Swift Advances. Secured Loan Charges reclaim

[frettful38]

We have documentary evidence to prove that on a certain Swift loan that the following amount which consisted of Brokers Fees ( Paid by the borrower) Commission paid by Swift and a further "Bung" of £1000 per £10.000 of the loan value was paid to THEIR agent (an agent with a Swift Allocated Agency Number) the Total that this Agency received on this one agreement was over £12.000.

 

Note this completely contradicts Mark Whites statement under oath ..that "Swift do not operate agencies as such"...... we have it in writing by a director of this particular agency, that they do operate agencies and he is willing to go to court and tell the court so ....this will be in the HIgh Court very soon.

 

This man is in for serious trouble......an accountantant has been sent to prison for making false statements in a signed statement of truth.......Mr White swore this on oath......if I was him I would be worried..... as has been stated in previous posts, his bosses will ditch him at the last minute, desite what he is being told.....its a fact, and hazard of ........life in the fast lane.

 

Now who pays all this ....Swift DON'T that's for certain ...the borrower does in the severe high rate of interest charged .....their interest rate is high but not for the reasons they give ...it's to pay the agents their EXTRA BUNG for placing business with them..........not the actions of a transparent, fair company, who conceal all this from the borrowers.

 

This is the reason that their interest and charges for letters etc etc are so high ....that is how they claw this money pack.

 

sparkie

 

Very good information sparkie, I am reading and learning from this thread so much. Swift are similar to Blemain Finance and that is their own words and not mine.

You have a lot of knowledge on these matters and I am sure many of us can learn a great deal from you. Keep up the good work and keep posting any information you have, it is not only helpful but will be very very useful in the future;)

[Sparkie1723]

Hi Sparkie,

 

I have had a couple of letters like that, stating how gracious they had been thus far in absorbing previous rate increases, (how lucky am I?) but there was never any mention of LIBOR - from memory it was just stated as interest rates.

 

Incidentally, if anyone has a letter stating that they put rates up on the back of LIBOR I could really use a copy!!

 

I wonder what their repo statistics are like in the rest of the UK given the horror story in NI?

 

For what its worth Sparkie, I once worked for a financial adviser who placed loans (mostly adverse credit) with various companies (Swift not being one of them) but they do earn a commission, and it worked on a very simple formula - the greater the interest rate, the higher the percentage commission the broker earns on the amount borrowed, and that could be anything up to 15% - it was common practise then but I have been out of the industry for many years so I dont know if thats the case now.

 

 

HI Marky,

 

I believe the commision rate is between 3 and 8% but then this is supplemented by the £1000 per £10.000 worth of business each broker agent puts Swfts way, myself and my colleauges from Ireland will be using this Director as an Expert witness in proceedings against Swift ............we are pretty certain we have also located another one who has the same information about commission and extra bungs given by Swift.

 

Hwever what I am really interested at present is in corrulating is a list of Swifties who did get the notice of increase in interest rate in the time period stated 4 to 6 weeks after they signed their loan agreement............so I have got the evidence that in 8 months of one year ..........Swift informed various borrowers that the cost of their funds ( LIBOR ) had gone up, ..............because these customers had taken their loans out in different months .....Can everyone see where this is leading...........bcause the LIBOR rate has dropped slowly over 2 years to what it is now ( Oct 2009) 0.36%....this is 4% or more ..................LESS than it was when we took our loan out.

All I want is just 4 other months to complete the cycle ..that would mean Swift put their interest rate up to different borrowers 12 times in ONE year.

 

that is one customer had an interest rate increasein May July October........another custmer had an increase in April June & September another one in November January and March and so on.

 

So far I have increases

January March April May June July September October and November

 

 

 

Wonder what a court will make of this when they woffle on about other factors ....my judgement summary and Mr Whites AND their Barrister finally had to admit that it was governed by LIBOR and LIBOR only.

 

 

sparkie

Edited November 3, 2009 by Sparkie1723

[Doc2527]

Hi Sparkie

 

I received an "interesting" (pardon the pun!!) letter over a year ago (June 200 8) from them. It goes along the lines of ........

