Swift Advances. Secured Loan Charges reclaim

[landy_alert]

Trouble is will the FOS be able to investigate an unregulated agreement?

 

Ours was taken out in 2006 and settled in 2007.

 

I have a feeling the FOS won't be able to help with this:confused:

 

I've had an answer to my question from the FOS - they cannot investigate my complaint because it relates to an agreement signed prior to 6th April 2007, which is when the CCA came under their jurisdiction:(

[Mallymoo]

Hi Doc

I don't actually know is the honest answer. Perhaps someone with legal knowledge reading this would be able to advise?

My personal view is that if the OFT issue guidelines on a subject, they are there to be adhered to, otherwise there would be no point in their publishing them.

[sweetjane]

Hi all, it says on the OFT website: "Compliance with OFT guidance is a critical consideration for the OFT when assessing whether a trader is fit to hold a consumer credit licence." So it doesn't sound like they are obliged to follow but it might affect their licence.

[determindator]

Many thanks Dougal for this info. The interest rates Swift charge and the way interest is loaded is unfair and that's the tip of the iceberg.

[pkelly]

Jon Moulton and Dominic Slade have had a tiffle

 

[email protected]

http://www.cityam.com/news-and-analysis/jqsq312gke.html

http://docs.google.com/gview?a=v&q=cache:g6E1qqIqOkwJ:www.alertresearch.co.uk/viewreport.php%3Fcompanyid%3D42962%26PDF%3Dtrue+Dominic+Slade+swift+advances&hl=en

[sweetjane]

Got an annual statement finally. As they say in attached info they have to send these now because of reforms to Consumer Credit Act. They also say they will "provide information going back to an earlier period then we would be happy to provide that for you, free of charge"!!! Yes "free of charge" - that must be a first for Swift. Not at all happy amout the closing balance of course - going up every year no suprise there with interest rate currently 13.24% . . . Passing all on to FOS for info.

[Mallymoo]

Hi Sweetjane

Hope you are OK. We are still waiting for our statement, I wrote them a letter spelling out in words of one syllable what I required, and that a statement of transactions wasn't it.

We have decided to go ahead with taking this further because their attitude is really winding me up. It costs £299.00 but it will be worth it. Better still, if we don't have a case, we get our money back! Sounds good to me.

Has anyone else done anything about Swift yet?

Will keep you posted

Regards

Mallymoo

[Doc2527]

Hi Mallymoo

 

What is the £299.00 for if you don't mind me asking?

 

Doc

[Mallymoo]

Hi Doc2527!

It's a charge the company makes for their solicitor and forensic accountant to go through the consumer credit agreement with a fine toothcomb, and hopefully find fault with it. If they can't you get your money back. If you go onto the internet and type in "unfair relationships, it leads you to the companies who can deal with irritating companies like Swift. Some of them who don't take money up front will take 25% of "the winnings". With the one I've chosen, you pay £299.00 up front, and if the case goes ahead, they do nor make any further charges.

Regards

Mallymoo

[Doc2527]

Hi Mallymoo!

 

Thanks for your reply,how would this work, as it appears to me, a lot of Swift customers have very similar worded agreements.

 

If your claims people discovered that forensically there are issues/problems with your agreement being unenforceable and it was taken to court for this and you won, would this mean that there would be a precedent set for the rest of us with similar agreements?

 

Or am I being too simplistic??:-|

 

Doc

[sweetjane]

Hi Mallymoo

That sounds like a lot of money to have it checked out. I'm sure there are legally minded people on the Swift forums who can advise you. Wait and see if they pick up on this before you commit. When is the anniversary of your loan? SJ

[Mallymoo]

Hi Doc!

I don't actually know, but I'm going to give it a go, I just can't put up with Swift any longer. They are ripping their customers off, and not one of the "officiasl regulating bodies" seems to care, so I'm going to deal with them myself. I will report back once we've sent the papers in.

Regards

Mallymoo

[Mallymoo]

Hi Sweetjane

I'm prepared to pay the money, because if there is no case, I get it back. You have to speculate to accumulate as they say.

Regards

Mallymoo

[Swift Eater]

I really do wish we dop get justice. But from my expieance compnaies like swift can get away with what they like.

Custermers need to be warned about such organisations.

