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Swift Advances. Secured Loan Charges reclaim


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Another reason to rally together is to prevent all this 'settlement out of court' and 'gagging order' attitude senario. It's wriggling because they know it's not right. Avoiding the issues like the plague. Also, they rely on the fact a customer is feeling under intimidation, tired, exhausted and all the negative feelings they expect you to have and get, and they prey on this. A culture in our financial system in general. That's why it's best to one body, stronger.

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Reply concerning my recent letter to reclaim charges.

Swift Group.

 

Dear Overdone,

Your complaint

Redeemed Swift Agreement Number: XXXXXXXXXXXXXXXX

 

I am sorry to hear the details of your complaint as outlined in your correspondence of 13 February 2009 received in our offices 16 February 2009.

 

My understanding is that you are unhappy with the fees and charges applied to your now redeemed Swift Account.

 

I am currently investigating these issues inder our complaints process (see leaflet attached) and will reply more fully by 16 March 2009 at the latest.

 

In the meantime, if you have any further questions or concerns, please contact me.

 

Yours sincerely

 

Anya Foulds

Compliance team

Do I wait 14 days for example Monday or is it 14 working days for the LBA?

 

02 March 2009

 

Swift Advances

Arcadia House

Warley Hill Business Park,

The Drive,

Brentwood

Essex,

CM13 3BE

 

 

LETTER BEFORE ACTION

 

Dear Customer Services,

 

ACCOUNT NUMBER: xxxxxxxxxxxxxxxxx

 

 

You have failed to respond appropriately, to my letter of the 13 February 2009 and its enclosed schedule.

 

I enclose a further copy of that letter and a further copy of a schedule of the money, which you owe me.

 

If you do not return my money to me within 14 days I shall issue proceedings in the County Court, where you will be required to provide strict proof that the charges are actual “True Costs” and contain no profit whatsoever.

 

 

 

Yours faithfully,

 

Overdone

Edited by overdone
adjustment on advice.

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Another reason to rally together is to prevent all this 'settlement out of court' and 'gagging order' attitude senario. It's wriggling because they know it's not right. Avoiding the issues like the plague. Also, they rely on the fact a customer is feeling under intimidation, tired, exhausted and all the negative feelings they expect you to have and get, and they prey on this. A culture in our financial system in general. That's why it's best to one body, stronger.

 

Now your sucking diesel, go for it. :D

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sorry investigation but good question

:roll:then again maybe I was right first time

Hi

I have previous posts about my dealings with Swift and will be in court against them next week. Can you let me know how you know they are being investigated and also watching this website....I may be able to use this in court!

Zeblet

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Swift tell everyone that their interest rate increases are made to reflect the cost of their borrowing and that their interest rates are tied to LIBOR not the Bank of England....however it seems that when most people took out loans with Swift the Libor rate was about 5.25% and then they had 3 increases that made it rise to about 6.5% so they increased everyone interset rate....that's O.K because it was true that it had gone up.

BUT LIBOR rate has gone down & down & down and now stands at 3.3775% this means Swifts cost of borrowing has gone down by over 3% have they reduced the rate to reflect and cover the cost of their borrowing..NO...therefore they are in breach of their agreement that the rate they increase it by is "only" to "cover" their cost ...but it doesn't cost them as much now.....in fact they are making much more money now which is unjust enrichment. Everyone should write to Swift and tell them are in breach of their contract by doing this.

Unfair Relationship kicks in!!!!

 

 

sparkie

Edited by Sparkie1723
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.......or.......could it just be that Swift have securitised all their debt and accounts and rather than it being LIBOR or the B of E rates it is actually the SPV's dictating their rates because it would make sense then. The Special Purchasing Vehicles which have brought down Northern Rock et al has been caused by the wholesale sale of tranches of mortgage and sub-prime debt - ( they( these offshore investors who like skirting UK taxes) buy a bundle of loan agreements through SPV's and it is they who own the account and not the lending company and it is they who dictate the interest rates as it is to them that your interest payments go. Swift or the lender just become ' administrators and are therefore not the Creditor at all..... Soooo, if this is the case with Swift, and as yet we know not if they securitise their debt, but we will find out :D then anyone who Swift have taken to court and had repossession granted on their account might find they have a little bit of a pleasant surprise coming their way...;)

 

Swift - you are on notice!

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Anyway, I posted my LBA to Swift as in my above post. Is the next step to wait 14 days then go to my local county court?

another wee point folks

Has Anyone taken out a second charge loan with swift on their property. Is it greater than the first charge loan?