 

"As you know the UK economy has been going through a difficult time....blah blah blah......this has been reflected in an increase in the amount of interest that we have to pay to our funding banks."

 

They then go on to stress that they would, under normal circumstances , be passing this increase onto their customers, however they wouldn't be able to maintain this position indefinately and that they will have to pass this cost onto their customers in the coming months.

 

Amazingly they also advise us to contact our original brokers to see whether there are other less expensive options available to us elsewhere, if we are no longer in touch with our broker, then if we contact swift they can recommend the details of a financial intermediary who may be able to help us. (I did contact them and they sent me a letter with two names of financial organisations).

 

The letter then states that " we are not in the business of losing customers, but we felt it only fair to write to you... Yours sincerely John Webster" (how very considerate of them!!)

 

Regards

 

Doc

[Sparkie1723]

Hi Doc

 

"if we are no longer in touch with our broker, then if we contact swift they can recommend the details of a financial intermediary who may be able to help us"

 

If that doesn't tell you that they d have a list of AGENTS I do not know what does

Clever if people falll for this.

 

1...Swift work out a severe and penalising amount of money far above what you borrowed as redemtion figure.

2..They get paid off in full and probably pay the other broker a "Bung" for taking the loan and placing it with another loan comapny ...this broker would also get fees and commision off the New lender.

Remember including the money you have already paid

 

One of Swifts favourite pass on to brokers is ...Olympian Finance Ltd ....who are now in the offices that Swift used to have ...Purbreck House ....What a bloody coincidence.

 

 

sparkie

[frettful38]

Hi sparkie should the interest rates have gone down with the BOE rates? I don't know is swift customers had their loan repayments reduced with the BOE. My interest rates and payments with Blemain have stayed exactly the same since Jan this year, no decrease at all.

 

I know that swift and blemain operate similarly, I would be interested to know if anyone knows if payments should have been lowered.

Mine is a variable interest loan rate loan and my payments have not come down a penny.

[sweetjane]

Can I ask all Swifties a question ...a very important one....Did you receive a letter from Swift approximately 4 to 6 weeks after you signed your agreement stating words to the effect ........that they had absorbed previous interest rate increases but regretted that they have to increase the interest rate on their loan due to a rise in LIBOR rate of interest?

 

sparkie

 

Hi Sparkie

7 weeks after Agreement date, a letter about interest which doesn't mention LIBOR but funding as reason: "general increase in interest rates in the market recently affecting the rates at which banks lend to other financial institutions such as ourselves. We have held back passing recent rate increases on to our customers but the rising cost of our funding has made it necessary for us to change the interest rate on your mortgage" I thought their funding was at a fixed rate :? SJ

[landy_alert]

Hi Sparkie:)

 

I no longer have the letter, but according to our SAR we were issued with a letter informing us that the interest rate was to increase approximately 9 weeks after our mortgage was completed.

 

It continued to increase (5 times in total) over the following 18 months.

 

I do have one of their letters still and it states -

 

'Following the last increase in bank base rate to the current rate of interest on your loan of 15.02%, will increase by 0.25% to 15.27% on ****'

 

No mention of LIBOR.

 

Regards,

 

Landy x

[Sparkie1723]

Hi Sparkie

7 weeks after Agreement date, a letter about interest which doesn't mention LIBOR but funding as reason: "general increase in interest rates in the market recently affecting the rates at which banks lend to other financial institutions such as ourselves. We have held back passing recent rate increases on to our customers but the rising cost of our funding has made it necessary for us to change the interest rate on your mortgage" I thought their funding was at a fixed rate :? SJ

 

HI sweetjane, & landy and all

 

Yours follows the pattern I have built up ....we recieved the same about 6 weeks after our loan had started.

 

They never mention that their rates are linked to LIBOR and it is only made clear when you question their rate rises, an issue I have raised before.

 

I can see why they use the the argument the cost of their borrowing has gone up..because it is possible that their NEW borrowing rates "could" have gone up.

 

But once they had lent a borrower money from funds they already had done the fixed rate deal at, ........any further borrowing would not affect the rate they were paying on any loans from that funding ....they had no reason to put it up.....for reason that had been obtained the pre agreed fixed rate............ it is only the new lending to new borrowers that could have gone up...Can everyone follow what I am getting at?

