Swift Advances. Secured Loan Charges reclaim

[determindator]

Thank you PK for your posts. Not only is my PPI included in the total of loan borrowed but so are the brokers fees thus increasing the interest of the loan yet again. This makes the figure quoted as the interest on the agreement, untrue. I will digest the info above before I write my letter to Swift.

[frettful38]

Thank you PK for your posts. Not only is my PPI included in the total of loan borrowed but so are the brokers fees thus increasing the interest of the loan yet again. This makes the figure quoted as the interest on the agreement, untrue. I will digest the info above before I write my letter to Swift.

 

 

 

Hi DM is your loan unregulated?

[determindator]

Hi Frettful, yes unregulated however, when I write my letter I will ask for confirmation of this.

[frettful38]

Thanks for the reply DM. so your broker fees were/are added to the loan you applied for too?

[determindator]

Hi again Frettful, The PPI and Broker's fee are both added into loan.

[determindator]

There is also a title insurance premium added in too, which doesn't show on my original statement. I have a statement which I requested within the first year of the loan. I have another one I requested 4 years later and I have an up to date one. The up to date one which goes back to the beginning of the loan shows different entries to the original statement I requested. It is also in a different format. The original one showed a running total of debits and credits more like a bank statement but recent one does not and looks like a hand typed version, as I would expect if there was double accounting.

 

I keep finding inconsistencies which will all go in my letter. I will also copy my letter to who I think should investigate.

[swifthater]

Where is sparky is he ok

[paulwlton]

Where is sparky is he ok

 

He's been over in Ireland:wink:

 

Don't like the format of this site now.

[pkelly]

Yep and in better shape than ever he was taken off this site by the powers that be, without any explanation funny though Jaws and Sparkle also seem to have gone as well, they are however up to their eyeball below the blankets, lol trying to keep up with his emails and letters and getting new licences etc to try cover up for themselves. I have it from the horses mouth that swift are in serious trouble and no amount of trying to cover up with new licences etc will get them off

problem is for swifties and kestrels sgls etc now is they cannot do all they were before, so watch this space they will be out of business very shortly.

[pkelly]

funny how swift tried to get a new licence the day after the statements the bouys handed in over in N Ireland

now why would you try to fix something if it wernt broke in the first place

[frettful38]

great to hear the fight is still on. Good luck sparkie wherever and what ever you are doing mate.

[Marky1701]

Yep and in better shape than ever he was taken off this site by the powers that be, without any explanation funny though Jaws and Sparkle also seem to have gone as well, they are however up to their eyeball below the blankets, lol trying to keep up with his emails and letters and getting new licences etc to try cover up for themselves. I have it from the horses mouth that swift are in serious trouble and no amount of trying to cover up with new licences etc will get them off

problem is for swifties and kestrels sgls etc now is they cannot do all they were before, so watch this space they will be out of business very shortly.

 

 

Hi All,

 

Perhaps we could and should have an explanation from the site team as to why he has been removed?

 

pkelly dont fall into the same trap as Sparkie and delude yourself and other Swift victims - you should have learned by now that statements such as 'from the horses mouuth' 'watch this space' and 'swift will be out of business very shortly' just invite renewed posts from TIE.

 

If it happens, I will be the first one down to Romford to give the departing Swift employees an F1 style champagne shower as they are escorted from the building - but somehow I doubt that will happen.

 

m

[Gallahad]

By Liz Pulliam Weston

MSN Money

 

Questionable paperwork has halted foreclosures across the country -- and may give some troubled homeowners the leverage they need to stay in their homes.

• Find the best home mortgage rates
  

A few borrowers have already used lenders' faulty documentation to get their mortgages legally erased in bankruptcy court. Others hope to use the problems as a crowbar to force lenders to reduce their principal or payments.

 

Bankruptcy or foreclosure?

"You can challenge not only the foreclosure, but (the legitimacy of) the mortgage," said attorney Stephen Elias, the author of "The Foreclosure Survival Guide: Keep Your House or Walk Away with Money in Your Pocket." "You make the allegation that 'we don't think you're going to be able to prove the ownership and the paperwork' . . . that's the thread that, if you pull it, the whole thing will unravel."

The problems stem from the way modern lending is done -- and the way lenders have struggled to keep up with a tidal wave of defaulting homeowners.

