Swift Advances. Secured Loan Charges reclaim

[overdone]

Hi, In Feb 2009 I took Swift to court and won a time order and today i went back and have won a temporary reduction in interest rates despite swift claiming all sorts of poverty.

I am considering revisiting court to recover charges they have piled on my account as my opinion is that if they had helped me in the firts place I wouldn't have incurred charges. To apply for a time order you must get a default letter which means missing two payments. Swift's contract seems geared to deter anyone from applying for a time order by applying these charges at the default letter point.

Wish me luck

Brilliant news. Well done. Can you start a Swift forum thread, post up some docs and help give us some more info. It will help others on here and they can give you some support too.

[Sparkie1723]

Treasury Select Committee

 

Is anyone watching this ...John Mann and John Mcfall is giving the FSA some stick:grin:

 

sparkie

[overdone]

Treasury Select Committee

 

Is anyone watching this ...John Mann and John Mcfall is giving the FSA some stick:grin:

 

sparkie

The FSA are always being criticised but they never move. Waste of time.

[Sparkie1723]

This is a Treasury Select Committee investigation....same guys who got Sir Fred Goodwin & his mate Sir Tom Mc"PILLOCK" of RBS to do a runner.

 

sparkie

[sweetjane]

The Consumer Credit Act 2006 (which was fully implemented on 1 October 2008) updates and amends CCA 1974: "Lenders have to provide regular statements during the lifetime of the debt - this includes a breakdown of the balance, clearly stating interest payments and any default charges."

So since October last year Swift customers should have been getting full statements of account. When I queried it they said they haven't been previously obliged (presumably referring to pre-October 2008) but they will send one on the anniversary of the loan. If you haven't had one and your "anniversary" has passed since October, demand one now quoting the Act.

When we first requested one we were sent a list of payments and the second time a redemption statement - their staff have no idea. Anyone with a running account with Swift needs to know exactly what the alleged debt is. This is why the redemption statements come as such a shock to people - we have no idea how our "loan" is being cranked up.

[sweetjane]

That is 2008 - I don't know why the smiley face appears - it's not cool at all!

[andrew1]

The Consumer Credit Act 2006 (which was fully implemented on 1 October 2008) updates and amends CCA 1974: "Lenders have to provide regular statements during the lifetime of the debt - this includes a breakdown of the balance, clearly stating interest payments and any default charges."

So since October last year Swift customers should have been getting full statements of account. When I queried it they said they haven't been previously obliged (presumably referring to pre-October 2008) but they will send one on the anniversary of the loan. If you haven't had one and your "anniversary" has passed since October, demand one now quoting the Act.

When we first requested one we were sent a list of payments and the second time a redemption statement - their staff have no idea. Anyone with a running account with Swift needs to know exactly what the alleged debt is. This is why the redemption statements come as such a shock to people - we have no idea how our "loan" is being cranked up.

 

you have to put a gap at the end of 200 6 so you don't get smilies!

[sweetjane]

cheers andrew1 You are so wise:wink:

[landy_alert]

Hi sweetjane:)

 

The cheeky swines - sending a redemption statement instead of a statement of your account -not only are they complete idiots, but clever ones at that (if that's not a contradiction:eek:) as they charged us £65 twice for two redemption statements when we were about to repay them. If you haven't asked specifically for a redemption statement you should tell them so and make sure they don't charge you for their (deliberate) mistake!

 

Regards,

 

Landy x

Edited July 24, 2009 by landy_alert
missed a bit!

[determindator]

Well done Sparkie. I bet the guidance to the CAG site has been an eye opener for the TSC! I have much faith in the course of action you have managed to achieve.

[Sparkie1723]

Well done Sparkie. I bet the guidance to the CAG site has been an eye opener for the TSC! I have much faith in the course of action you have managed to achieve.

 

Hi Matey

That is IF they read the forum.......we will never lnow really:idea:

 

sparkie

[Swift Eater]

Some brilliant guidance on here, however with SWIFT nothing has prooved sucsessfull.

I await in antisipation as I will be froced to repay the redemption figure or £47K out of a £49K loan after repaying over £39K now.

I will challange some charges, however that will only result in less then £1K over the pieriod.

Should this be anyone want to proove that continue to challange these ruthless lenders will deliver results I are all ears.

[overdone]

Have your charges sheet at the ready and do not be surprised if they charge you more than they specified.

[Swift Eater]

Hi overdone I have a full redemption statement with a valid date.