 

For instance Swift borrowed a big amount of funding from Barclays ( from which our particular loan came from and hundreds of others) this was obtained at a fixed rate for a number of years ...when the time came that the time scale was running out.......... all Swift did was ask Barclays to extend the time frame at the SAME fixed rate deal to protect these funds from any increase in interest rises ( stated in their audited yearly accounts) and they got it .........that time scale length ended July 2008.....any increases they charged their borrowers before that date was just fantasy and they have been getting away with this ploy for years

 

Once we have their 2009 accounts we will be able to see if they extended it again,...... I believe they did ......but we will have to wait and see..

sparkie

 

 

If anyone thinks I 've helped them with any of my posts a little please tip the scales on the left hand side

Edited November 3, 2009 by Sparkie1723
word deleted did n't read right

[Sparkie1723]

.jpg picture by sparkie1723 - Photobucket"].

 

 

This is from my Judgement summary staing cost of funds are actually dictated by LIBOR

and again...............You will also note what Mark White said about the Apr not being appropriate to be shown on an unregulated agreement....the reason being it not being appropriate is that it would have shown up as an APR of 15.4% instead of 9.84% that was shown on the agreement.

 

 

 

 

 

Edited November 3, 2009 by Sparkie1723

[Sparkie1723]

[EDIT]

 

 

Edited December 14, 2009 by alanfromderby

[pkelly]

Sparkie I see shares in speck savers have gone up. no wonder with all this reading you are giving everyone. I even thought my specs were faulty,

Been reading some of your other new papers you sent me yesterday, would love someday to see the hidden ones, this stuff is unbelievable.

 

Just a quick comment without saying to much, but as we all just heard the new European Parliament was elected in June 2009 and now under the Nice Treaty it is expected to officially come into force from December.

Just to make EVERYONE aware that not every country has the same rules, eg the Irish obtained a set of EU "legal guarantees" aimed at addressing various concerns raised by voters,

well you all know how Swift and their legal team have White lied their way through each court case without being found out `until now that is`.

 

Now with new powers for the European Parliament and European Court of Justice and home affairs, [EDIT]

 

The Charter of Fundamental Rights, from what The Bouys tried to explain to me is not legally binding, and its more than a grey area regarding the UK and its written guarantee, that the charter cannot be used by the European Court to alter British labour law, or other laws that deal with social rights.

 

However, experts are divided on how effective this will be, you already know that the Banks etc don't care how the books are "cooked" but the presidence will change very soon because no one is making a killing in the current climate,

 

Must dash now but o end briefly, you all know that a repossessed house is not an income generating asset unlike a `Swiftie Loan`, its easy to have two houses down on paper, but not in bricks and mortar.

This has caused some concern within Alchemy`s ranks, The `Dom and Jon` puppet show as the lads tried to explain is just that, a `joke`even your so called WHITE KNIGHT has discovered the puppet master has gone.

tk ltr

Edited December 14, 2009 by alanfromderby

[Sparkie1723]

I have just sent this e-mail to Mr Strickley as I know my e-mails are being opened up tp 10 times when I send them........................ being it appears the world already knows their content I'll post it here as well.....I'm not bothered who knows where I live ............all Swift at Arcadia House know...... so why not everyone else:)

 

sparkie

 

 

Dear Mr Strickley,

 

I request again the following documents, the ones requested so many times before

 

1...A copy of our account that was sold to Kestrel Loans No 1 Ltd which is being processed on a computer data bank/program under their heading of Kestrel NO 1 , as per the copy of records supplied as example.

 

2...A copy of the Title Indemnity Insurance policy document that states it covers;

201 Stanney Lane Ellesmere Port S.Wirral CH 65 9AN on it , showing the date that your Mr Webster has stated and confirmed it began........ the 4th April 2007....which is contrary to what my SAR data states be careful not to change the date on the document or issue a new one.

 

Should I not receive these within 7 working days I shall apply to Chester County Court for an order to be made under CPR31.16 for them to be supplied.

 

Due to the circumstances surrounding these documents, I believe I will have no difficulty in obtaining that order.

