Swift Advances. Secured Loan Charges reclaim

[caro]

Fingers crossed.

[paulwlton]

You did Gallahad.

 

TIE came on with strong words and got strong words back, so I reckon it's time to turn our attention back to swift now.

 

I think his education has begun!

 

Hear, hear!

[Sparkie1723]

Removed for security purposes hope folks will understand.

 

sparkie

Edited March 27, 2010 by Sparkie1723

[Guest takeiteasy]

I'm trying to understand and don't think I'm a swine Gallahad (can I be a bigot based on 2 comments?).I apologized previously if I offended anyone and apologize again. Instead of hurling insults a more dignified approach may help get your point across. You're angry clearly, but I've done nothing to you.

Sparkie - you deserve better. I live in Canada and am on business in the UK. In Canada they have various support groups for military veterans. Probably a dumb question, but have you seeked assistance from something similar in the UK? Wouldn't the British press be interested in your story and the story of the rest of the group? I'm sure Swift wouldn't like that.

I recently read an article about a technicality in one of the states (Florida I think) where the legal documents had to be signed in blue ink and not black. People were looking at their documents, lawyers were on tv, radio, etc. soliciting this business. The long and short of it was people (supposedly) were getting their mortgages discharged because of this. People who never missed a payment, never lost a job and otherwise had no problems paying. This makes me sick and I mistakenly assumed your collective plight was along a similar line.

So where do you stand with them now Sparkie?

[Sparkie1723]

I'm trying to understand and don't think I'm a swine Gallahad (can I be a bigot based on 2 comments?).I apologized previously if I offended anyone and apologize again. Instead of hurling insults a more dignified approach may help get your point across. You're angry clearly, but I've done nothing to you.

Sparkie - you deserve better. I live in Canada and am on business in the UK. In Canada they have various support groups for military veterans. Probably a dumb question, but have you seeked assistance from something similar in the UK? Wouldn't the British press be interested in your story and the story of the rest of the group? I'm sure Swift wouldn't like that.

I recently read an article about a technicality in one of the states (Florida I think) where the legal documents had to be signed in blue ink and not black. People were looking at their documents, lawyers were on tv, radio, etc. soliciting this business. The long and short of it was people (supposedly) were getting their mortgages discharged because of this. People who never missed a payment, never lost a job and otherwise had no problems paying. This makes me sick and I mistakenly assumed your collective plight was along a similar line.

So where do you stand with them now Sparkie?

 

I accept your points takeiteasy it is more than likely that you have not read and digested what is actually happening with this/these companies...I am aware that to fully understand why the customers of this/these companies are so incensed you would need to spend many many hours reading the threads ..that is a task I would not like to commit even myself to at this period in time it, would be a massive task ...but I must add that it was very insensitive of you to burst on to the scene and make the initial comments you did...... you should have ( and I mean this in the best sense of the words) " TOOK IT EASY" at first:D:D

 

 

My own situation is as you will soon discover is that there are no such organisations in this country you relate to in Canada and the USA that have any backbone or should I say power to intervene in cases such are on this thread.........and again in my particular case I still truly beleive that the possession order on our property was obtained unlawfully due to the lack of support Litigants in Person receive from the British Judicial system.........the British legal system was once held as the fairest and finest in the world.... no longer I am afraid to say...... even Robert Mugabes regime is more fair that the British system as it is now when it comes to money..........SOUR grapes ...maybe ....maybe not!!

 

sparkie

Edited March 27, 2010 by Sparkie1723

[Gallahad]

We would all wish you to understand TIE however this can only be acheived by very many hours of reading and evaluating. There is no 5 minute solution to gaining this knowledge I my self have spent hundreds of hours and I know many others have spent thousands and it is my beleif that although there are many differing views on CAG it is the groundwork that makes whatever our opinions unbigoted. Just one small example is a company set up with the sole intention of stripping the equity from family homes. Their business model revolves around lending money secured on these homes to folk already at the bottom of the food chain. These loans are set on very onerous and sometimes even illegal conditions. They then create false arrears by trickery, one method for instance is denying they have ever received copies of the property insurance documents, when they have. they then as the their conditions entitle them to take out their own insurance usually with their own group comapnies at 3 times the cost. They then deliberately fail to inform the borrower of this and so they are immediately in arrears which then entitle them to make default charges all of which are added to the capital sum and all without notifying the borrower. Their business model shows with this sytem they can reposses within a very short time period from 4 to 6 mths after making the loan in most cases.

