Swift Advances. Secured Loan Charges reclaim

[42man]

It was verbal on the phone !!! they called me in response to my letter to them.....

[42man]

But i'd be happy to swear an affadvait

[Mojos]

Hi

I am fighting Swift at the moment, contesting the legality of their enforceability of their agreement with me, a secure loan on my property.

What was the date between you signing their loan application and the date you signed the (I’m assuming here) fixed sum credit agreement.

If the dates are with in 10 days you could be sitting on a unenforceable agreement.

Mojo

----------------

 

Do you think it would be worth me writing to the OFT, I had a letter from Swift saying if we were experiencing difficulties we should let them know and they would try to help. They wrote they may be able to:

Extend the term of the loan

Allow us to pay interest only for a time

or organise a complete remortgage.

As my husband was critically ill at the time, I wrote asking them to let us pay interest only for three months, I also enquired about a full remortgage.

I received a threatening phone call then from someone called Gerda, saying I might as well give up because in a few months time they would be repossessing my house. I told wrote immediately to Swift to register a complaint, a few weeks later I got some letter stating they do not offer any of the services they actually quoted in their original letter and were changing their style of letters. I do not wish to let this go and have written to them to advise that I intend to carry on my complaint. Anyone got any ideas, what I should do now.

[42man]

Any news from anyone re Swift ?

[overdone]

Any news from anyone re Swift ?

Nope, nor from OFT. Time to issue my Letter Before Action.

[42man]

I may be close behind you OD...keep us posted please...

[overdone]

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/92-3-letter-before-action.html

http://www.consumeractiongroup.co.uk/forum/faqs-please-read-these/31460-example-step-step-instructions.html

 

[EDIT]

Edited September 30, 2008 by Rooster-UK
Commercial link removed.

[42man]

Thanks for these OD !!!

[42man]

Had an interesting conversation today with Swift Advances....who are trying to force me to pay my arrears which are just over one month (they owe me over 2 months in excessive charges)...the guy on the phone had been told by his boss that the OFT's guidelines on debt collection ONLY apply to credit cards !!!......despite having it in writing that they are investigating my case, and that I am disputing the charges...

 

Time for a letter to the OFT I think....

[overdone]

Had an interesting conversation today with Swift Advances....who are trying to force me to pay my arrears which are just over one month (they owe me over 2 months in excessive charges)...the guy on the phone had been told by his boss that the OFT's guidelines on debt collection ONLY apply to credit cards !!!......despite having it in writing that they are investigating my case, and that I am disputing the charges...

 

Time for a letter to the OFT I think....

Well I hope the OFT reply. They didn't to me.

[Guest blackie]

That's brilliant, the more people complain the better to the OFT. Swift are a law unto themselves. I have even considered writing to my local MP to see if they can get involved. These people are real low life. There have been several rate decreases but Swift have never once passed one on to me. I too have complained to the OFT and FSA and I am awaiting a reply.

[snlc]

Anyone any idea how these people in Swift are fairing with all the banking crisis going on? - With all these people trying to prove their agreements unenforceable and late payments etc they must be getting a bit of a hole in their pockets as a result. How many customers have they? they are nothing like GE are they so as a smaller firm they must be suffering? Anyone know? Be nice to see them go bust

 

 

Tom

[42man]

Hmmm very interesting link here....

 

BBC NEWS | Programmes | Panorama | Statement from Swift

 

And this is their own statement...!

 

''Swift is licensed by the Office of Fair Trading ("OFT")''

 

and...

 

"If a customer falls into difficulty, we apply an arrears and possession policy which reflects the requirements of the debt collection guidance issued by the OFT and the FLA code."

[Sparkie1723]

Has anyone else got the same agreement as my friends shown on post 12.

 

Because if it does not show the Total Amount of Credit and/or the APR in the KEY FINANCIAL information box....it is absolutely unenforceable.

The total amount of credit and APR are specified terms under the Consumer Credit Agreement Regulations and....MUST BE SHOWN IN THAT BOX........If they aren't then the the following rulings apply.

 

sparkie

 

29. The court's powers under section 127(1) are subject to significant qualification in two types of cases. The first type is where section 61(1)(a), regarding signing of agreements, is not complied with. In such cases the court 'shall not make' an enforcement order unless a document, whether or not in the prescribed form, containing all the prescribed terms, was signed by the debtor: section 127(3). Thus, signature of a document containing all the prescribed terms is an essential prerequisite to the court's power to make an enforcement order. The second type of case concerns failure to comply with the duty to supply a copy of an executed or unexecuted agreement pursuant to sections 62 and 63, or failure to comply with the duty to give notice of cancellation rights in accordance with section 64(1). Here again, subject to one exception regarding sections 62 and 63, section 127(4) precludes the court from making an enforcement order.

 

30. These restrictions on enforcement of a regulated agreement cannot be side-stepped by recourse to a pledge or other form of security furnished in support of the debtor's obligations under the agreement. The security is not enforceable to a greater extent than the loan: section 113. Where an application for an enforcement order is dismissed, except on technical grounds only, or the court makes a declaration under section 142 that the agreement is not enforceable, any security provided in relation to a regulated agreement 'shall be treated as never having effect': section 106(a). Property lodged with the creditor by way of security has to be returned by him 'forthwith'.

