Swift Advances. Secured Loan Charges reclaim

[overdone]

Not that far from Cheshire Sparky.

 

http://www.consumeractiongroup.co.uk/forum/cag-meets/198661-summer-meet-up-fri-9.html#post2290518

[overdone]

Now, have I got this right?

"[20]. disclose both orally and in writing at an early stage, the existence and nature of any commission or other payment payable by the lender … they should explain clearly the implications of any such commission for the broker’s role with regard to the borrower. This is in order that the borrower is clear as to any potential conflict of interest on the part of the broker. The Office would encourage brokers to disclose the amount or likely amount or percentage figure of the commission, since such transparency will help to reassure borrowers that they are receiving appropriate advice from the brokers. Where this is not done, the broker should disclose the factors which will determine its calculation, including whether it will be a percentage of the loan or a fixed sum and whether it is intended to reflect the actual costs incurred by the broker in arranging the loan or is linked to the total volume or value of business brought to the lender over a given period. All such disclosures should be made in writing before the borrower enters into the loan agreement and preferably before the loan application is submitted to the lender."

 

(1) Although "Regency Brokers" wrote to me to say they had a commission from Swift, they did not do so until after the agreement was signed.

 

(2) I was NOT notified on the other side of the paper, TERMS OF THE AGREEMENT that an unspecified and non clarified amount MAY be paid. The method of calculation and the amount were not properly disclosed and therefor the commission was secret.

Edited July 15, 2009 by overdone
Add detail

[Dougal16T]

I am all on for that, could not be better, we would trust you no problem

 

 

Good morning everyone,

The situation is that am preparing a short precis of matters to date concerning Swift and this will go to the SFO in due course, certainly in the next 3-4 days.

 

In the meantime, I believe I may have found a firm of solicitors who are keen to take on the case on our behalf.....more tomorrow after a telephone meeting!

 

This will not impinge on a Police investigation, and if you PM me I will be pleased to supply a copy of my precis for your approval/comments.

 

I need to use this route to ensure total security at this vital stage, I do hope you do not object to me being 'over cautious'.

 

As always

 

Best wishes to all

 

Dougal

[overdone]

I am sure the other forum members will visit your thread in a bit but will need more details to assess the situation. Good Luck! Here is the link.

 

http://www.consumeractiongroup.co.uk/forum/swift-advances/209542-dazpen-swift.html#post2292159

[caro]

I've removed a few post from OD's thread where peeps were helping DazPen start a thread, so don't get paranoid if our friendly cagbot has written to you, lol.

 

Now then Overdone, I think you need sorting out yourself.

 

Correct me if you're wrong, but haven't you sent a prelim and letter before action to Swift already? If so, then I think you need to start your claim or they will not take you seriously.

 

Show them you mean what you say.

 

Any progress with your POC, or do you need some help from some of those who are ahead of you in the process?

[overdone]

 

Now then Overdone, I think you need sorting out yourself.

Correct me if you're wrong, but haven't you sent a prelim and letter before action to Swift already? If so, then I think you need to start your claim or they will not take you seriously.

Show them you mean what you say.

Any progress with your POC, or do you need some help from some of those who are ahead of you in the process?

Yes, well, now, it went something like this. I did send a LBA to Swift over charges and unfortunately for me I found my original file in which I had kept all my original documents and so far two more things have come to light. (1) Title deed indemnity insurance. (2) Secret commission, and I really don't want to discover anything else but probably will. I am not able to fill in that form thing to the court because all that stuff makes my head spin and if I don't have someone holding my hand and giving it all to me in bite sized pieces I get lost. Some people absorb this kind of thing quite lucidly but I really am thick and dense when it comes to absorbing new information. Also, I understand that I can treat each of my concerns as different issues as far as the courts go. (1) Charges. (2) T.I. Insurance (3) Secret Commisions, plus whatever someone else finds. Now, most of the people on this forum state they have consulted a solicitor at some stage where Swift are concerned and I havn't. What is the name of the special type of solicitor who deals with this form of litigation?

[caro]

I wouldn't know overdone, but I've contacted a few of the experienced Swift peeps to see if they can give you some of that practical advice. Like you, I need bitesize pieces and it takes a while for things to sink in. I get there in the end though - usually.

 

Bite 1 - Have you prepared a schedule of charges?