This then enables them to gain a repossession of the property then sell it on at a very reduced price to another of their cohorts and thus stripping the equity from the home and putting another family on the streets. This is just one of many despicable schemes that are being perpetrated by the financial intstitutions you seem to hold in high regard. Read and learn my friend and then I would be happy to take account of your views.

G

[Sparkie1723]

We would all wish you to understand TIE however this can only be acheived by very many hours of reading and evaluating. There is no 5 minute solution to gaining this knowledge I my self have spent hundreds of hours and I know many others have spent thousands and it is my beleif that although there are many differing views on CAG it is the groundwork that makes whatever our opinions unbigoted. Just one small example is a company set up with the sole intention of stripping the equity from family homes. Their business model revolves around lending money secured on these homes to folk already at the bottom of the food chain. These loans are set on very onerous and sometimes even illegal conditions. They then create false arrears by trickery, one method for instance is denying they have ever received copies of the property insurance documents, when they have. they then as the their conditions entitle them to take out their own insurance usually with their own group comapnies at 3 times the cost. They then deliberately fail to inform the borrower of this and so they are immediately in arrears which then entitle them to make default charges all of which are added to the capital sum and all without notifying the borrower. Their business model shows with this sytem they can reposses within a very short time period from 4 to 6 mths after making the loan in most cases.

This then enables them to gain a repossession of the property then sell it on at a very reduced price to another of their cohorts and thus stripping the equity from the home and putting another family on the streets. This is just one of many despicable schemes that are being perpetrated by the financial intstitutions you seem to hold in high regard. Read and learn my friend and then I would be happy to take account of your views.

G

 

 

Well said Gallahad I applaud your explanation.

 

sparkie

[paulwlton]

We would all wish you to understand TIE however this can only be acheived by very many hours of reading and evaluating. There is no 5 minute solution to gaining this knowledge I my self have spent hundreds of hours and I know many others have spent thousands and it is my beleif that although there are many differing views on CAG it is the groundwork that makes whatever our opinions unbigoted. Just one small example is a company set up with the sole intention of stripping the equity from family homes. Their business model revolves around lending money secured on these homes to folk already at the bottom of the food chain. These loans are set on very onerous and sometimes even illegal conditions. They then create false arrears by trickery, one method for instance is denying they have ever received copies of the property insurance documents, when they have. they then as the their conditions entitle them to take out their own insurance usually with their own group comapnies at 3 times the cost. They then deliberately fail to inform the borrower of this and so they are immediately in arrears which then entitle them to make default charges all of which are added to the capital sum and all without notifying the borrower. Their business model shows with this sytem they can reposses within a very short time period from 4 to 6 mths after making the loan in most cases.

This then enables them to gain a repossession of the property then sell it on at a very reduced price to another of their cohorts and thus stripping the equity from the home and putting another family on the streets. This is just one of many despicable schemes that are being perpetrated by the financial intstitutions you seem to hold in high regard. Read and learn my friend and then I would be happy to take account of your views.

G

 

Excellent post

[Guest takeiteasy]

What you describe is clearly indefensible and you and the rest of the group have pointed out and I accept I should read a lot more than I have before I say too much. I do not hold banks in such hig regard as you suggest. And while I'm not in the unenviable postion that you are all in I do have plenty of my own financial burdens that keep me awake at night. It seems impossible to me that based on what you are saying that a court would grant this company possession of your home.

 

I noticed in some of the posts there was specific mention of some of the employees at swift and a few references to ceo going to jail (I think that's what was being inferred). Did the ceo go to jail for this stuff or something else? I'm suprised to hear that can happen when you think of what happened on wall street and I don't think those guys went to prison. What was they charge levied against him. Also how could the courts not side with you if he's guilty?

[Gallahad]

With respect TIE you really must take your own time to read the threads and find your own answers. As I said previously there are no short cuts to this knowledge and we are all concerned with moving our situations forward rather than spending our time saving you reading time. If you truly wish to understand and assist others and enlighten yourself READ READ READ READ....

G

[busterg]

Hello TIE and welcome to the thread.

 

So, what is your story then? Is it with Swift? You mentioned you had debts yourself. Let us know and Im sure we can help and or perhaps point you in the right direction of another thread.

