Swift Advances. Secured Loan Charges reclaim

[frettful38]

Does anyone know if the information below applies to unregulated loans too. The first line says that ALL LOAN AGREEMENTS MUST CONTAIN, just wandering if anyone knew and would appreciate any help or advice. Thanks

 

All loan agreements must contain the following terms and conditions in order for the contract to be valid:

 

• The full amount of the loan
  
• The full amount of the loan repayable with interest
  
• The rate of interest (APR)
  
• The amount of interest charged
  
• The cost of PPI
  
• The amount payable in each instalment
  
• The total number of instalments to be made
  
• How the borrower will make the repayments
  
• The dates of when the agreement starts and ends
  
• Full terms and conditions
  
• Signatures from both the debtor and creditor
  

If your existing secured/unsecured loan, credit card, store card, car loan agreement was not fully explained to you, and does not contain the above information, then you can mount a legal challenge to your creditor and potentially undo the loan. In short, the contract between you and the lender becomes unenforceable.

[patrickq1]

http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/unauthorised.shtml

[cas14]

Hi Folks got a reply from Swift this morning and guess what they say they are not in the wrong and if I disagree to go to the Financial Ombudsman. In relation to the increased payments they have advised that my mortgage was at a variable rate of 9.84% which was discounted for one year at 2.00 % giving a rate of 7.84%. Whilst I enjoyed the 2.00 % discount for the first 12 months however it still remained variable which meant it was subject to change depending on economic conditions and any changes in teh interst rate during the loan payment would not be linked to the initial 12 month discount the broker arranged.

 

My initial monthly repayments were £590.51 and then went up to £610.00 this was well before the year was up and increased to nearly £700.00.

The way that I worked my figures out was as follows;-

 

Amount of mortgage £66,576.00

 

12 months interest @ 7.84% = £5,219.55 approx

39 months interest @ say 11.19% = £7,449.85 approx

Broker's fees £4,460.00

Insuranc Premiums £3,150.00

Early repayment charge £3,545.58

Discharge of security £250.00

Total = £90,650.00

Less payments made of approx £15,801.42

Total = £74,849.56

Plus charges from 16/6/08 = £1,737.51 (got this from redemption statement I had in 09)

Amount to redeem mortgage £76,587.97 approx

Mortgage redeemed in August 2009 and £90,000.00 was paid leaving a shortfall of £3,140.64 which I am paying every month at £30.00 and have paid £420.00 since August 2009. I calculate that they owe me £17,771.01 approx

 

 

With regards to the amount of £17,771.01 I say has been over charged they state I am wrong and this is how they reached their figure.

 

Amount of Loan £66,576.00 plus £4,460.00 for fees, £3,150.00 for insurance premiums i.e.PPI) making the total loan of £74,186.00 the term of the loan was for 22 years and stated in April 2006. Interest levied (excluding charges) £26,036.57

Less payments received £16,066.09

Sub Total due £84,156.48

 

Charges Incurred

Buildings Insurance £ 93.47

Tradesmen invoices£ 56.00

Legal fees £1,997.41

Post default collection charges £1,820.00

Loan Co Admin charge - R/D cheque charge £330.00

Eastern counselling Agency default charge £250.00

Other fes and charges £587.00

Interest levied on charges incurred £234.02

Sub total £89,524.38

Add additional administration fee £250.00

Early settlement interest charged £3,366.26

Settlement figure in August 2009 £93,140.64

 

That was Swift's reply to my letter Don't know where they got the building insurance charge from as I had my own buildings Insurance with Zurich Insurance nor the tradesmen invoice, other fees totally baffled but won't stop untitl I get satisfaction. This is total robbery for taking out a repayment mortgage of £74,186.00 and owing £93,140.64.

 

The mortgage broker was First Class Mortgages of 6th Floor, Crown House, Cambridge Road, Barking and also Swift paid them £2,967.44 for me taking the mortgage with Swift.

 

May be some one could look at my figures and if they know anything of the charges Swift has given as to how they reached the mortgage.

 

Thanks

[patrickq1]

Registered company no: 02703244

psp

[Sparkie1723]

Hi Cas.

Your agreement states in the Key Financial information Box an APR rate of interest , as it should do....... because your agreement is regulated……BUT

If you look at the other financial information on your agreement the interest rate quoted there does not contain the words APR as it is a regulated agreement not to quote this as an APR renders the agreement unenforceable……..also Mark White in Court on oath stated that to quote two different interest rates on an agreement would be misleading to the borrower, this stated in our judgement summary …so therefore he is admitting that you were misled …there are two interest rates showing on your agreement ……..no argument there ……..again use the Law of Estoppel to prevent him from attempting to change that statement….in any event he stated this under oath

sparkie

[Peterbard]

Hi Cas.