Check out the law on this? :cool:

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.......or.......could it just be that Swift have securitised all their debt and accounts and rather than it being LIBOR or the B of E rates it is actually the SPV's dictating their rates because it would make sense then. The Special Purchasing Vehicles which have brought down Northern Rock et al has been caused by the wholesale sale of tranches of mortgage and sub-prime debt - ( they( these offshore investors who like skirting UK taxes) buy a bundle of loan agreements through SPV's and it is they who own the account and not the lending company and it is they who dictate the interest rates as it is to them that your interest payments go. Swift or the lender just become ' administrators and are therefore not the Creditor at all..... Soooo, if this is the case with Swift, and as yet we know not if they securitise their debt, but we will find out :D then anyone who Swift have taken to court and had repossession granted on their account might find they have a little bit of a pleasant surprise coming their way...;)

 

Swift - you are on notice!

subprime mortgages thats where all this started in the USA???:D

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I notice this thread is in General Debt Issues and needs to be in a more prominent position, easily seen by other CAG users and newcomers. I want to request admin to have a Swift title in with the Banks named on the Consumer Forum front page. Any thoughts?

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Just to confirm your report is being looked at.Determinator maybe you can get together.

Should be quite easy using the search facility.

When I get a minute I will also have a root-for others who may have posted using different criteria.

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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Swift do pay out on PPI reclaims......I know of somebody who recently got £13,000 back (post loan settlement)

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU

 

I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.

Before you decide,consider the users here who have already offered help and support.

Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.

If you are approached by private message with a view to asking you to visit another website,please inform the site team via the report icon.

 

Forum rules - http://www.consumeractiongroup.co.uk/forum/forum-rules-please-read/9-forum-rules-please-read.html

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Thanks for that 42man - that gives me hope to have a go with ours:D

 

Termi and Martin - a Swift sub-forum sounds like a great idea!

 

Regards,

 

Landy x

LTSB PPI on various loans (current/settled) - Refunded inc 8%

 

MBNA 1 Charges - Refunded inc CI

 

MBNA 1 PPI - Refunded

 

MBNA 2 Charges - Refunded inc 8%

 

MBNA 2 PPI - Refunded

 

MBNA 2 Accident Ins - Refunded

 

Swift Advances (settled) Mortgage Charges -Partially refunded

 

Swift Advances (settled) Mortgage PPI - Refunded inc CI & 8%

 

Sainsburys (settled) Loan PPI - Refunded inc CI +8%

 

Sainsburys (closed) Card Charges - Refunded inc CI + 8%

 

M&S Money (closed) Card Charges - Refunded inc CI

 

M&S Money (closed) Card PPI - Refunded inc 8%

 

Direct Line (settled) Loan PPI - Refunded inc CI + 8%

 

Debenhams Card (closed) PPI - Refunded inc 8%

 

Swift Mortgage Charges -Refunded

 

Hitachi Finance (closed) Charges - Refunded

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Obv it has to be put to Admin-but theres some good support for it.

Have a happy and prosperous 2013 by avoiiding Payday loans. If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.Before you decide,consider the users here who have already offered help and support.

Advice offered by Martin3030 is not supported by any legal training or qualification.Members are advised to use the services of fully insured legal professionals when needed.

 

 

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another wee point folks

Has Anyone taken out a second charge loan with swift on their property. Is it greater than the first charge loan?

Check out the law on this? :cool:

 

First of all...what a fantastic site, i just wish i'd come across it a couple of years ago.

 

My mother has a 2nd charge with Swift and i think it is greater than the 1st charge. Can you direct me on the law regarding this?

 

Thanks

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Contact your local solicitor regarding this, they will know your circumstances,

Sometimes the least said on this forum the better.

Regarding that wee investigation I told you that was happening in N Ireland this week, keep an eye out, a few people will not see Paddys day, :-D

http://www.irishtimes.com/newspaper/breaking/2009/0310/breaking63.htm

And this is only the tip of the iceberg. :shock:

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Just spoke to a friend who had a conversion with mdnationwide again.

 

Apparently they seemen dead keen to off load swifts wee problem. But then decided they were no longer trading over there in N Ireland. This was after tormenting him since last October. Could it have been that he told them tat he was taping the conversation? Hardly.. :D

 

However on three occasions they denied having anything to do with swift. He never heard a cock crow though,

 

But they admitted, just like swift themselves did. That all the information they had on him came directly from Swift.

 

In August 2003 Beacon Mortgages was established as the packaging arm of the Beacon Group, to accompany the investment arm Beacon Asset Management.

 

In April 2007 the Beacon Group purchased mdnationwide

 

In September 2007 Swift announced that it was joining the panel of Beacon Mortgages – a packaging and distribution company within the Beacon Group. This link-up will allow brokers to access Swift’s product range via Beacon Mortgages.