 

If its specifics your after then, Im afraid we can't help. Not because we don't want to, but because it wouldn't really make much sense to you. I say this because of my own experience of trying to understand.

 

Like Gallahad and a number of others have posted, it is better for you to read the thread, get an understanding of this, then let is know what your circumstances are - we'll try to help you. SIMPLES!

 

We all back to Swift now?

[Smarterchick]

Hello TIE and welcome to the thread.

 

So, what is your story then? Is it with Swift? You mentioned you had debts yourself. Let us know and Im sure we can help and or perhaps point you in the right direction of another thread.

 

If its specifics your after then, Im afraid we can't help. Not because we don't want to, but because it wouldn't really make much sense to you. I say this because of my own experience of trying to understand.

 

Like Gallahad and a number of others have posted, it is better for you to read the thread, get an understanding of this, then let is know what your circumstances are - we'll try to help you. SIMPLES!

 

We all back to Swift now?

 

No, not until I've had my 2p's worth

 

Hang on, this guys read the thread, practically the whole thread, picking up points such as Webster, who he is and what we are accusing him of. He/she's said " I live in Canada and am on business in the UK" so what's the direct interest, out of ALL of Cag in this Swift thread, us and what we are doing? He's probably never even heard of Swift if that were the case.

 

This one is sparkle's twin...in disguise.

 

If you're in debt matey where has the moral high ground come from? If you could find ways of proving these companies had committed offences or are going to break the law in order to enforce something which quite frankly they have no rights to do - just like a dodgy parking ticket, then you will challenge it mark my words.

 

You didn't come on with your first ever post having read all that to be constructive (apologies or not) you came on to criticise. Now people who know me on CAG will know I am never rude, never harsh with people, always prepared to listen and ALWAYS polite.

 

Takeiteasy - FECK OFF! we are all too busy and too concerned about our loved ones and those who really care about injustice like those contributing constructively on this forum to waste any more time on burks like you. Run off and find David Iyke (Don't ask us, go Google it) and his friends or go find the threads that really mean something to you and be constructive.

 

If you are a genuine poster, then you are at best niaeve, at worst

so go read and learn how the English work before jumping in with your eyes closed.

 

Any further posts I will ignore, so go off preaching your goodwill elsewhere and if you are truely in difficulty, there are some extremely generous and experienced people on here who dedicate more hours in their day than they have to helping people, I being one (if I might be so bold as to say so) so you will be in good hands, just switch the brain on before putting the fingers in gear on the keyboard and do not waste those people's time as you have done on this thread.

 

Right, now busterg - back to Swift.

Edited March 28, 2010 by Smarterchick

[busterg]

No, not until I've had my 2p's worth

 

Hang on, this guys read the thread, practically the whole thread, picking up points such as Webster, who he is and what we are accusing him of. He/she's said " I live in Canada and am on business in the UK" so what's the direct interest, out of ALL of Cag in this Swift thread, us and what we are doing? He's probably never even heard of Swift if that were the case.

 

This one is sparkle's twin...in disguise.

 

If you're in debt matey where has the moral high ground come from? If you could find ways of proving these companies had committed offences or are going to break the law in order to enforce something which quite frankly they have no rights to do - just like a dodgy parking ticket, then you will challenge it mark my words.

 

You didn't come on with your first ever post having read all that to be constructive (apologies or not) you came on to criticise. Now people who know me on CAG will know I am never rude, never harsh with people, always prepared to listen and ALWAYS polite.

 

Takeiteasy - FECK OFF! we are all too busy and too concerned about our loved ones and those who really care about injustice like those contributing constructively on this forum to waste any more time on burks like you. Run off and find David Iyke (Don't ask us, go Google it) and his friends or go find the threads that really mean something to you and be constructive.

 

If you are a genuine poster, then you are at best niaeve, at worst

so go read and learn how the English work before jumping in with your eyes closed.

 

Any further posts I will ignore, so go off preaching your goodwill elsewhere and if you are truely in difficulty, there are some extremely generous and experienced people on here who dedicate more hours in their day than they have to helping people, I being one (if I might be so bold as to say so) so you will be in good hands, just switch the brain on before putting the fingers in gear on the keyboard and do not waste those people's time as you have done on this thread.

 

Right, now busterg - back to Swift.

 

I thought I would try somethng new and be nice.

