Swift Advances. Secured Loan Charges reclaim

[pkelly]

Hi my boozum buddy smarter chick, only us woman can add all this up, we are well used cooking lol books

[pkelly]

George Patellis, former joint managing director of Preferred Mortgages

wonder if Johnny picked up anything from him ?

George Patellis: ZoomInfo Business People Information

[Smarterchick]

George Patellis, former joint managing director of Preferred Mortgages

wonder if Johnny picked up anything from him ?

George Patellis: ZoomInfo Business People Information

 

 

Well we all know what happened to Preferred and SPML - as the old saying goes to find the problem ' follow the money' and I've been watching their piggy bank run up some pretty dark alleys

[busterg]

All very cozy -I reckon they have a big crytsal bowl for the keys to go into It'll be plastic ones soon filled with the finest slops!

 

Well Mr Webster, as the saying goes "pukka up buttercup" :-D:-D

[Smarterchick]

All very cozy -I reckon they have a big crytsal bowl for the keys to go into It'll be plastic ones soon filled with the finest slops!

 

Well Mr Webster, as the saying goes "pukka up buttercup" :-D:-D

 

 

When I was a little younger there was a small development of houses near us where that used to happen at parties, all the keys would go into a bowl and any woman who picked a key went home with the man who owned them - husbands, boyfriends whatever - mmmm..are you suggesting something like that in Arcadia House?

[Marky1701]

Hi All,

 

Do the Spotlight people know about all this stuff to do with all the different pepole/companies?

 

Whats the latest with them - is anything going to air or has it fizzled out like it appears to have done?

 

m

[Smarterchick]

Hi All,

 

Do the Spotlight people know about all this stuff to do with all the different pepole/companies?

 

Whats the latest with them - is anything going to air or has it fizzled out like it appears to have done?

 

m

 

Just sit tight Marky, silence is golden

[Marky1701]

Just sit tight Marky, silence is golden

 

I disagree - we need to be shouting about this to anyone who will listen.

[Smarterchick]

I disagree - we need to be shouting about this to anyone who will listen.

 

You were asking about Spotlight and N.Ireland - just sit tight.

 

As for shouting? - carry on with all your might, the OFT and David Blocksidge is a good start as discussed before earlier in the thread...If you shout at Swift? they turn over and laugh at you and say what you are asking or doing is irrelevant, so you tell me what you can do other than use the legal process and perhaps your MP to make them understand you mean business?....Which I might add is what we are all doing.

[busterg]

:wink:

When I was a little younger there was a small development of houses near us where that used to happen at parties, all the keys would go into a bowl and any woman who picked a key went home with the man who owned them - husbands, boyfriends whatever - mmmm..are you suggesting something like that in Arcadia House?

 

You suggesting it isn't?

[busterg]

I disagree - we need to be shouting about this to anyone who will listen.

 

Morning Marky1701

 

I fully apprieciate your frustration on this. In fact, Im sure all of us here do.

 

I've always been a fan of softly, softly catchee monkey but just found it hard to abide by it though. But, im learning and it's paying off. Things will come good.

 

Besides, picture this: you're sat in ya local. The person next to you is trying to whisper sweet nothings in your ear and then there's the load mouth screaming in the background. who do you want to listen to?

 

I believe in miracles, windex and monkeys.:-D

[Smarterchick]

Morning Marky1701

 

I fully apprieciate your frustration on this. In fact, Im sure all of us here do.

 

I've always been a fan of softly, softly catchee monkey but just found it hard to abide by it though. But, im learning and it's paying off. Things will come good.

 

Besides, picture this: you're sat in ya local. The person next to you is trying to whisper sweet nothings in your ear and then there's the load mouth screaming in the background. who do you want to listen to?

 

I believe in miracles, windex and monkeys.:-D

 

 

You're beginning to grow on me busterg believing in miracles, windex, monkeys and no doubt people whispering sweet nothings in your ear in the pub and parties where keys get thrown in the bowl :-D

 

Don't worry marky, we are all in this together and a little light hearted banter seems to temper our anger against these people who blatantly refuse to abide by the laws of the land to hoodwink us (or try ). We have all been in the same boat for a long while but it is coming together now and what happens when it does happen will benefit one and all, fear not, this is not some individual crusade, this is for everyone.