Will be contesting all charges.

Worst thing I ever done was to deal with SWIFT ADVANCES

Still will follow this thread and wish every one the very best on getting justice ref charges and lending rates

 

Just think I could lend some old dear £1000 have it secured on her property and increase the intrest rate to 1000% a day and get possession of her property and no one can do oting about it ?

 

This is a tactick that is used by lenders and it is leagal !

 

Sorry to put a damper on this but I are been real ......

[Smarterchick]

Hi overdone I have a full redemption statement with a valid date.

Will be contesting all charges.

Worst thing I ever done was to deal with SWIFT ADVANCES

Still will follow this thread and wish every one the very best on getting justice ref charges and lending rates

 

Just think I could lend some old dear £1000 have it secured on her property and increase the intrest rate to 1000% a day and get possession of her property and no one can do oting about it ?

 

This is a tactick that is used by lenders and it is leagal !

 

Sorry to put a damper on this but I are been real ......

 

 

err? Maybe not Swift Eater - there's such a thing as an 'extortionate credit bargain' you'd be stuffed matey

[overdone]

err? Maybe not Swift Eater - there's such a thing as an 'extortionate credit bargain' you'd be stuffed matey

I think it is max 40% in this country.

[Swift Eater]

Not realy going to do that, 1000% and secured on property.

 

From what I can see is we all have unregulated agreements falling outside of any CCA.

[overdone]

I think it is max 40% in this country.

That said, if you look at some of the early resettlement charges and someone does settle early, it is still shocking.

[Smarterchick]

Not realy going to do that, 1000% and secured on property.

 

From what I can see is we all have unregulated agreements falling outside of any CCA.

 

It is a misconception that just because the agreement exceeds 25k on agreements pre Apr 2007 that they are unregulated agreements falling outside the CCA -take a look here http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/171037-multiple-agreements-falling-within.html

Its a long thread but the first 4 pages will give you the jist.

 

However, multiple agreements are hanging on a case going to appeal in October called Heath vs Southern Pacific.

[Swift Eater]

Smarterchick

 

Indeed you are correct, are you saying that a multiple agreement over £25K is regulated ?

This is a grey area as over £25K is unregulated and multiple is regulated ?

Hope we all do get Justice.

Kinds regards ( this thread has gone slow )

[Smarterchick]

Smarterchick

 

Indeed you are correct, are you saying that a multiple agreement over £25K is regulated ?

This is a grey area as over £25K is unregulated and multiple is regulated ?

Hope we all do get Justice.

Kinds regards ( this thread has gone slow )

 

I'm saying ANY loan can be regulated as per the thread I posted above if the constituant parts are separate categories of credit each of which are under £25k ie: £40k loan, part cash under £25k Unrestricted Use . older loan paid off from proceedings by new loan company - restricted use..etc.

 

If you had 2 loans paid off under 25k but falling under 1 category of credit (both Restricted Use) which combined exceed 25k, that combined amount would remain unregulated, but the cash regulated. It begs the question though as to whether the whole agreement is therefore unenforceable as it is not correctly executed. Remember though, this only relates to loans pre Apr 2007 after which the new CCA comes into play where the courts alone can decide the unenforcability whereas earlier loans can rely soley on the '74 Act.

[pkelly]

Hi Folks have a look at this wee video

Edited August 25, 2009 by pkelly

[Swift Eater]

You see fowks we must pay attention to our argreements. I will be repaying £48K soon to swift for a 49K loan after repaying over £39K.

Within this company there are many loop holes what this company has used to there advantage. Example the funding rates, ( they rise when rates increase and never decline when rates come down ) these tackticks are unfair and can be seen as **edit** activities used for fainancial gain.

What Swft doe not know is that there business is been scrutinised by profisional business men who have information to sugesst unfair lending with acusations close to been money lender pracisies. The result of these findings will cause 1000s of agreements of swifts to be questioned and wrightfully be re calculated and the difference be compensated.

Swift are big fish in comparrison to us consumers, but as they are been taken on by equal powers they will become less than equal as there morral high standing will be diminished in the process.

The morral goes what goes around comes around.

Swifteater

Edited August 17, 2009 by citizenB
new, be careful with allegations :)

[determindator]

Is anyone being contacted by a company called Nationwide (not the b/socy) to repay the Swift loan?

[andrew1]

Is anyone being contacted by a company called Nationwide (not the b/socy) to repay the Swift loan?

 

I think pkelly has, but he's on holiday for a short break.