 

In fact, I was going to approach Swift on the strength of what TIE posted and tell them I was very sorry for scuppering THEIR plans in ripping me off anymore and:

 

Charge me what they like

Sue anyone they want

Over inflate interest rates

Turf honest decent people out of their homes

Take advantage of the vulnerable

 

TIE has helped me understand that this practice is the norm and that I should accept it gracefully. Thank you TIE for changing my mind into being a better victim of Swift.

[Sparkie1723]

Come on you guys ........who has not jumped the gun more than once in their lives ....just like I did on my abrupt answer post..... lets help the man understand if he is genuine but for NOW give him a chance....we can see he is trying to grasp the issues (at least I can) ....if he has not come across a company like Swift himself ..........which it apears he hasn't .......then let him now find out how vicious these people here are and he will return to Canada??? bearing all this in mind and maybe just maybe he will discover that things are not quite as rosy as he thinks over there and if he does again "maybe" the whole worlds finances will get back into a sound secure and trustfull area.

 

I'll shut up now I'm back on Swifts case already:D:D

 

sparkie

[Guest takeiteasy]

That's an incredible amount of anger. My problems relate to my mother who has alzheimers and how me my brother and sisters are trying to pay for her to be in a facility that isn't something from a Steven King novel and the financial hardship is causing all of us. I stumbled across your group because I was searching for groups on Lloyds of London not paying policies. A Canadian company sold my parents a long term care policy that was underwritten by Lloyds and they rejected the claim. Nothing more sinister than that. I was reading some of the posts and that's it. Sorry to upset you all and best of luck resolving your disputes with this company.

[frettful38]

That's an incredible amount of anger. My problems relate to my mother who has alzheimers and how me my brother and sisters are trying to pay for her to be in a facility that isn't something from a Steven King novel and the financial hardship is causing all of us. I stumbled across your group because I was searching for groups on Lloyds of London not paying policies. A Canadian company sold my parents a long term care policy that was underwritten by Lloyds and they rejected the claim. Nothing more sinister than that. I was reading some of the posts and that's it. Sorry to upset you all and best of luck resolving your disputes with this company.

 

 

Glad to see you've changed your tune as there has been a lot of hard work and energy put in to this thread, and it is not appreciated by anyone who does not have anything positive to say. A little constructive criticism is allowed but anything above that will not be welcomed or tolerated by any of us.

 

Anything can happen to anyone at anytime. My policy is if you aint got something nice to say then best to keep quite.

[Guest takeiteasy]

Sparkie - is that you on you tube in an old post with a simnilar problem with RBS?

[Sparkie1723]

Sparkie - is that you on you tube in an old post with a simnilar problem with RBS?

 

Hullo T.I.E.

I am the one and the same....................in truth it is the RBS case that started over 10 years ago that is the reason I am in the clutches of Swift Advances Plc.......the RBS stole/misappropriated over £3500 from my accounts in 1998/99 which had a devastating consequential flow of effects on my business and my personal life...that fight is continuing and will continue until the RBS are brought to account .....I would not be in the position I am with Swift were it not for the RBOS another ....."Right Bunch of Shysters".

 

Should any Swifties want releif from Swift stuff and want to see what the "OLD Git" sparkie looks like and want something to watch and learn about the RBS and their methods of operation ................I have uploaded clips from a 75 min DVD that I distribute outside the RBS bank from time to time..................they do not like that and have called the police who have told them I'm doing nothing wrong.........some of us Swifties are seriously thinking of making a similar one about Swift Advances Plc in the very near future we have ALL the evidence required to do this now.

That one will be much better quality and content than my RBS one

 

Here's the link

 

http://www.youtube.com/watch?v=EVUNDhtpMJY

 

sparkie

Edited March 28, 2010 by Sparkie1723

[Smarterchick]

Come on you guys ........who has not jumped the gun more than once in their lives ....just like I did on my abrupt answer post..... lets help the man understand if he is genuine but for NOW give him a chance....we can see he is trying to grasp the issues (at least I can) ....if he has not come across a company like Swift himself ..........which it apears he hasn't .......then let him now find out how vicious these people here are and he will return to Canada??? bearing all this in mind and maybe just maybe he will discover that things are not quite as rosy as he thinks over there and if he does again "maybe" the whole worlds finances will get back into a sound secure and trustfull area.