[overdone]

 

Bite 1 - Have you prepared a schedule of charges?

Yes and sent them to swift who have replied saying they are justified. I sent them one letter before action also.

[overdone]

....and on the matter of Secret Commission I have drafted this. What do you think anyone?

 

16th July 2009

 

Swift Advances

Purbeck House

230 Hornchurch Road

Hornchurch

ESSEX

RM11 1QB

 

Dear Sirs,

 

Re: Payment of Secret Commission. (RECORDED DELIVERY)

 

Account number. xxxxxxxx/xxxx/

 

I have been going through the mortgage agreement that I first signed with you dated 24 January 2003 and note that there is no mention of a commission to my broker, in addition to the fee I paid. It should have been specified as you can tell from the following case.

 

Taken from Wilson Vs Hurstanger:

 

"[20]. disclose both orally and in writing at an early stage, the existence and nature of any commission or other payment payable by the lender … they should explain clearly the implications of any such commission for the broker’s role with regard to the borrower. This is in order that the borrower is clear as to any potential conflict of interest on the part of the broker. The Office would encourage brokers to disclose the amount or likely amount or percentage figure of the commission, since such transparency will help to reassure borrowers that they are receiving appropriate advice from the brokers. Where this is not done, the broker should disclose the factors which will determine its calculation, including whether it will be a percentage of the loan or a fixed sum and whether it is intended to reflect the actual costs incurred by the broker in arranging the loan or is linked to the total volume or value of business brought to the lender over a given period. All such disclosures should be made in writing before the borrower enters into the loan agreement and preferably before the loan application is submitted to the lender."

 

(1) I was NOT notified in The TERMS OF THE AGREEMENT (enclosed) that a clarified amount MAY be paid. The method of calculation and the amount were not properly disclosed and therefor the commission I consider to be secret.

 

(2) Although "Regency Brokers" wrote to me in a letter dated 12 February 2003 (enclosed) to say they had a commission from Swift, they did not do so until after the agreement was signed. The £366.00 they were paid would entitle me, I understand, to compensation from you.

 

I would be grateful if you would let me know your thoughts on this and any offer of compensation that you may consider.

 

Yours faithfully

 

 

Overdone

Edited July 16, 2009 by overdone
add info

[caro]

Have you mentioned the issue of the secret commission to them previously?

 

Frankly, if you've written to Swift threatening court action and not taken it yet, I don't think they'll be jumping through hoops to pay you anything back any time soon. At the very least I think you need to give them a time limit to respond.

[overdone]

Have you mentioned the issue of the secret commission to them previously?

Page 29, post 471, is 42man's Letter, which I sent to Swift for disclosure of any commission that may have been paid to Regency Brokers. They wrote back and wanted a tenner for SAR. So in essence, I have hinted at the fact that I may be on to them for this. I can forget the SAR. Since then, I have found all my old records filed away to do with Swift and have the necessary transaction records myself. My brokers (REGENCY) did not reply to my R.D. letter, for the info I requested on commission. I expect both parties know what it may all be about. Hence the stalling.

[Smarterchick]

....and on the matter of Secret Commission I have drafted this. What do you think anyone?

 

16th July 2009

 

Swift Advances plc

Purbeck House Arcadia House

230 Hornchurch Road Warley Hill Business Park

Hornchurch The Drive, Great Warley

ESSEX Brentwood

RM11 1QB CM13 3BE

 

Dear Sirs,

 

Re: Payment of Secret Commission. (RECORDED DELIVERY)

 

Account number. xxxxxxxx/xxxx/

 

I have been going through the mortgage agreement that I first signed with you dated 24 January 2003 and note that there is no mention of a commission to my broker, in addition to the fee I paid. It should have been specified as you can tell from the following case.

 

Taken from Wilson Vs Hurstanger:

 

"[20]. disclose both orally and in writing at an early stage, the existence and nature of any commission or other payment payable by the lender … they should explain clearly the implications of any such commission for the broker’s role with regard to the borrower. This is in order that the borrower is clear as to any potential conflict of interest on the part of the broker. The Office would encourage brokers to disclose the amount or likely amount or percentage figure of the commission, since such transparency will help to reassure borrowers that they are receiving appropriate advice from the brokers. Where this is not done, the broker should disclose the factors which will determine its calculation, including whether it will be a percentage of the loan or a fixed sum and whether it is intended to reflect the actual costs incurred by the broker in arranging the loan or is linked to the total volume or value of business brought to the lender over a given period. All such disclosures should be made in writing before the borrower enters into the loan agreement and preferably before the loan application is submitted to the lender."