Many mortgages were sliced up and sold to investors shortly after they were made. Some pieces changed hands several times. Loan servicers -- the companies that actually accepted borrowers' payments to forward to the investors, and that are the ones to begin foreclosure proceedings -- don't always have the paperwork to prove who owns the loan.

In some extreme cases, banks foreclosed on the wrong homes, including some that were owned free and clear.

Will foreclosures get worse?

 

 

 

How loan servicers handled foreclosure filings in court is the latest issue. One of the core problems is "robo-signers," or people working on behalf of lenders who signed foreclosure documents without verifying the facts -- or even reading what they were signing.

After admitting widespread problems with foreclosure documentation, Bank of America, JPMorgan Chase and Ally Financial's GMAC Mortgage unit suspended tens of thousands of foreclosures in the 23 states where foreclosures go through the courts.

More loan servicers are expected to follow their lead, and the foreclosure freezes could spread to so-called "nonjudicial foreclosure" states where the court system isn't used. Meanwhile, attorneys general in several states have begun investigations, and House Speaker Nancy Pelosi, D-Calif., has urged the U.S. Department of Justice to do the same.

The big banks that provide these loan services say the problems are mere technical issues that typically can be fixed by substituting new paperwork.

Some judges aren't so sure. They say lenders have long ignored complaints about faulty paperwork and that flawed foreclosure cases should be tossed out.

Lenders are now facing the fallout from years of treating borrowers "so outrageously," said bankruptcy attorney Ike Shulman, co-founder of the National Association of Consumer Bankruptcy Attorneys.

"The banks have created a hostile environment for themselves by their cavalier attitude toward people trying to save their homes," he said. "People who have tried for six months, nine months, two years to save their homes . . . they were told the paperwork got lost or 'you're approved for a modification' and then they lost their home in a (foreclosure) sale the next day."

Some of the likely consequences of the scandal:

• A huge mess for the courts. Experts predict a blizzard of lawsuits over past and current cases, with attempts to get the courts to undo foreclosures and evictions. "This is a huge, mega-issue," Shulman said. Foreclosures that were thought to be completed may come back to life "like a hangar-full of dead bodies started to wake up," he said.
  

• A slower housing recovery. The longer it takes to resolve the foreclosure crisis, the longer the huge inventory of foreclosed homes will weigh on local real-estate markets. Buying a foreclosure may get tougher as title insurers get pickier about which homes they cover. The controversy could scare away potential buyers and lead to even lower home sale prices.
  

• More time for struggling homeowners. Nationwide, the average foreclosure takes nearly 16 months to complete, up from 12 months a year ago, according to LPS Analytics. The foreclosure freeze and attendant regulatory scrutiny are likely to lengthen that wait in many states.
  

[lesterlass]

"This post is for the odd doubter of sparkie predictions.....he has been advocating for a long, long time about the fact that Swift Advances plc NO LONGER own your loan ........they have sold it .....sparkie has the evidence.............and Swift have no right to sue....as Gallahads last post says ........."pull the string and it will all unravel".....and just like Pkellys post " straight from the horses mouth" .................the truth will out in Court before Xmas.........I'll give you one guess who is to be a witness to material facts .... "in the interests of the court" and in the "interest of Justice"

 

So doubters be ready for a custard in the gob

 

LL

Edited October 11, 2010 by lesterlass
Info added

[frettful38]

So glad this thread is still going. Good luck to all involved against swift.

[andrew1]

Gallahad, is your article relating to UK or USA mortgages?

 

Perhaps someone would like to explain the difference between the two?

[Gallahad]

The article relates to US mortgages and unlike our government the US does not put pressure on the judiciary to protect the banks in their shabby business practices. However many of the deals leaked in to our banking system and when the first cards start to fall the whole house will follow unless somewhere down the line another political decision is made to protect.

G

[andrew1]

..but do you know the differences between US securitisation and UK and how that effects ownership of a loan or mtg?

[Gallahad]

Sorry andrew i am not au fait with the intricacies of securitisation and i think the real issue is that these are just some of the shabby practices which the financial establishments world wide practice. Some light is beginning to penetrate in to the darkness of these transcactions and our legal protection provided to these institutions by having different rules on securitisation will not be tolerated by the wider regulators such as the US and European Union.