 

Taken from Wilson v First Counties Trust

 

The creditor – by failing to ensure that he obtained a document signed by the debtor which contained all the prescribed terms – must (in the light of the provisions in sections 65(1) and 127(3) of the 1974 Act) be taken to have made a voluntary disposition, or gift, of the loan monies to the debtor. The creditor had chosen to part with the monies in circumstances in which it was never entitled to have them repaid

 

Most of Swift Advances Secured Credit agreements are unlawful, and since 2008 they have been drawn into regulation of the Consumer Credit Act 2006.....because they are nonregulated FSA mortgages

[overdone]

Well done for digging that out. I Have still not heard from Swift or OFT.That is since 22 August 2008 when I chased Swift.

Edited October 5, 2008 by overdone
add info

[42man]

Great work Sparkie as usual.....i'll post in response soon !!!

[Sparkie1723]

Great work Sparkie as usual.....i'll post in response soon !!!

 

Thanks 42man and for the rep mark.

 

Hope this will be good ammo for members.

 

There must be hundreds of agreements in existance of Swifts that are the same as my friends, and are unenforceable ....if there is....Swift could be in big trouble if the holders of these agreements are made aware of this, they will be be swamped with claims ....serves them right I say for being such heavy handed arrogant people, bludgeoning their way through legislation and taking no notice of it.

It follows that all information supplied to CRA's about these agreements should be deleted.

 

sparkie

Edited October 6, 2008 by Sparkie1723

[Sparkie1723]

Can I ask a very relevant and important question to all Swift Customers in dispute with Swift.....it is an important one and very relevant

 

Is there anyone who has not been provided with a proper statement of account on their loans with Swift .....from 2006 to date. Anyone not had one???

 

 

sparkie

[snlc]

They only sent one out when they put in a repo claim. We never got one during the year. Does it make a difference?

[42man]

They sent me a list of their charges on my account after I specifically requested one.....

 

Then they recently sent me a 'statement' with payments in and how much I owed but they conveniently didn't write in any of their excessive charges....!!!!

 

£23 for a letter and £23 for a phone call is COMPLETELY EXCESSIVE !!!

[Sparkie1723]

For all to read and digest

 

sparkie

 

After section 77 of the 1974 Act insert—

“77A Statements to be provided in relation to fixed-sum credit agreements

 

(1) The creditor under a regulated agreement for fixed-sum credit—

(a) shall, within the period of one year beginning with the day after the day on which the agreement is made, give the debtor a statement under this section; and

(b) after the giving of that statement, shall give the debtor further statements under this section at intervals of not more than one year.

(2) Regulations may make provision about the form and content of statements under this section.

 

6) Where this subsection applies in relation to a failure to give a statement under this section to the debtor— (a) the creditor shall not be entitled to enforce the agreement during the period of non-compliance;

(b) the debtor shall have no liability to pay any sum of interest to the extent calculated by reference to the period of non-compliance or to any part of it; and

© the debtor shall have no liability to pay any default sum which (apart from this paragraph)—

(i) would have become payable during the period of non-compliance; or

(ii) would have become payable after the end of that period in connection with a breach of the agreement which occurs during that period (whether or not the breach continues after the end of that period).

[42man]

What about pre 2007 unregulated agreements ?

[andrew1]

Unregulated Agreements - Pre 2006 - thanks SParkie (below) do not get the protection of the Act unless they can be proved to be multiple agreements by the nature of the individual amounts within the agreement. £25k was the barrier, but you could have a £40k loan and prove it irredeemably unenforceable and get the interest back if more than 2 categories of credit are identified within the loan. Ie: Restricted use credit - amounts paid out by Swift for previous secured loans they insist are cleared, unrestricted use credit -cash balance, exempt - previous arrears to mtg as it's for the payment of land, it's all in the CCA..and you can claim the interest back on irredeemably unenforceable loans under s.106(d)CCA - however you need a damned good lawyer to do any claiming for you because it is a legal minefield and dependent often upon Judges who know sweet FA about the CCA. Costs are horrendous if you get it wrong. You could also lose your house as a result so be very careful challenging this.

 

 

Sarah

Edited October 6, 2008 by andrew1

[Sparkie1723]

What about pre 2007 unregulated agreements ?

 

Hi 42man

 

I must disagree with andrew1 on this.

ALL credit agreements/secured loans regulated or unregulated...except ones regulated by the FSA ( ie Prime Mortgages) ...which Swifts aren't are all drawn into the remit of the Consumer Credit Act April 2006 and the financial limit has been withdrawn so basically all credit agreements are governed by the new Consumer Credit Regulations and section 140 0f the CCA Unfair Relations.

If an agreement is a restricted credit agreement the agreement must specifically state that fact in the Key Financial information box......it is a SPECIFIED term of an agreemnt....none of Swift agreements state this very important fact, they are badly flawed

 

sparkie

Edited October 6, 2008 by Sparkie1723

[42man]

Excellent thank you Sparkie.....so my 2002 agreement is now governed by the CCA....