 

I'll shut up now I'm back on Swifts case already:D:D

 

sparkie

 

Moi? Jump the gun? ne vv errr...just ask busterg Okay, so it's out of character and I should give people a better chance.

 

So Sparkie, when someone comes to you and says should I have a loan from Swift you'll go and say 'give them a chance' would you?

 

No, didn't think so. Why? - because you have seen so many people before who have come to grief and been stitched up by them.

 

So why do you think I was agressive to takeiteasy? - because I have seen thousands like it before and I'm sick to death of time wasters preaching morals when they know sweet Fanny Adams about what they're talking about when they do their preaching. That's why.

 

Anyway, you know I am the 2nd generation Doubting Thomas, but I should give the guy a chance, so takeiteasy, like yourself, if I offend I apologise, just don't waste any of our time with that claptrap again on this particular thread or you'll be jumped on just as hard. Apart from that, welcome to CAG - use it wisely and you'll be rewarded and empowered.

[Sparkie1723]

Long read this .......just extracted this from last years treasury select committee meeting on subprime lenders, I think there is a lot of food for thought in this and how we can use it.

sparkie

 

 

 

10. Consumers of these products will variously and typically experience the following:

(a) failure of notification of the fact that their mortgage has been securitized usually within three to

six months;

(b) absence of consent to a disposition of property as mandated by law

© failure to lawfully perfect the sale of the mortgage

(d) Failure of notification that by default any sub prime mortgage is placed on a block building

insurance policy even if the consumer of the mortgage product has valid buildings insurance;

compound interest is charged thereon;

(e) alleged none payment where payment has been tendered;

(f) alleged late payment where payment has been tendered upon date due;

(g) falsely alleged shortfalls in payments;

(h) failure to change payment due date to reflect that not all consumers are paid on regular dates or

even the same date as collection is deemed due;

(i) false entries onto consumer accounts regarding alleged failed payments;

(j) failure to correct such entries after complaint;

(k) failure to amortize the debt with payments made over and above the interest due, thus creating a

higher level of compound interest over the term of the mortgage and increasing over time the

likelihood of default;

(l) failure to acknowledge consumer complaints;

(m) failure to respond within a reasonable time scale to consumer complaints;

(n) failure to comply with Data Protection Subject Access Requests;

(o) willful ignorance of duties under CPR 31.6 in respect of planned or listed litigation;

 

(p) commission of ffences against both the Telecommunications Act 2003 and the Harassment Act

1997 in the form of unwarranted and intrusive telephone calls often designed to cause

embarrassment for example with frequent calls made to the consumer’s workplace; unlawfully

threatening repossession via a telephone call;

 

(q) routine monthly access to and entry upon consumers credit reference files;

 

® Unlawful and punitively raised charges with no prior notification of their application; compound

interest applied thereon;

(s) Failure to provide a breakdown of solicitors cost; dumping said costs onto arrears and applying

compound interest thereon;

 

(t) undue haste in litigation and claiming to observe the CJC pre action protocols but failing

absolutely to do so.

 

(u) Threatening consumers with costs which are at the discretion of the court;

 

(v) Breaches of the FSMA (2000); Mortgage Conduct of Business (MCOB) rules; the UTCCRs (1999)

 

 

 

The Unfair Consumer Practices Directive (2008) and where applicable the Consumer Credit Act

(2006); breaches of the criminal law in failure to register that a disposition of land has taken place

(s.2 Property Act, 1989, s.127 Land Registry Act 2002); breaches of s.1 and s.5 of the Fraud Act,2006.

 

 

(w) In litigation, failure to seek possession only as a last resort; failure to serve documents upon the

 

 

defendant; failure to offer to capitalize genuinely constituted arrears; failure to accept temporarily

reduced payments without inferring delinquency; failure to accept payments from customers in

arrears where the full alleged arrears is not tendered, failure to refund unlawfully applied charges

 

and compound interest applied; failure to waive charges where a performing arrangement for

arrears clearance is in place;

 

(x) In suspended cases, the application of charges without notice in excess of the overage paid by

consumers to clear their arrears; misrepresentation to the courts that such arrangements will clear

the arrears when typically they will not, as a consequence of yet further charges disguised with

various nomenclature as arrears management fee, litigation fee, arrears interest, interest charged

 

 

and so on;

 

(y) Willful exaggeration of the consumer’s genuine level of arrears, which may be typically half of the

overall total claimed.