[Marky1701]

Hi BQ

 

I understand and agree with you.

 

I have done the OFT/FLA(waste of space)/MP/Blocksidge thing and will continue to fight the fight.

 

However I do take issue with people advising me to wait and see - the problem with this is not personal - I know what I have to do - BUT the impact of this is that it will detract others from getting involved with the fight, because what they will do is .......'wait and see' .......and 'sit tight' in the hope that something will happen soon because others are doing it for them.

 

I am concerned that it is only a 'hardcore' of people on here who act - what the OFT et al will respond to is weight of numbers, so people who are 'waiting to see' and 'sitting tight' will not join the fight and throw their two penneth in.

 

I believe something will happen soon - There is never a day goes by when I feel absolute contempt for Swift and anyone who works for them. I pay my monthly repayment on time every time to service my 17% loan, which I have been paying on time for 6 and a half years out of an original 15 year term and still owe more than I borrowed.

 

Yes I feel trapped, frustrated, angry, all of these things - I am sure others must feel the same way but we ALL NEED TO ACT

Edited March 6, 2010 by Marky1701

[busterg]

You're beginning to grow on me busterg believing in miracles, windex, monkeys and no doubt people whispering sweet nothings in your ear in the pub and parties where keys get thrown in the bowl :-D

 

Don't worry marky, we are all in this together and a little light hearted banter seems to temper our anger against these people who blatantly refuse to abide by the laws of the land to hoodwink us (or try ). We have all been in the same boat for a long while but it is coming together now and what happens when it does happen will benefit one and all, fear not, this is not some individual crusade, this is for everyone.

 

Beginning to grow on you eh? As quick as as Mark Whites APR rates?

[Smarterchick]

Marky, with the greatest respect, there's nothing ANYONE can do about Northern Ireland unless you know something I don't, because this is in the hands of about the best there is over there and absolutely nothing can be further done - I know that. You asked about it, I gave you the answer.

 

However, I do agree with you that in all other aspects, even in N.Ireland then as much as is possible people should come forward with their experiences, agreements, circumstances and paperwork and file them across to the OFT or their MP...that has been encouraged from day 1 on this forum and to get as many on here actively participating as we can.

 

To date you are right there has been a hard core of people doing things which cannot be put on the threads as it would have the whole site closed down, but it's not a secret what we are searching on so if you have anything you want to add just bring it forward. The hard core of us spend more hours than are in the day on this stuff and we have dozens and dozens of people PM'ing us with agreements and information some far too sensitive to post so you are just going to have to either put your own theories forward or keep trusting that what we are doing is for everyone's benefit. It ain't easy and sometimes a thankless and frustrating task but it's no closed shop and you must not feel excluded just because someone says 'wait and see' it's because there's little else that can be said.

 

The trouble with an open public forum is that if we posted everything we were finding out Swift would know every step of what we know and that's just plain crazy unless you want them to give them the ticket to get off the hook?

 

And ' we all have to act eh? - so come forward with your suggestions as to what you think that means?

 

We are doing what we can, I'd be delighted to hand it to someone else and so would my OH...

[busterg]

Hi BQ

 

I understand and agree with you.

 

I have done the OFT/FLA(waste of space)/MP/Blocksidge thing and will continue to fight the fight.

 

However I do take issue with people advising me to wait and see - the problem with this is not personal - I know what I have to do - BUT the impact of this is that it will detract others from getting involved with the fight, because what they will do is .......'wait and see' .......and 'sit tight' in the hope that something will happen soon because others are doing it for them.

 

I am concerned that it is only a 'hardcore' of people on here who act - what the OFT et al will respond to is weight of numbers, so people who are 'waiting to see' and 'sitting tight' will not join the fight and throw their two penneth in.