 

 

You can rest assured that I will be referring to Mr Whites Witness Statement of Truth in this application. In my witness statement in support of this application.

 

Yours sincerely

[Sparkie1723]

That e-mail I have just sent has been read already.........a little "animal"????.... told me:cool:

[pkelly]

Sparkie looks like you have a Sparkle in you eye after that last load of stuff,

[Sparkie1723]

Sparkie there is no way out for them, with just what I saw SOMEONE HAS TO GO TO JAIL, at least one no amount of money will stop it,

I had a look at that website the Bouys are building I cant believe its legal with coyright etc but obviously they know it is,

Bloody Hell that will wreck the wee country never mind Swifties, I see the TV outfit you mean now, they will gain from it as well,

do they the net in prison? would be a pity not be able to get into it,

 

 

 

HI there pkelly,

 

You want to see the Video that is being filmed about Swift by my "associates in N. Ireland I'm co-starring. in it....heading for the Cannes film festival this one:D:D........Due for release on DVD sometime after their court case!!

 

Someone will be brought to ACCOUNTability !!!????!!!

 

sparkie

[pkelly]

what are u on Sparkie the fighter plane or a Horselol Sparkie, is it still called Sparkie goes to Holywood

am sure its more like ``Carry On Swiftly``

and ``Strickly`` over 18`s

 

those guys are mad and we thought they were bluffing half the time, would like to see what they are holding back

[andrew1]

Well, what an interesting day I've had

[pkelly]

Hi fill us in on it? sorry dont know you, was a swifie sort of day,

this site is like a soup program yep soup not soap, birds nest soup

[andrew1]

sorry dont know you,

 

Don't worry, you soon will.

 

Don't quite understand your soup etc puns, but I'm sure others more familiar do.

 

I had a meeting today which is being extended tomorrow - I'll post up a progress report shortly, but it might help you guys overall.

 

I just used some of the Cabot Fan Club magic I learned in the past, if you are not familiar with the Fan Club, wer'e just some lethal bunch of rogue debtors who just cost Cabot getting on £18 million because they didn't take any notice when we asked them to abide by the laws of this country - they thought they knew better...Swift seem to have the same idea - probably from the same stables....we'll see.

 

A1

[Guest blackie]

This thread is really giving me hope, I am amazed at the staying power of you all. There have been times in the last twelve months when I have really believed I would be better off dead than go on dealing with Swift. So thanks to all of you. My fight continues this year alone I have been charged £5430.00 in charges back in court 7th Jan 2010

[Smarterchick]

This thread is really giving me hope, I am amazed at the staying power of you all. There have been times in the last twelve months when I have really believed I would be better off dead than go on dealing with Swift. So thanks to all of you. My fight continues this year alone I have been charged £5430.00 in charges back in court 7th Jan 2010

 

I read a piece on here some time ago about a man who's life was totally engulfed and at the mercy of his bank - Natwest. His family was at breaking point - then he found the support, encouragement and hope from people battling on here....the power of people working together against these companies is a phenomenan and it is precisely that which these companies never dreamed would happen.

 

Remember, these are people just like you and me, no matter what their title or wealth with wives, husbands, children, grandchildren, cats and dogs. The bigger they are, the harder they fall. They use their misguided jobs as some kind of right to be greater than you and me thinking they hold the moral high ground - WRONG!!

 

They don't own you, they don't pay your bills, they don't feed your children, cut your grass or clean your windows - they are ordinary people and so long as you remember that you will fight them because it is YOU who has the moral high ground, not them. They will win against those who know know different and it is they who need our help...like any war there are casualties but we are bigger them and with all our minds working together we are greater than them...lest not they forget that. This is probably the first time in their history people have come together like this to fight them. The cowards have had an easy ride before as most decent people know they have run into trouble, put their hands up and surrendered not knowing what we all do..now we are talking to each other and comparing notes,[EDIT]

 

Stick with it Blackie.

SC

Edited December 14, 2009 by alanfromderby

[frettful38]

When someone has a second secured loan should they be provided with a Key Facts Illustration?

[Dougal16T]

When someone has a second secured loan should they be provided with a Key Facts Illustration?