Your agreement states in the Key Financial information Box an APR rate of interest , as it should do....... because your agreement is regulated……BUT

If you look at the other financial information on your agreement the interest rate quoted there does not contain the words APR as it is a regulated agreement not to quote this as an APR renders the agreement unenforceable……..also Mark White in Court on oath stated that to quote two different interest rates on an agreement would be misleading to the borrower, this stated in our judgement summary …so therefore he is admitting that you were misled …there are two interest rates showing on your agreement ……..no argument there ……..again use the Law of Estoppel to prevent him from attempting to change that statement….in any event he stated this under oath

sparkie

Hi

Been watching this excellent thead, a bit confused by this though why would the lack of an APR render the agreement unenforceable, it is not a prescribed term.

 

Peter

[Sparkie1723]

Hi

Been watching this excellent thead, a bit confused by this though why would the lack of an APR render the agreement unenforceable, it is not a prescribed term.

 

Peter

 

Hi Peter,

 

I think this will answer your question...........If it is not stated as an APR....or other type such as a nominal rate... how can you calculate it is correct and your payments are correct?.

 

sparkie

 

Regina -v- Kettering Magistrates' Court ex parte MRB Insurance Brokers Limited [2000] EWHC Admin 320.

 

4 Apr 2000

Admn

Consumer, Crime, Financial Services

A statement of an APR in the sale of a financial services product remained a price indication, and, if it was miscalculated, that was a misleading price indication, and criminal, despite provisions in the Consumer Credit legislation. What was given was a price under the contract.

Edited August 22, 2010 by Sparkie1723

[Sparkie1723]

There is timescales for criminal charges to be brought of 1 Year and 3 Years but in any event it can possibly render the agreement not only unenforceable but .....Void.

It falls also under the Misrepresentation Act 1987....its a misrepresentation of fact...........the arguments would have to be..... was it "deliberate"?...... or was it "recklessly negligent"? or negligent by "ommission of material fact"?

 

sparkie

Edited August 22, 2010 by Sparkie1723

[Sparkie1723]

Does anyone know if the information below applies to unregulated loans too. The first line says that ALL LOAN AGREEMENTS MUST CONTAIN, just wandering if anyone knew and would appreciate any help or advice. Thanks

 

All loan agreements must contain the following terms and conditions in order for the contract to be valid:

 

• The full amount of the loan
  
• The full amount of the loan repayable with interest
  
• The rate of interest (APR)
  
• The amount of interest charged
  
• The cost of PPI
  
• The amount payable in each instalment
  
• The total number of instalments to be made
  
• How the borrower will make the repayments
  
• The dates of when the agreement starts and ends
  
• Full terms and conditions
  
• Signatures from both the debtor and creditor
  

If your existing secured/unsecured loan, credit card, store card, car loan agreement was not fully explained to you, and does not contain the above information, then you can mount a legal challenge to your creditor and potentially undo the loan. In short, the contract between you and the lender becomes unenforceable.

 

Hi fretful,

 

Just spotted your post............In my view whether the APR rule applies to unregulated agreements is a bit of a grey area the 1983 and 2004 Regs start off by referring to regulated agreements....but then only refer to "credit agreements" it is therfore unclear if they do or not...a ruling has not been made as of yet on this particular fact.......as far as I can find out,

so until then you will have to rely on the Misrepresentation Act 1987 and the 1983 Consumer Protection Act ..Section 20.

On a variable rate loan as far as the total inerest and amount an example must be shown on the agreement as to how much if the interest should stay the same for the period of the laoa or should it go up by a particular amount.....but again this appears only to apply to regulated agreements.

 

But don't take my view as fact I'm just a dumbo auto spark as I have said before

 

sparkie

 

"

[lesterlass]

Hi Sparkie sent an email to you could you have a lool please

 

Thanks

 

LL

[Sparkie1723]

This is taken from the OFT guidelines on subprime lending

“There should be full transparency about the circumstances in which any

variable rates or charges may change, in particular where they are not

linked to Bank of England base rate”.

Has Swift Advances plc ever told anyone BEFORE they signed their agreement that their loan rates were not linked to the BOE base rate…..I only found out after we had signed ours and then had to go searching for what LIBOR meant…..that’s their kind of transparency

Sparkie

[Sparkie1723]

Hi Sparkie sent an email to you could you have a lool please

 

Thanks

 

LL

 

Hi LL

Haven't got your e-mail .....didn't get your last one either..