 

I believe something will happen soon - There is never a day goes by when I feel absolute contempt for Swift and anyone who works for them. I pay my monthly repayment on time every time to service my 17% loan, which I have been paying on time for 6 and a half years out of an original 15 year term and still owe more than I borrowed.

 

Yes I feel trapped, frustrated, angry, all of these things - I am sure others must feel the same way but we ALL NEED TO ACT

 

Yep. Actually I agree and totally get where you are coming from. I think if we make it clear about certain things as a collective that we need from each other that would help. Like: Get intouch with OFT - David Blocksidge FSA (waste of space agreed), clarifying possible areas such as multiple agreements and those thngs would be a help for all. I know I found it difficult to understand this thread and the information contained in it as a newbie and as a victim of this shower. I think maybe if could gather and categorise this info then certainly would add further weight to the cause and help the OFT and other organisations involved. If you can spare the time and wouldn't mind given me a hand with this, then please let me know and we can details. I'd like to add one of those smiley faces for you but I've banjaxed it somehow so here you chief )Hardcore? We're ALL Die Hards on this site! )

[Marky1701]

No worries BQ.

 

I do not profess to be an expert, but I am happy to share my experience and show you correspondence I have had with the OFT/MP etc.

 

SMC You are missing my point; whilst I do appreciate the work you and others do behind the scenes, we are all involved in the fight to a greater or lesser extent.

 

All I want you to understand is the impact you have on others who may be reading this and sitting on the fence, trying to decide what to do next.

 

If you post and create the impression that something is about to happen, many people simply will not act because human nature dictates they will wait and see what is apparently about to happen.

 

This is a marathon not a sprint - If I organise a marathon charity run and 6 people turn up then it will not be taken seriously. If I arrange one and a thousand people turn up then it will get noticed.

 

If any 'fence sitters' are reading this, and are unsure of what to do next, please get in touch with me and I would be happy to help.

 

m

[Smarterchick]

There are already a few steps people with Swift accounts can do as an early checklist.

 

Interest rates:

 

I think it is well established now that Swifts interest rates only go up and not down and generally they increase their rate approximately 3 months after the loan is taken out no matter what the economic climate is with Libor of BofE rates. So begin by mapping out how your loan has been structured and operated since day 1.

 

The Broker:

Most sub prime brokers have gone bust with the banking collapse over the past couple of years, but that does not mean Swift are not liable for their actions broke or not.

 

So, check all the paperwork you have from the broker and come on here to get clarification of whether or not a secret commission may have been paid which could be actionable (won't go into details just yet, but there are threads on secret commissions) You should apply for a Subject Access Request to Swift ensuring they include an Underwriting Sheet which should show you what commission was paid in addition to your broker fee you paid to your broker. This needed to be disclosed before the agreement was executed or at least at the time it was, if it wasn't there are questions to be answered as to whether it was 'secret' which is not allowed. Yoiu should also ask for the Actuarial Account Summary Sheet too from Swift as this outlines a breakdown of how your loan is accruing costs and interest on the capital balance.( Read your terms and conditions carefully too)

 

Agreement

 

Swift agreement documents are full of errors which could render them unenforceable. Busterg has mentioned the Multiple agreement scenario which nobody expects anyone to understand in detail. This generally applies to agreements which include PPI or exceed the £25,000 limit but are made up of parts (Arrears to 1st Mtg, clearing 2nd charge loans, cash balance to you) and could be unenforceable. However, before getting too excited, there is currently a case going through High court and the Supreme court on this issue (Heath vs Southern Pacific ) and solicitors are reluctant to pursue these through the courts for fear of costs as this section of the CCA is relatively untested and has lost already at appeal. It will come before the Supreme court later in the year.

 

There are all kinds of other issues with the actual agreement documents which have been aired earlier in this thread, but if people could scan their agreements up here it will help identify contencious ones (de-personalised pls)

 

Unfair terms in Consumer Contracts

 

S.140 - read it. Swift are guilty of many things, one of which are the terms under which your loan is operated. Research and though shalt find.