Post possession treatment

 

11. The willful mistreatment of consumers does not end with possession. Rather this is just the beginning.

 

Consumers will be faced with costs in respect of: eviction; clearance and storage of goods; locksmiths; often

unnecessary “improvement” to the property; valuation fees; estate agency costs and ancillary legal fees;

finally there is the grossly excessive “early redemption figure” which in absence of a true redemption should

not be charged at all but in practice is used to strip the remaining equity out of the property; post—

possession harassment of consumers is sadly as common as the harassment endured pre-possession.

 

12. Multiple anecdotal evidence of such treatment is available in the form of often desperate postings

made to consumer web sites. Such information is readily available to committee members; see for example

the consumer action group’s website.

Regulatory failure

 

13. A strange conundrum arises when one considers the regulatory framework that binds the operation

of consumer contracts including mortgages. Historic and recent legislation and regulations, prima facia,

 

provide the consumer with a great deal of protection fromunfair terms, contractual irregularities or breaches

and unlawful conduct by the credit provider. The conundrum is a simple and powerful one.

 

How is such treatment of consumers even possible?

 

14. The FSA took on responsibility for mortgage regulation in 2004. FSA Statutory objectives include

securing the appropriate degree of protection for consumers

The Financial Services and Markets Act 2000 (Part 1, Section 3)

 

15. The FSA also regulates by reference to its own principles of good regulation amongst which are that

a firm must conduct its business with due skill, care and integrity; observe proper standards of market

conduct and pay due regard to the interests of its consumers and treat them fairly. Finally a firm must take

reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is

entitled to rely upon its judgment.

16. The FSA’s own performance report has nine high level indicators by which to assess performance in

achieving its strategic aims. Indicator four is particularly instructive: (4)Firms are financially sound, well

managed and compliant with their regulatory obligations;

17. Furthermore in reference to the FSA Treating Customers Fairly—outcomes for consumers, July 2006.“Consumers can be confident that they are dealing with firms where the fair treatment of customers

is central to the corporate culture. Consumers are provided with clear information and are kept

 

appropriately informed before, during and after the point of sale”Further:

Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch

 

 

provider, submit a claim or make a complaint.

18. If a firm breaches FSA’s rules, enforcement action may follow. If enforcement action is taken the FSA

has a range of disciplinary, civil and criminal powers which it can use against regulated and non-regulated

firms. The sanctions include financial penalties, removal of authorisation or even criminal prosecution in

cases of misconduct.

 

19. Additionally,

The Unfair Commercial Practices Directive (UCPD 2008)40 seeks to protect consumer interests from unfair business-to-consumer commercial practices. In particular, commercial practices will be unfair if they are misleading (this includes both acts and omissions) or aggressive.

 

 

20. Further the UTCCRs (1999) provide that: (a) a consumer may challenge a standard term in an

 

agreement on the basis that it is “unfair” within the Regulations and therefore not binding on the consumer.

 

 

21. The scale of consumer detriment by consequence of the practices identified in

paragraph 10are part of the corporate culture of the so called “sub-prime” market. Such practices represent clear contempt for the rules and regulations the FSA in conjunction with the OFT and the FOS have laid down.

Regulation is clearly insuffcient. Only the FSA, together with the FOS and the OFT can give consumer protections real effect. Qui custodientipsoscustodes?

 

22. There has been much recent discussion elsewhere that the regulatory systems and authorities have

failed in their primary duties of oversight and compliance and that better governance is needed.

It is submitted before this committee that where the law is clear then observation of the various laws and

regulations must be enforced. In absentia the rule of law and the sovereignty of parliament are subjugated to

 

 

the will of the finance industry, a clear case of the tail wagging the dog.

 

 

 

23. The regulatory instruments are clear but seem unable to prevent breaches so as to lack e

 

The FSA seems unable to sanction firms breaching its own regulations, often arising from EU directives, which

if inadequately applied lay the state itself (or various emanations thereof) potentially open to damages

 

claims, chiefly under the Francovich principle.

 

 

 

The role of the County Courts

 

24. The FOS may take many months to investigate individual complaints against tradersand since the process of repossession is often very swift, it invariably falls to the courts to ensure the application of the overriding objective of the Civil Procedure Rules.