 

(1) I was NOT notified in The TERMS OF THE AGREEMENT (enclosed) that a clarified amount MAY be paid. The method of calculation and the amount were (was)not properly disclosed and therefore the commission I is considered to be secret.

 

(2) Although "Regency Brokers" wrote to me in a letter dated 12 February 2003 (enclosed) to say they had a commission from Swift, they did not do so until after the agreement was signed. The £366.00 they were paid would entitle me, I understand, to compensation from you.

 

I would be grateful if you would let me know your thoughts on this and any offer of compensation that you may consider.

(Overdone, to ask them to consider compensating you is wasting a stamp...I would suggest something like " in view of the above I require this amount being repaid plus interest at the contractual rate of xx% from the date of the commencement of the agreement and look forward to receiving your cheque by return. Failure to do so will result in legal action being taken to retrieve this."

 

Yours faithfully

 

 

Overdone

 

1st - Swift moved from Hornchurch yonks ago so change the address to the one I have put in red..

 

I think also that you might be referring to Pro bono barristers who are the special 'solicitors' (although they are not solicitors)they are barristers.

 

Any good solicitor who understands this consumer credit could help you with this, although for the amount you'd almost be as well with a Money Claim on Line....I've never done one of those TBH, but I gather it's simple enough filing an N1 form and hundreds have used it on CAG so you won't be alone. Others might advise you on the best action to take. You may also consider mentioning the charges issue too whilst you're about it, they are not far from secret commissions and are recoverable, some have reclaimed them on here, it's just Swift are a hard nut to crack....

Don't worry about walking this through, there's plenty of people here who can take you step by step with a bit of luck..

SC

Edited July 16, 2009 by Smarterchick

[Sparkie1723]

I would also ask if a "documentary fee" payment had been made on top of all the other fees and commissions that had been paid and if so, how much that was and how it was calculated?.

 

 

sparkie

[overdone]

I would also ask if a "documentary fee" payment had been made on top of all the other fees and commissions that had been paid and if so, how much that was and how it was calculated?.

 

 

sparkie

 

I was afraid someone was going to raise yet another issue, oh well, back to my recently found Swift File.

[overdone]

I would also ask if a "documentary fee" payment had been made on top of all the other fees and commissions that had been paid and if so, how much that was and how it was calculated?.

 

 

sparkie

I think I can answer that. If it is the same as " legal and documentation fees."

The intial mortgage was £595.00 because the broker explained that I had to pay Swift's Solicitors.

On my remortgage and subsequent remortgage it was only £100.00 in each case. That was to pay the man that came out and revalued the property also the office work entailed.

[Sparkie1723]

No Overdone totally different the Documentary fee I'm on about is the HIDDEN fee paid as a commission it is not shown on anyones agreement.

 

In my SAR docs this fee is ahown as a "Processing Allowance" of £100 paid "secretly" to a broker, on top of the fees they charge you.

sparkie

[overdone]

Well I dont think Regency exist as Brokers anymore. If I ring the old number I get given the new one and that new line is disconected. I searched out a couple of Regency on google but the phone numbers given, also are discontinued lines.

[overdone]

swiftregencybrokers picture by overdone1 - Photobucket

 

 

solicitorsbreakdown2 picture by overdone1 - Photobucket

 

 

The Finance Industry Standards Association

24 Boston Road

Sleaford

Lincolnshire

NG34 7ET

 

Dear Sirs,

 

I consulted Regency Mortgage Corporation PLC Brokers in 3 November 2002 who subsequently arranged a mortgage for me with Swift Advances. I have been checking the details in retrospect and details contained in the BORROWER GUIDE booklet issued by The Finance Industry Standards Association and given to me, at the time, by the R.M.C representative who filled in the details of my application form.

 

Upon checking page 15 of The Guide it says in bold letters, at the bottom of the page, “FISA lending companies do not permit any type of application fee to be charged on their loan products.”