 

Witness statements

 

Witness statements provided by Swift tell the court what they want the court to see. For example: In your SAR information you will receive a History of your account. It will show all the letters and phone calls made to you, but not the letters you sent them. You may see the name ' Transferred to Kestrel 1 or 3 not knowing what that means in your history notes - 'They sold your loan!!!! and maybe should not be suing you in the name of Swift Advances Plc - check back here. Their Witness statement will not say it, but their accounts do so come back and they shall be provided.

 

Mark White, who we mention here is a chief Witness Statement provider for court hearings. He is their Risk Manager and stands up and provides the court with evidence on behalf of Swift - BUT...what he doesn't tell you or the court is that he is a shareholder in Kestrel Holdings Ltd which ultimately owns Swift Advances Plc so his evidence tends to be (edited) as he has a beneficial interest in making sure you lose your home as they profit from that and he gets a dividend on his shares. He's like a secret commission - undisclosed.

 

So check everything out here first or with your solicitor. Legal advice is essential against Swift, as is representation in court because as a Litigant in Person you stand little chance. What is supplied on this forum is the ground work you need to give to your solicitor and is the meat for the case as solicitors do not, and cannot be expected to have, the time to find out what we are all doing.

 

I'll add more when I have the time..but anyone else want's to add anything feel free.

[busterg]

There are already a few steps people with Swift accounts can do as an early checklist.

 

Interest rates:

 

I think it is well established now that Swifts interest rates only go up and not down and generally they increase their rate approximately 3 months after the loan is taken out no matter what the economic climate is with Libor of BofE rates. So begin by mapping out how your loan has been structured and operated since day 1.

 

The Broker:

Most sub prime brokers have gone bust with the banking collapse over the past couple of years, but that does not mean Swift are not liable for their actions broke or not.

 

So, check all the paperwork you have from the broker and come on here to get clarification of whether or not a secret commission may have been paid which could be actionable (won't go into details just yet, but there are threads on secret commissions) You should apply for a Subject Access Request to Swift ensuring they include an Underwriting Sheet which should show you what commission was paid in addition to your broker fee you paid to your broker. This needed to be disclosed before the agreement was executed or at least at the time it was, if it wasn't there are questions to be answered as to whether it was 'secret' which is not allowed. Yoiu should also ask for the Actuarial Account Summary Sheet too from Swift as this outlines a breakdown of how your loan is accruing costs and interest on the capital balance.( Read your terms and conditions carefully too)

 

Agreement

 

Swift agreement documents are full of errors which could render them unenforceable. Busterg has mentioned the Multiple agreement scenario which nobody expects anyone to understand in detail. This generally applies to agreements which include PPI or exceed the £25,000 limit but are made up of parts (Arrears to 1st Mtg, clearing 2nd charge loans, cash balance to you) and could be unenforceable. However, before getting too excited, there is currently a case going through High court and the Supreme court on this issue (Heath vs Southern Pacific ) and solicitors are reluctant to pursue these through the courts for fear of costs as this section of the CCA is relatively untested and has lost already at appeal. It will come before the Supreme court later in the year.

 

There are all kinds of other issues with the actual agreement documents which have been aired earlier in this thread, but if people could scan their agreements up here it will help identify contencious ones (de-personalised pls)

 

Unfair terms in Consumer Contracts

 

S.140 - read it. Swift are guilty of many things, one of which are the terms under which your loan is operated. Research and though shalt find.

 

Witness statements

 

Witness statements provided by Swift tell the court what they want the court to see. For example: In your SAR information you will receive a History of your account. It will show all the letters and phone calls made to you, but not the letters you sent them. You may see the name ' Transferred to Kestrel 1 or 3 not knowing what that means in your history notes - 'They sold your loan!!!! and maybe should not be suing you in the name of Swift Advances Plc - check back here. Their Witness statement will not say it, but their accounts do so come back and they shall be provided.