 

25. In many, if not all instances, the consumer is a litigant in person, in ignorance of the law. Anecdotal

 

evidence suggests that the litigant in person does not receive fair treatment before the courts, with defence statements summarily dismissed in some cases.

 

ABSOLUTELY CORRECT!!!!!!!!!

 

 

26. In possession claims the courts rely on four outmoded assumptions. These are as follows. (a) that

 

repossession doesn’t benefit the lender and that therefore the lender will avoid it whenever they can; (b) that only people who have built up unsustainable arrears will be repossessed; © that the alleged arrears are always accurately calculated; (d) that where breaches of an arrangement are made these are borrower breaches and

never lender breaches.

 

 

 

27. Under [2000] EUECJ C-240/98 courts are mandated by operation of this decision to assess the fairness of the terms of a contract on the consumer’s behalf, even if the consumer does not ask the court to do so. On this premise alone the legality of many thousands of possessions which have already taken placeis subject to challenge. There has been a visible error in law where courts have not assessed the fairness of the terms of the mortgage contract.

 

 

28. The courts also fail in the primary duty to place claimants to a strict burden of proof that they retain

 

 

locus standi following securitisation of mortgages in the mortgage pool. Possession is a drastic measure of

 

last resort and should only take place where the locus standi of the claimant is fully satisfied.

 

 

THIS NEVER HAPPENS

 

 

 

References to the Land Registry entry of charge and the mortgage deeds are insuff

 

cient given the practice of securitisation,where the originator of the loan clearly states in their offering Circular that they do not “currently intend to effect any registration at the Land Registry of England and Wales.”47

 

 

 

29. Further the court sanctions an abuse of its own process when it allows suspended orders to be made

 

 

 

or suspended orders to become full possession orders.Without full satisfaction of the claimant’s locus standithere can be no right of claim.

 

 

C

onclusion

 

 

30.

This submission has been presented in a personal capacity by the witness, as a consumer of a “sub-prime”

mortgage product.

 

 

31. The overall impact of these widespread practices is that consumers are being serially and unlawfully

 

overcharged, treated with contempt and subject to reprisals when making complaint. They are then

ultimately (and often unlawfully) repossessed, in addition to which the equity is then stripped from their

homes with hugely disproportionate early redemption charges, following on from repossession. Often their

only valuable asset is knowingly undersold in order to realize any cash value remaining, in an uncertain

property market, not for the benefit of the former owner, but for the benefit of the possessing party, and on

the behalf of those for whom they act, as a consequence of the securitization process.

 

 

32. Furthermore, the

Financial Services Authority and the OYce of Fair Trading have failed in their dutyto regulate effectively these firms, the Financial Ombudsman Service is too slow to act on consumer

complaints and enforce the regulations in this area, and the courts themselves consistently fail in their duty

 

 

to examine the fairness of standard terms in the terms and conditions of the relevant mortgage contracts as

 

they are mandated by virtue of

Murciano Quintero (Environment and consumers) [2000] EUECJ C-240/

 

 

 

 

98 (27 June 2000)

 

33. The courts place too much faith in outmoded concepts of the “honourable” wronged lender seeking

 

 

a last resort lawful remedy for breach by a “delinquent” consumer, when in fact it is the lender that is

 

delinquent in origination and subsequent operation and performance of the contract.

 

Edited March 28, 2010 by Sparkie1723

[Sparkie1723]

Get off to bed busterg!!!

[busterg]

Get off to bed busterg!!!

 

Yes Boss

[lookinforinfo]

Hi Sparkie,

I have been away for the weekend so missed your response to my post about

Alchemy. I noticed that you made no mention of Swift Finance [uK] Ltd. However in another thread Smarterchick [i think] said that Swift Finance owned Swift Advances which was not the same company as Swift Advances PLC.

 

So here is the conundrum. On the FSA register site if you type in Swift Advances on their company register you get two companies listed

1. [swift Advances plc CM13 3BE Swift Advances Plc

2. Swift Finance (UK) Ltd S12 3GL Swift Finance (Uk) Ltd

 

the register also includes previous names and Trading As names,and under Swift Finance appear these companies

Swift Advances, Swift Finance, Swift Homeloans, Swift Insurance Services, Swift Mortgages, Swift Solutions

 

interesting as Swift Homeloans is registered at the same address as Swift Advances PLc. Coincidence or have the FSA made a mistake?