 

In the green and blue document (enclosed) entitled “Fee Agreement” paragraph 6 reads:

 

“The applicant understands that an application fee of £285.00 is payable to Regency. The balance of any monies not paid at the time of this Agreement is entered into is payable on completion”

 

I paid £99.00, which left a balance of £186.00 invisibly concealed within the sums of the same document. In the breakdown of costs supplied by my solicitors Mathew and Mathew (enclosed) you can see Regency was not paid the balance but the full £285.00.

 

I tried to contact Regency in 12 May 2009, via recorded delivery letter concerning “Commissions” paid to them, via Swift Advances (enclosed) but they have not responded.

 

Would I be entitled to have this application fee refunded?

 

Yours faithfully,

Overdone

Edited July 16, 2009 by overdone
correction of address

[Sparkie1723]

FSA fines mortgage firm £56,000 for PPI sales failures

 

 

 

Were you aware of this overdone??This is the link

http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/088.shtml

sparkie

 

FSA/PN088/2006

5 September 2006

The Financial Services Authority has today fined Regency Mortgage Corporation Limited (Regency) £56,000 for failures relating to its sale of mortgage related Payment Protection Insurance (PPI) in the sub prime market.

 

According to what I have discovered Regency Mortgages Corporation Ltd has gone bust but that was the trading arm of both Dreams Solutions Ltd and also Home and County Mortgages Ltd and it is strange that both these companies are showing as being in existence at companies house BUT are exempt from providing accounts....looks Like Regency did all the work these other two companies split the profits and that is how they keep their profits down so they do not have provide accounts to Companies House............wouldn't mind betting the directors of these two companies are the same people.

 

something funny going on there at first glance.............and strange every broker involved with SWift goes bust......that is something worth checking further.

 

sparkie

Edited July 16, 2009 by Sparkie1723

[sunray001]

Libor at 23-year low..

 

Has Swift reduced their interest rate yet? .. Like F*** they have.

[overdone]

No Overdone totally different the Documentary fee I'm on about is the HIDDEN fee paid as a commission it is not shown on anyones agreement.

 

In my SAR docs this fee is ahown as a "Processing Allowance" of £100 paid "secretly" to a broker, on top of the fees they charge you.

sparkie

I don't know how this sits in the bigger picture though. Read "Common methods of Broker Remuneration"

[pkelly]

Libor at 23-year low..

 

Has Swift reduced their interest rate yet? .. Like F*** they have.

what is f stand for Ferm...h? lol

 

no they have not its a long story, they borrowed money at a special rate, but have shot themselves in the foot, time will tell

 

cu in church on sunday lol

[caro]

you'd almost be as well with a Money Claim on Line....I've never done one of those TBH, but I gather it's simple enough filing an N1 form and hundreds have used it on CAG so you won't be alone.

 

The trouble with MCOL is that you're very limited on characters you can put in MCO (something like 1000 from memory), so unless a claim is very simple an N1 is best.

[overdone]

According to what I have discovered Regency Mortgages Corporation Ltd has gone bust but that was the trading arm of both Dreams Solutions Ltd and also Home and County Mortgages Ltd wouldn't mind betting the directors of these two companies are the same people. something funny going on there at first glance.............and strange every broker involved with SWift goes bust......that is something worth checking further.sparkie

 

Just did a google search of verwood Dorset Regency and get a web site with telephone number 0870 757 7770. I rang it at this hour of the night and got a recording saying I was being put through to Home and County Mortgages. They signed for my Broker Disclosure of commission letter, I bet, but they have not replied. They just had a nose at some other firms letter and decided we aint Regency for the purposes of responsibility. Should they not, at least reply, Regency don't live here no more?

Edited July 16, 2009 by overdone
clarity

[Swift Eater]

MCO can be used for claims up to £100K

Usually the claim is fast and would cost £850 for a £100K claim.

 

Ever since haveing this loan from Swift intrest rates have increased never decreased.

 

My argument is when rates rise they increase there rates too when rates decline they make a statement that there lending dose not relate to base/libbor rates.

 

These are very cleaver people and will only comply with requests regarding lending practise's if were questioned in a court of law.

 

I cirtainly do not have the means of getting this infomation of them, by writting to regulators it will take a long time to resovlve and the regulator will belive what ever the company tells them.

 

This to me is a EDIT opperation nothing more nothing less.

Edited July 17, 2009 by caro
Removing potentially libellous comment which could cause problems for CAG