 

Mark White, who we mention here is a chief Witness Statement provider for court hearings. He is their Risk Manager and stands up and provides the court with evidence on behalf of Swift - BUT...what he doesn't tell you or the court is that he is a shareholder in Kestrel Holdings Ltd which ultimately owns Swift Advances Plc so his evidence tends to be (edited) as he has a beneficial interest in making sure you lose your home as they profit from that and he gets a dividend on his shares. He's like a secret commission - undisclosed.

 

So check everything out here first or with your solicitor. Legal advice is essential against Swift, as is representation in court because as a Litigant in Person you stand little chance. What is supplied on this forum is the ground work you need to give to your solicitor and is the meat for the case as solicitors do not, and cannot be expected to have, the time to find out what we are all doing.

 

I'll add more when I have the time..but anyone else want's to add anything feel free.

 

This is exactly what I'm talking about. I'm gonna add my over inflated APR's worth as well. Ive started chunking things out so I can get a better angle and understanding of it. So lets get that out to anyone whose on her looking for some help. Cheers Chick of Smarts.

 

Marky - I think you have a valid point regarding everyone not sitting on the fence. So lets address that. I reckon its of equal importance to the other things that are being looked at by others. If some of us can constructively put together this information, make it concise, available, easier to understand and help people trying to make sense of this a far more clear and expedient means to get involved, then I believe people won't just sit on the fence.

 

Casing point for me was: Stress related to possession, trying ot get monthly mortgage payments, lack of understanding and trying to piece relevant information, once I established what was and wasn't relevant to me personally....and I'm still trying to now. That in it's self put me off going any further with this thread as Im sure many have and still will feel the same issues. So like I say - valid point - lets get it done! PM me if you want and we can look at the criteria to set for this. Lets do it properly.

Edited March 6, 2010 by busterg

[Marky1701]

Yes good stuff SMC

 

I wonder if the interst rate increases have been applied for evryone at the same time?

 

Tell me if I am wrong, but when rates increase, everyone should have that increase applied at the same time?

 

Or do Swift think - right, they have had a loan with us for a couple of months so its time to raise the ante regardless?

 

If this could be demonstrated would it not prove that Swift just raise interest rates when they see fit?

 

Putting some dates together would be very interesting - if Swift have just been raising them whenever they fancy a bit more profit and has nothing to do with LIBOR or market conditions, that would be useful.

 

With the data, I could produce a graph showing prevailing LIBOR rates v Swifts rates to see a graphical representation.

 

m

Edited March 6, 2010 by Marky1701

[busterg]

Yes good stuff SMC

 

I wonder if the interst rate increases have been applied for evryone at the same time?

 

Tell me if I am wrong, but when rates increase, everyone should have that increase applied at the same time?

 

Or do Swift think - right, they have had a loan with us for a couple of months so its time to raise the ante regardless?

 

If this could be demonstrated would it not prove that Swift just raise interest rates when they see fit?

 

Putting some dates together would be very interesting - if Swift have just been raising them whenever they fancy a bit more profit and has nothing to do with LIBOR or market conditions, that would be useful.

 

With the data, I could produce a graph showing prevailing LIBOR rates v Swifts rates to see a graphical representation.

 

m

 

Sounds like a plan to me. I'll get you my dates over later this afternoon. I had 6 in the first year:eek: I also have a document from them that states 0.00 interest increase applied as well . Left hand and right hand springs to mind.

[Sparkie1723]

I am now back on line after being off for 2 days ........due to an AOL...BT complete cock up.

 

I have had to get a wi fi "dongle" wont be back on limne properly for a week or so while BT and AOL sort it out....any way read all what I have missed ..I will just put my few penneth in..

 

OFT have confirmed that on Swift Avances Plc CCA licence it must show all trading styles/names that they use.............

They use "SWIFT"

They use "Swift Advances".

They use "Eastern Counselling" ( Debt Collecting and counselling)

They use "The Swift Group"

They use "SWIFT GROUP LEGAL SERVICES"

 

Non of these names are on Swift Advances License..

 

And here is another major point...everyone take a look at their loan terms and conditions from A to T.