 

sparkie

[patrickq1]

http://www.consumeractiongroup.co.uk/forum/showthread.php?272232-Hfc-Refuse-To-Hand-Over-Documents-Obviscating-As-Usual&highlight=

 

does this mean my agreement with HFC could be void as the intrest rate is 2% out of calculation, according to my calculations ?

[frettful38]

This is taken from the OFT guidelines on subprime lending

“There should be full transparency about the circumstances in which any

variable rates or charges may change, in particular where they are not

linked to Bank of England base rate”.

Has Swift Advances plc ever told anyone BEFORE they signed their agreement that their loan rates were not linked to the BOE base rate…..I only found out after we had signed ours and then had to go searching for what LIBOR meant…..that’s their kind of transparency

Sparkie

 

 

 

Thanks sparkie for your response and the info above. Despite requesting from Blemain several times what interest rate they are linked by, BOE or Libor, tracker? They still have not given me a satisfactory response. I have sent a final letter requesting this info and have written quite a firm one this time in hope of a correct response.

 

Hopefully I will know soon enough and let you know and as for the Guidelines the OFT set down I don't think these lenders believe that they apply to them to be honest.

 

Thanks again sparkie, as always.

[Sparkie1723]

WANTED.....Information ...has anyone had their loan set up by a Broker Firm LOANS MADE SIMPLE?? Post it up please

 

sparkie

[Sparkie1723]

Perhaps I had better expand on why I ask about LOANS MADE SIMPLE .........they do not concern me but more than likely people from N.Ireland who have both CCA regulated and unreguated agreements with Swift Advances plc....NOT First Charge Mortgages.

 

This broker firm has ever held a CCA licence issued by the OFT.

LOANS MADE SIMPLE

Company Type:

Non-Limited

Company Address:

LOANS MADE SIMPLE

Loy Buildings

18 Loy St

COOKSTOWN

BT80 8PE

 

 

 

The OFT rules on credit licences and brokers state that if your loan was introduced by a broker without a licence, the borrower has the right to cease making payments as the agreement is unenforecable ....the OFT licensing rules say this

 

Unlicensed trading is punishable by a fine, imprisonment, or both.

In addition, if any of your customers were to default on a payment, you would not be able to enforce a credit agreement that you had made while unlicensed, or where an unlicensed credit broker was involved.

 

I have one agreemnet so far totally unenforceable by this rule....if anyone else had their loan set up by this broker ....it is unenforceable...... Swift do not know what is goingbto hit them next and there is a LOT more to come believe me;)

 

sparkie

Edited August 22, 2010 by Sparkie1723
Additional info

[patrickq1]

me finks you pee d off wiv swift sparky hehe

can some look at my thread above

[Sparkie1723]

me finks you pee d off wiv swift sparky hehe

can some look at my thread above

I have only just been getting started with Swift Advances plc.

 

Where is your thread Patrick???

 

sparkie

[patrickq1]

http://www.consumeractiongroup.co.uk...sual&highlight=

[Doc2527]

Hi Sparkie

 

I've PM'd you?

 

Regards

 

Doc

[Peterbard]

Hi Peter,

 

I think this will answer your question...........If it is not stated as an APR....or other type such as a nominal rate... how can you calculate it is correct and your payments are correct?.

 

sparkie

 

Regina -v- Kettering Magistrates' Court ex parte MRB Insurance Brokers Limited [2000] EWHC Admin 320.

 

4 Apr 2000

Admn

Consumer, Crime, Financial Services

A statement of an APR in the sale of a financial services product remained a price indication, and, if it was miscalculated, that was a misleading price indication, and criminal, despite provisions in the Consumer Credit legislation. What was given was a price under the contract.

 

Hi Sparkie

Sorry thought you meant the court could not enforce. For this of course there would have to be a breach of section 127(3), which would mean that the APR would have to be listed as a prescribed term in schedule 6 of the 1983/1553 regs.

I was aware of the case you sited, lack of APR is a definite section 65 breach but the creditor can apply for an enforcement order under section127(1).

The judge may decide that this is a serious deficiency, based on the amount of prejudice caused as on the case sited, he May also decide it is de minimis.

Peter

[Sparkie1723]

Hi Sparkie

Sorry thought you meant the court could not enforce. For this of course there would have to be a breach of section 127(3), which would mean that the APR would have to be listed as a prescribed term in schedule 6 of the 1983/1553 regs.