G

[andrew1]

Neither am I Gallahad, but you have followed the SPML thread and I'd suggest others who believe in the issue of ownership of these loans do the same and read the 360+ pages on that thread to see what has been discussed. I agree, this is the same scenario as Swift, but anyone wishing to go to court to argue this particular issue despite what has been found in hard evidence better find themselves a damned good barrister who understands the intracasies between both if they don't want to be landed with a huge legal bill.

 

I know what evidence is there and the individuals concerned know exactly what they are doing and what they have. It's not so simple believe me, some will make progress no doubt, but it ain't gonna be easy for those who don't really know and caution is the only word I can use to try and make people tread extremely carefully before following this through the court system.

[atom02]

..but do you know the differences between US securitisation and UK and how that effects ownership of a loan or mtg?

 

Essentially, securitisation is the same on either side of the pond. What differs is the legal and regulatory systems that make it possible for consumers in the US to challenge ownership once it all descends into the opacity that led to the financial crisis in the first place...and of course, repos in the US can quite literally be processed through & rubber-stamped by the courts like a sausage machine - quite often with dodgy paperwork. Unfortunately for the cavalier lenders, the more wiley consumers are now waiting for them with their attorneys ready to do battle when they get to court. I fear we do not have a quite so accommodating legal system here

 

atom

[Marky1701]

"This post is for the odd doubter of sparkie predictions.....he has been advocating for a long, long time about the fact that Swift Advances plc NO LONGER own your loan ........they have sold it .....sparkie has the evidence.............and Swift have no right to sue....as Gallahads last post says ........."pull the string and it will all unravel".....and just like Pkellys post " straight from the horses mouth" .................the truth will out in Court before Xmas.........I'll give you one guess who is to be a witness to material facts .... "in the interests of the court" and in the "interest of Justice"

 

So doubters be ready for a custard in the gob

 

LL

 

Some of you never learn do you?

 

TIE get ready!!

 

Lets revisit this post with yet another prediction in January, and see which way the custard goes.

 

m

[JAWS2010]

Here is the message that has just been posted:

> ***************

> Will you do me a bg favour and post this on the Swift thread......specially for that Marky butdo not say so

>

> "This post is for the odd doubter of sparkie predictions.....he has been advocating for a long, long time about the fact that Swift Advances plc NO LONGER own your loan ........they have sold it .....sparkie has the evidence.............and Swift have no right to sue....as Gallahads last post says ........."pull the string and it will all unravel".....and just like Pkellys post " straight from the horses mouth" .................the truth will out in Court before Xmas.........I'll give you one guess who is to be a witness to material facts .... "in the interests of the court" and in the "interest of Justice"

>

> So doubters be ready for a custard in the gob

>

> Marky TIE has been taken of the site

>

> LL

 

 

Lesterlass, I know you edited your post but what you forgot was the email notifications we would all recieve.

 

Dont you think its time you started thinking for yourself.

 

Marky I am behind you on this one 100% as I know other Caggers are.

[andrew1]

Let's keep our heads here and not get personal. Swift has been an extremely difficult organisation to break through. For a variety of reasons certain things have gone differently from prediction and yes, some on here have been 'enthusiastic' about expectations. That said, many have worked tirelessly, some unsung, others well sung, but this has been an arduous task for all concerned and despite the rants and raves from both camps justice will prevail in the courtroom and nowhere else.

 

Once that happens then whoever comes good can say what they like, but lets not say this is dead until it is dead-it isn't and there is still lots more to come and much more to be tested. This company, from what I can see, has not exactly been co-operative and fight to the last even if they're wrong. They have barristers and a big kitty to fight with, we are LIP's and they know it. Just hold your guns from blazing at anyone until it's all over - this as sparkie once said, is being done for everyone, not just a selected few, but individual wars need to be fought first as this is the only way it'll work with companies like Swift.

 

Nothing goes on here on the threads just now, but you can be assured nothing has stopped no matter how bizaar some of you think others have been. Remember, all of you are in the same boat with Swift and others are toiling hard to get justice or as near to it as one can get with this judiciary.

[lesterlass]

Justice is very near.

We are all in the same boat Andrew1.I

if everyone tried as hard as others results may have come sooner.

 

I have been in contact with Swift there attitude is changing because of what is happening.

 

Marky TIE will not be replying.....he has been thrown of the site.

 

LL