 

Can anyone see who

Term a) You agree to pay the Total Loan amount and interest to???

To whom do all these terms and conditions refer to besides "you"

The only term that refers to who you pay what to is Term " R" ...Swift Payment Protection Insurance.

 

Neither "Swift" or Swift Adances Plc have got any payment protection Insurance ...Swift 1st Ltd do but it does not say Swift 1st Ltd in the terms.

 

In My opinion these terms and conditions are not worth a penny.

 

sparkie

Edited March 6, 2010 by Sparkie1723

[andrew1]

I am now back on line after being off for 2 days ........due to an AOL...BT complete cock up.

 

I have had to get a wi fi "dongle" wont be back on limne properly for a week or so while BT and AOL sort it out....any way read all what I have missed ..I will just put my few penneth in..

 

OFT have confirmed that on Swift Avances Plc CCA licence it must show all trading styles/names that they use.............

They use "SWIFT"

They use "Swift Advances".

They use "Eastern Counselling" ( Debt Collecting and counselling)

They use "The Swift Group"

They use "SWIFT GROUP LEGAL SERVICES"

 

Non of these names are on Swift Advances License..

 

And here is another major point...everyone take a look at their loan terms and conditions from A to T.

 

Can anyone see who

Term a) You agree to pay the Total Loan amount and interest to???

To whom do all these terms and conditions refer to besides "you"

The only term that refers to who you pay what to is Term " R" ...Swift Payment Protection Insurance.

 

Neither "Swift" or Swift Adances Plc have got any payment protection Insurance ...Swift 1st Ltd do but it does not say Swift 1st Ltd in the terms.

 

In My opinion these terms and conditions are not worth a penny.

 

sparkie

 

OFT have confirmed that on Swift Avances Plc CCA licence it must show all trading styles/names that they use.............

They use "SWIFT"

They use "Swift Advances".

They use "Eastern Counselling" ( Debt Collecting and counselling)

They use "The Swift Group"

They use "SWIFT GROUP LEGAL SERVICES"

 

Non of these names are on Swift Advances plc License..

[frettful38]

sparkie sorry if this has no relevance to this thread but have found something very interesting and was wandering what yours or anyone else's thoughts were.

 

 

CONSUMER CREDIT

The Consumer Credit (Agreements) (Amendment) Regulations 2004

Made 5th June 2004 Laid before Parliament 9th June 2004 Coming into force 31st May 2005

 

 

In paragraph 10 it states:

 

1. All types. (Agreements)

 

(5) Where the credit is being secured on land the words "secured on" followed by the address of the land shall be inserted at the end of the heading.

 

Forms of Statement of Protection and Remedies Available under the Consumer Credit Act 1974 to Debtors under Regulated Consumer Credit Agreements

 

All types.

MISSING PAYMENTS Missing payments could have severe consequences and make obtaining credit more difficult.

 

All agreements which are secured on land. YOUR HOME MAY BE REPOSSESSED Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

 

Basically what I make out of the above is that your loan agreement must contain these statements in them. My loan agreement which I have looked through with a fine toothecomb has nothing whatsoever relating to the above. Just another few things to point out to my solicitor, who incidentally I have heard nothing from since 2 weeks.

 

There is no reference to missing payments nor my home may be repossessed if I do not keep up my payments on my loan agreement, also the legal charge does not have my Land Registry Number on there. My loan agreement is stated that it is a mortgage agreement but I did not take out a mortgage. I took out a secured loan.

My loan agreement refers to me as the mortgagor. I am still waiting to see what my solicitor has to respond with all the questions I have sent him.

 

These are just more points that need to be addressed and I am doing a lot of research myself, in case my solicitor comes back with not much hope.

 

Any comments on the above from anyone please?

[Sparkie1723]

HI fretful,

 

I think if you check back I made you and several others aware of this some time ago (12 months maybe) and for you to formulate your Defence around these issues.

 

On a different subject.

 

Can anyone tell me if they have a FIRST charge secured regulated loan agreement with Swift Advances Plc under £25,000.

 

sparkie