[overdone]

Best of luck to your friends Sparkie. Swift are absolute Blighters and no mean feat. With current opinion on the side of keeping people housed, despite mortgage difficulties, I am optimistic.

[Sparkie1723]

Best of luck to your friends Sparkie. Swift are absolute Blighters and no mean feat. With current opinion on the side of keeping people housed, despite mortgage difficulties, I am optimistic.

 

HI mate

 

What I have pointed out to them is that the terms and conditions do not allow Swift to unilaterally alter the agreement and by attempting to remove the fees etc from the agreement they will void it the brokers fees etc are part of the agreement.:D

They are trying to alter it outside the terms and conditions, a complete and utter breach of it.

 

sparkie

[andrew1]

HI mate

 

What I have pointed out to them is that the terms and conditions do not allow Swift to unilaterally alter the agreement and by attempting to remove the fees etc from the agreement they will void it the brokers fees etc are part of the agreement.:D

They are trying to alter it outside the terms and conditions, a complete and utter breach of it.

 

sparkie

 

IS it likely the judge will accept that as an argument and do something about it?

[overdone]

Yes, I thought if anyone with any contract, breaches part of it then the whole agreement becomes void.

Edited December 11, 2008 by overdone
typo

[Sparkie1723]

Yes, I thought if anyone with any contract, breaches part of it then the whole agrement becomes void.

 

 

I agree overdone it throws all the monthly calculations out the figures would have to reworked too much would have to be changed the agreement, would have to be declared be void and I think a judge will smack Swifts hand for trying such a tactic.

This is much more than a mere breach it is trying to alter it without any power to do so.

 

 

sparkie

[Jesstar]

Thanks for the update.

[andrew1]

Yes, I thought if anyone with any contract, breaches part of it then the whole agreement becomes void.

 

..but isn't it a breach to stop paying the monthly payments? that doesn't render the contract or agreement void does it? - what is the difference here?

[Sparkie1723]

..but isn't it a breach to stop paying the monthly payments? that doesn't render the contract or agreement void does it? - what is the difference here?

 

 

Nothing at all ...that is why they apply for a possesion order....unless the breach is rectified by catching up with the paymenst its broken..... (in breach) that's it they apply the land charge part of that agreement and go for your house.

 

sparkie

[andrew1]

So at what point is the contract terminated ?

[Sparkie1723]

So at what point is the contract terminated ?

 

If its for non payment of agreed monthly payments...the exact point is the expiry date of the default notice.

 

sparkie

[overdone]

Also, it is interesting to note, the contracts actually have default clauses written in as part of the contract. These clauses normally specify what consequences happen on default.

Edited December 11, 2008 by overdone
typo

[Sparkie1723]

Has anyone had an interest rate cut notification from Swift at all???

 

Very strange how quick the are in increasing the rate to "cover the cost of their borrowing" when the interest rate is the lowest it has been for 10 years and no one has received a cut from them...........that must considered an "unfair relationship" action and an abuse of position and power .....all Swift customers should consider that major fact

 

sparkie

[42man]

They don't know themselves whether they abide by Libor or Bank Of England rate....I know they made some staff redundant earlier this year....I doubt if they are doing much new business Sparks...

[Sparkie1723]

They don't know themselves whether they abide by Libor or Bank Of England rate....I know they made some staff redundant earlier this year....I doubt if they are doing much new business Sparks...

 

 

Hi 42man

My friends have a letter confirming they use the LIBOR rate.

 

sparkie

[42man]

Hmmm I think last time I checked Libor had come down by 1%, but that was before the latest interest rate cut by the BOE....I might write to Mandelsson to complain...

[42man]

Libor rate is well down now !!!! I think some pressure needs applying....although they say they 'adjust' rate changes, I don't think it is contractual ? and I presume they are under no obligation to reduce.....

[Sparkie1723]

Libor rate is well down now !!!! I think some pressure needs applying....although they say they 'adjust' rate changes, I don't think it is contractual ? and I presume they are under no obligation to reduce.....

 

They state quite clearly in their terms and conditions that they adjust the interest rate to "REFLECT" the cost of their borrowing.....it therefore must follow the cost borrowing MUST have gone down so ...the rate they charge MUST logically come down.

But then when are these sharks logical???:grin:

 

sparkie

[overdone]

The Firm advocating on my behalf for getting my loan charges back from Swift have written today.

 

Dear Overdone,

I must regrettably inform you that the Swift Group has not seen fit to act reasonably in this case and it seems that no reasonable offers are going to be made.

 

It is my recommendation that I make a formal application to the Financial Ombudsman Service who has the power to investigate your complaint and make a ruling in your favour. Given their status it is highly probable that swift group will try to make offers to settle the dispute once the case has been referred.

 

The FOS was set up by parliament to investigate complaints as independent experts. It considers complaints about a wide range of financial matters from insurance and mortgages to investments and bank accounts. They are completely independent and impartial just as a judge would be if a case went to court.

 

The real advantage of the FOS is that any ruling it makes is binding on the bank but not on you. Therefore, in the unlikely event that they do not help resolve this dispute we can still issue a claim in the county court on your behalf.

 

Please kindly confirm that you are happy for me to refer your case by completing and signing the attached form and returning it in the pre paid envelope provided. I have marked the relevent sections that need completion. I will refer the matter immediately on receipt and update you regularly thereafter.

 

yours sincerely

[Sparkie1723]

Good ole Swift,

Send a further letter to the OFT and attach a copy of this letter, this will show the OFT, that an impartial third party has stated they are of the opinion that Swift are acting unreasonable ....and that a big bullet to the cause against Swift, for abusing their position of power.

 

sparkie

[overdone]

The Ombudsman complaint was finalised with some details I had to fill in and,I returned today to the firm. There is a time limit for the Ombudsman to handle a complaint, but it did not say on the form, when it is. I have a letter from Swift saying, previously, I could not go through the Financial Ombudsman because it was an unregulated agreement. I understand that has changed now.

[Sparkie1723]

The Ombudsman complaint was finalised with some details I had to fill in and,I returned today to the firm. There is a time limit for the Ombudsman to handle a complaint, but it did not say on the form, when it is. I have a letter from Swift saying, previously, I could not go through the Financial Ombudsman because it was an unregulated agreement. I understand that has changed now.

 

 

All Swifts "unregulated" agreements are now regulated ....that is where they are going to come unstuck with all those now.

 

sparkie