 

In July 2008 the trading style “Beacon Mortgage Packaging Ltd” was applied to the businesses of Beacon Mortgages Ltd who with the other new company, Bananas Inc Ltd created create Beacon Mortgage Packaging Limited,

 

Simon Goldthorpe, director at the Beacon Group, and John Webster, chief executive of Swift Group, were both more than happy with this situation?

 

Swift themselves state, their lending is held on balance sheet and is not securitised.

 

November, 2008 Affirmative Finance a bridging lender, was appointed to the Beacon Mortgage Packaging lending panel

 

October 2008 EM-Financial, surrendered to administrators. Dave Symondson of Beacon Mortgage Packaging then agreed to take over the unoffered mortgage business pipeline

 

so what do this all have to do with subprime loans and securitisation?? thats another story:-|

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Someone asked me did I know anything about Securitisation and 'subprime loan'

No not really, but will give it a go, and perhaps someone can correct me?

The term 'subprime loan' refers to loans advanced to subprime borrowers.

A borrower is classified as subprime, when their creditworthiness lets say is a bit ropey, ie their ability to repay the loans is a higher risk.

Securitization of these subprime loans means pooling and repackaging these loans into securities.

Now do we know any companies who do this, or get others to do it for them ????

Anyhow these are all what I describe as being but in a bucket, and are then sold on to investors who are willing to buy them.

Because the lender ie the swifts of this world have already invested their money in giving loans to subprime borrowers, by securitizing them, what he does is raise more money on the strength of the asset (subprime loans given by him) from willing investors. Who buy this lets say “bargan bucket” which includes a lot of `ropey` and a few secure loans.

You can ask for this information by the way.

So why would investors be interested in purchasing these securities which represent subprime loans?

They think that they will earn more return for their investment. They think that the lender who has securitized the assets is so reputable that it will never palm off a bad security to them for investment etc.

Securitization has reportedly allowed banks and the original investors to raise trillions, in the USA and in Europe it has reportedly enabled raising of £1.60 trillion in finance

So why has all this become the new `telly tubbies`? How did it lead to the present world money crisis?

The companies which sold these asset backed securities (subprime loan backed securities) have indulged in all possible dirty tricks while packaging them.

They have inflated the possible returns to investors and backed their claims with excellent ratings (AAA ratings and the like) from credit rating agencies

.An ` AAA `rating from a reputable credit rating agency means that the asset is very good and the payment default -- of either the interest or the principal -- is NIL. Such ratings have lulled the investors into making huge investments into these worthless so called buckets..

So whats the story Rory?

The problem arose when the subprime borrowers were not able to pay their loan instalments properly and well in time. Mainly because the Swifts of this world needed lots of dosh, and put pressure on the working man.

Because the lender, in the meantime had securitized these loans, it is the ultimate purchaser or investor in these securities that suffered, because the credit ratings were notwithstanding. So, the investors started demanding their money back by surrendering these securities to the banks.

So the great goverment stepped in and took over the banks, so we are paying to clean up the crap again. and the rich get richer and we get shafted yet again.

We also got another slap with these door step lenders, There was tremendous pressure for money, and the piggy bank was empty Their securities investors started demanding money and the borrowers are failing to pay their loan instalments.

All sorts of tactics are used, trying to clean up or off load as I call it, being just the tip of the iceberg.

The banks and lenders were not able to raise more money because the other banks etc sensed trouble and refused to lend money. This resulted in the liquidity crisis -- i.e., banks refused to lend to each other because they are afraid that they will not be repaid their monies.

Oh I wonder would this also be a good way of moving money about to save paying tax? No! surely not. Then again I wonder how dirty money gets washed?

`Hope this makes things a wee bit clearer, It might not be 100% but that’s how it looks to me.

It will not get you out of a hole, but at least you know how we got into it.

Edited by pkelly
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You are almost spot on there pkelly...Your previous post answers your question as to where they securitise and through whom...Beacon being prime mover...it is thought Beacon will gather Swift loans and merge them with other banks and finance company loans and then 'package' them up and sell the package to spv's ( Special Purchase Vehicles) effecting their securitisation. Now it is those who have sold the block of properties to which attention should be drawn and research undertaken. These are the people who carry those reference numbers we are searching for on our Direct Debits and other documentation so that we can dig out the prospectuses which acoompanied these tranches of properties for which our properties are on/in. We then use our Land Registry Title number to find our own property and there you have your proof of SPV. You then need to read the prospectus from what I understand to find out the terms of the sale to identify whether Title and full sale have been effected...

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