I was aware of the case you sited, lack of APR is a definite section 65 breach but the creditor can apply for an enforcement order under section127(1).

The judge may decide that this is a serious deficiency, based on the amount of prejudice caused as on the case sited, he May also decide it is de minimis.

Peter

 

Agree absolutely Peter.....but it is a good argument for unenforceability I think....well worth considering

 

must take the oportunity here to add about Loans Made Simple ....their CCA license lasped January 2009 ....any loans obtained via them after this date ( not Just with Swift ...with anyone ) would be unenforceable..........so if you are a LOans Made Simple customer check the date of your Loan.

 

sparkie

[Peterbard]

Agree absolutely Peter.....but it is a good argument for unenforceability I think....well worth considering

 

must take the oportunity here to add about Loans Made Simple ....their CCA license lasped January 2009 ....any loans obtained via them after this date ( not Just with Swift ...with anyone ) would be unenforceable..........so if you are a LOans Made Simple customer check the date of your Loan.

 

sparkie

 

Hi

Absolutely\ and as the main indicator for the value of a credit bargain, I think it is the way forward for challenging post 2007 loans together with section 140.

Peter

[Killerschick]

Perhaps I had better expand on why I ask about LOANS MADE SIMPLE .........they do not concern me but more than likely people from N.Ireland who have both CCA regulated and unreguated agreements with Swift Advances plc....NOT First Charge Mortgages.

 

This broker firm has ever held a CCA licence issued by the OFT.

LOANS MADE SIMPLE

Company Type:

Non-Limited

Company Address:

LOANS MADE SIMPLE

Loy Buildings

18 Loy St

COOKSTOWN

BT80 8PE

 

 

 

The OFT rules on credit licences and brokers state that if your loan was introduced by a broker without a licence, the borrower has the right to cease making payments as the agreement is unenforecable ....the OFT licensing rules say this

 

Unlicensed trading is punishable by a fine, imprisonment, or both.

In addition, if any of your customers were to default on a payment, you would not be able to enforce a credit agreement that you had made while unlicensed, or where an unlicensed credit broker was involved.

 

I have one agreemnet so far totally unenforceable by this rule....if anyone else had their loan set up by this broker ....it is unenforceable...... Swift do not know what is goingbto hit them next and there is a LOT more to come believe me

 

sparkie

 

Lapsed licence details from OFT website:-

 

CCA Search :: CCA Search Results :: Licence Details

 

 

Application / Licence Details

 

 

 

 

Licence Number: 0548782

Licence Status:Lapsed on 29/01/2009

 

Current Applicant / Licensee:

 

Business Name: N.I. Loans.co.uk Limited

Company Registration Number: NI48776

 

Categories:

 

Consumer credit

Consumer hire

Credit brokerage

Credit reference agency

Debt adjusting/counselling

Debt collecting

 

Right To Canvass Off Trade Premises:Yes

 

 

Trading Name(s) (Current):

 

Commercial Loans

Made Simple just4loans

just4loans.co.uk

just4loans.com

loans made simple

loans simply

loans-made-simple

loans-made-simple.co.uk

loans-simply

loans-simply.co.uk

loans-simply.com

N.I.Loans

N.I.Loans.co.uk

N.I.Loans.com

ni loans

ni-loans

only4loans

Scot Loans

Scotloans

Scot-Loans

 

Trading Name(s) (Historic):

 

Commercial-Loans-Made-Simple.co.uk

ni-loans.co.uk

ni-loans.co.uk

northern-ireland-loans.co.uk

northern-ireland-loans.com

Scot-Loans.co.uk

irish-loans.com

loans-scotland.co.uk

loans-scotland.com

ni-loans.com

scot-loans.co.uk

irish-loans.co.uk

Scotloans.co.uk

 

Issued Date: 29-Jan-2004

 

 

Legal Formation:

 

Body Corporate (incorporated inside UK)

 

Current Individuals that run the organisation:

 

[Names Removed]

 

Nature of Business:

 

Credit Brokers

 

Current Address(es):

 

Principal Place Of Business: Loy Buildings 18, Loy Street, Cookstown, Tyrone, BT80 8PE

Registered Office: Loy Buildings 18, Loy Street, Cookstown, Tyrone, BT80 8PE

 

Historic Address(es):

 

Principal Place Of Business: 2, Tullagh Road, Cookstown, Tyrone, BT80 8DF

Registered Office: 2, Tullagh Road, Cookstown, Tyrone, BT80 8DF

Edited December 6, 2010 by alanfromderby

[cas14]

Hi Sparkie did you get the private message I sent you on Saturday