Over a five and a half year pierod I have repaid swift £86,890 for a £49,000 loan.

Still come on here awaiting what develops.

[Mallymoo]

Hi Swift Eater (what an appropriate name!)

Don't worry, it will happen one day, they cannot carry on ripping their customers off like they do. Unfortunately for Swift, they picked on the wrong person when they picked on me because I intend to do everything in my power to stop these greedy vultures stealing, because that's what it amounts to, from people who have at some stage had some bad luck financially.

I am seeing our local MP on Friday, and intend to push her on doing something about Swift, as I have already written to her on the subject several times.

Regards

Mallymoo

[Doc2527]

Hi Swifteater

 

Good to see you back on the forum!

 

How did you get on with the FLA regarding your complaint?

What did they say?

Could you pop up on here what you sent to them as I might write to them also, a form of words from another who has been there is always helpful, no point in re inventing the wheel?

 

I'd like to see what Swift sent you regarding the breakdown of charges if you're paying them back early, I'd like to see how it compares to my settlement figures:idea:

 

Regards

 

Doc

[Mallymoo]

Hi Swifteater

I tried the FLA and they weren't interested either. You can fill the complaint form in on line by going to their site, but you will be wasting your time because they will tell you they can't do anything about Swift.

I also complained to the Office of Fair Trading, who though they took details of my complaint, weren't particularly interested either as they cannot deal with individual cases. I did get the feeling, however, that they were already aware of Swift Advances.

Good, isn't it? I really don't know why these "regulators" exist.

Regards

Mallymoo

[landy_alert]

Hi Mallymoo:)

 

Sorry to hear you had no joy with the FLA - I was about to try them also, but it's obviously not worth bothering from what you have said. Our agreement was for over £50k and was settled when we sold our house a while ago. I previously contacted the FOS but because this agreement dates from prior to 6th April 2007 and consumer credit was not under their jurisdiction at that time they cannot investigate either.

 

Did the FLA give their reasons for why they cannot do anything about Swift if you don't mind me asking?

 

Like yourself, I am not going to be defeated by this setback and still intend to fight tooth and claw to get our money back:-x

 

Regards,

 

Landy x

[Swift Eater]

Hi Doc & Mallymoo

 

I will post the breakdown figures here when I get the chance, will be in the next few days or the weekend.

 

FLA and OFT are not bothered, swift did respond to FLA with similar quotes that they have said before and FLA simply believes what ever swift tells them.

 

Was a waste of time with a useless out come.

 

Indeed one day justice will be served, however swift are very cleaver and will winedown the opperation so that no one recieves compnasation.

 

Evil Ba*****s

[Mallymoo]

Hi Landy x

Yes, they passed the buck by telling me to contact the Financial Ombudsman who also told me they couldn't help me. It's just a farce. As I've said previously, I am going to see my local MP on Friday to find out why none of these alleged regulatory bodies can help you when you have a problem with a company like Swift. Will post what she says on Friday night.

Don't give up!.

Regards

Mallymoo

[Mallymoo]

Hi Swifteater

When you are a limited company it is possible to close the business down whenever you wish, but I think there may be a legal issue if you do it because you know you owe people money.

Can anyone with legal knowledge comment on this please

Thanks

Mallymoo

[landy_alert]

Hi Landy x

Yes, they passed the buck by telling me to contact the Financial Ombudsman who also told me they couldn't help me. It's just a farce. As I've said previously, I am going to see my local MP on Friday to find out why none of these alleged regulatory bodies can help you when you have a problem with a company like Swift. Will post what she says on Friday night.

Don't give up!.

Regards

Mallymoo

 

Hi Mallymoo:)

 

I agree, it's absolutely unfair that there is no-one prepared or able to assist us with this fight against Swift. I do hope you have some success with your MP!

 

I won't give up and fully intend to take Swift to court over this - there's no way they are going to get away with what they have done!

 

Regards,

 

Landy x

[Smarterchick]

I just want to say a public ' thank you' to the Swift employee who contacted me - this is going to get interesting folks Facebook's such a revealing thing

[42man]

The FLA are weak....they are paid subscriptions by these types of companies and only do things in the interests of their 'members' - pathetic...

[Swift Eater]

Keep us in formed as this develops smarterchick .......