 

The FSA site is here-

http://www.fsa.gov.uk/register/firmSearchForm.do

Edited March 29, 2010 by lookinforinfo

[Smarterchick]

Hi Sparkie,

I have been away for the weekend so missed your response to my post about

Alchemy. I noticed that you made no mention of Swift Finance [uK] Ltd. However in another thread Smarterchick [i think] said that Swift Finance owned Swift Advances which was not the same company as Swift Advances PLC.

 

So here is the conundrum. On the FSA register site if you type in Swift Advances on their company register you get two companies listed

1. [swift Advances plc CM13 3BE Swift Advances Plc

2. Swift Finance (UK) Ltd S12 3GL Swift Finance (Uk) Ltd

 

the register also includes previous names and Trading As names,and under Swift Finance appear these companies

Swift Advances, Swift Finance, Swift Homeloans, Swift Insurance Services, Swift Mortgages, Swift Solutions

 

interesting as Swift Homeloans is registered at the same address as Swift Advances PLc. Coincidence or have the FSA made a mistake?

 

The FSA site is here-

FSA Register

 

Gets confusing doesn't it LFI?

 

Swift Finances (UK)Ltd (nothing to do with our Swift Advances plc on this forum, Alchemy or anyone else as far as we know yet) had as their registered 'trading style' , 'Swift Advances' as you correctly state which means that during the period most of the loans produced by Swift Advances plc under CCA regulated agreements at the very least were not executed by a licensed name. You will find Swift Advances plc dotted periodically on paperwork from them, but all their letter heads state Swift Advances not Swift Advances plc. All you see is at the footer of the page 'Swift Advances is a Trading style of Swift Advances plc' which is a mistatement of fact and the OFT have recognised that. We are just awaiting clarification as to what exactly this means to everyone.

 

Now when it comes to documents being provided for the courts such as default Noitces by Swift Advances plc they conveniently provide 'Copies' which are BLANK sheets of paper with the text spread as per the original may have looked, BUT no header or footer as provided to the account holder originally showing this unlicensed trading style, these documents only have typed across the top 'Swift Advances plc' in what looks like a Times Roman font to give the court the impression this is a copy of the original which of course it isn't. Therefore the Default notices have been tampered with. Over to you guys to tell us what the remedy for this means to the account holders....It's a splitting of hairs technicality, but potentially a lethal one for Swift Advances plc.

 

When you think about the management decisions going on in Swift Advances plc one thing is very prominant about this trading style business.

 

This is not some niaeve error...these people running Swift Advances plc are extremely experienced businessmen and women with a considerable amount of business knowledge, not some small time broker one man band. Someone has consciously made a decision to separate Swift Advances from Swift Advances plc and mention that split at the bottom of the page of their printed letterheaded company stationery and they began using the trading style for a reason.

 

Swift and experienced people like this do not do things without reason and this must not be forgotten. Knowing how important the OFT License is to this business of thiers, does anyone honestly believe NOBODY has checked out the trading styles being used by someone else? I don't think so.

 

Follow the money and you get to the truth, we are not privy to the reasons why they did this, but you can sure as hell be confident that there was a damned good reason. They just haven't thought out the consequences of being found out. So we'll do it for them.

Edited March 29, 2010 by Smarterchick

[Sparkie1723]

It should also be noted that the Swift Finances (UK) Ltd licence lapsed early in 2009. The conclusion I have arrived at ( along with others) as to why they use trading styles that are not registered is......................That Swift Advances, Eastern Counselling Swift Group Legal Sevices etc are not legal entities and in truth cannot be touched by the law.......now if action is taken against Swift Advances Plc and their licence is revoked by the OFT?????? they will cease trading and liquidate BUT .....think about this ................as all our loans have allready been sold to the Kestrel companies, these companies will come forward ( especially the Dormant company Kestrel Loans No 2 Ltd) and carry on as if nothing has happened ....Swift have no assetts .........they exist on borrowed money their creditors get nothing......... in fact there is a concensus that there is approx £200 million adrift "somewhere" in their accounts, this has not been verified as of yet but I believe it will be in the VERY near future by forensic accountants;)

 

BY the way LFI just for "Information" Swift Advances PLc And Swift 1st Ltd are 69% owned by Kestrel Acquisitions Ltd

 

 

sparkie

Edited March 29, 2010 by Sparkie1723