 

Good morning all

 

 

I had no idea what a 'key Facts illustration was', having never been provided with one.......so I found this:

 

'The Financial Services Authority is calling for mortgage firms to improve the quality of their Key Facts documents and has offered to work with the industry to help raise the standard. Key Facts documents are important as they are intended to deliver clearer, simpler and more user-friendly information to consumers, but the FSA has identified variable quality and widespread inaccuracies in many of them and wants firms to undertake a review of their own documentation.

 

The watchdog, which began regulating mortgage sales in October 2004, has written to the Chief Executives of all mortgage lenders and published a Factsheet for intermediaries, following a review of mortgage disclosure documents.

The review found that although there were some good examples, the quality of documents varied and many needed improvement.

These documents, including the Initial Disclosure Document (IDD) and the Key Facts Illustration (KFI), are central to the success of the FSA’s mortgage regime and its aim to help retail customers achieve a fair deal.

It is vital that firms provide consumers with clear, straightforward and comparable information to help them understand the services and products being offered, shop around more easily, and make informed decisions.

Clive Briault, FSA Managing Director Retail Markets, said:

"We acknowledge the effort firms have made to produce the new mortgage disclosure documents and in our review we have seen some good examples. However, we also found cases where documents were not in line with the format and content required by our rules or were too long and written in overly-legalistic language.

Some Key Facts documents do not contain all the required information, and some include more information than the rules require, making them longer than necessary.

"We want to promote and reinforce a 'less is more' strategy to disclosure. Of the KFIs we reviewed around half were five pages or fewer. Based on these findings, we consider that good practice, for a standard mortgage, would be a KFI no longer than five pages. However, we accept there may be exceptions for more complicated mortgages."

A similar concern was noted on IDDs, where 80% of the firms sampled had 5 or more errors in connection with their IDDs. Although individually the errors were not major, taken together they can undermine the purpose of the documents.

The FSA will contact the firms sampled to provide individual feedback and will work closely with firms, trade associations and other stakeholders to communicate its detailed findings and to help achieve better quality documents for the future. And because disclosure is such an important part of the mortgage regime, the FSA will re-visit this area and take appropriate action in the future if there has not been an improvement. '

 

 

Just hope this helps...!!

 

All the best

 

Dougal

[Dougal16T]

I read a piece on here some time ago about a man who's life was totally engulfed and at the mercy of his bank - Natwest. His family was at breaking point - then he found the support, encouragement and hope from people battling on here....the power of people working together against these companies is a phenomenan and it is precisely that which these companies never dreamed would happen.

 

Remember, these are people just like you and me, no matter what their title or wealth with wives, husbands, children, grandchildren, cats and dogs. The bigger they are, the harder they fall. They use their misguided jobs as some kind of right to be greater than you and me thinking they hold the moral high ground - WRONG!!

 

They don't own you, they don't pay your bills, they don't feed your children, cut your grass or clean your windows - they are ordinary people and so long as you remember that you will fight them because it is YOU who has the moral high ground, not them. They will win against those who know know different and it is they who need our help...like any war there are casualties but we are bigger them and with all our minds working together we are greater than them...lest not they forget that. This is probably the first time in their history people have come together like this to fight them. The cowards have had an easy ride before as most decent people know they have run into trouble, put their hands up and surrendered not knowing what we all do..now we are talking to each other and comparing notes, their staff are getting the jitters and whistleblowing in fear they might lose their jobs, they are searching for jobs...they see the writing on the wall and jumping ship....the rotten eggs will be left in the box and will fall alone I just feel sorry for their families who trusted them to go to work to do a decent job to support them, they are sick these people like junkies hooked on a fix..repossession is their fix so god forbid them when they have to pay for their actions - Like it's been pointed out on this thread, I wonder if they think of their families when they do this?

 

Stick with it Blackie.

SC

 

Morning SC

 

I second that....hang on in there Blackie!

 

Best wishes

 

Dougal

[frettful38]

Thanks Dougal16T that is very useful information, but what I really need to know is that people who already took out a secured loan, then should they have been provided with a Key Facts Illustration?

 

That is good info but I believe it is more to do with the future than the past:confused:

Mortgages and Secured loans have a different set of procedures and rules?