Swift Advances. Secured Loan Charges reclaim

[sweetjane]

Hi S/M/C

Great news on the mole front. I bet they've got some stories to tell.

SJ

[Sparkie1723]

Had a quick chat with S/M/C there is some good info given ..............but will be supplying a little bit more later.............. the person has to be a little discreet so as not to be found out...............but is in a position to let us know some "internal" stuff we would never find out.

 

Very intresting things that have to be confirmed as of yet.

[andrew1]

You guys sound like you're going through the same as we did in the Cabot Fan Club

 

Trace staff through Facebook, and call them up, then post what they said on the internet on a blog (Google Cabot Fan Club )...Cabot sent an email to all 300 odd staff demanding everyone who had a post on YouTube or Facebook with any reference to Cabot remove them. We found people slagging off supervisors and saying what silly billys their managers were and the cra ppy jobs they had...amazing what they said - this all sounds familiar - trouble was people got fired, lost promotion, were demoted and an internal tide of bickering began...

 

Need any advice on how this can work contact any of us in the Fan Club - we'll be delighted to help..Oh, why don't one of you suggest to this Webster fellow that he give his opposite number in Cabot a call to see what he thinks of the Cabot Fan Club and the damage we did?

 

Ken Maynard Ch.Exec

Cabot Financial (Europe) Limited,

1 Kings Hill Avenue,

Kings Hill,

West Malling,

Kent

ME19 4UA

 

+44(0)1732 524600 - he'll tell you and might learn something of what he's in for against you lot

 

Good luck

 

S

Edited October 1, 2009 by andrew1

[Sparkie1723]

HI andrew 1

 

Now that just might be an idea but Mr Webster doesn't like me too much I'm asking him too many questions he has a little difficulty in answering so maybe some one else will:cool:

 

sparkie

[Doc2527]

Hi Swift Eater

 

Did you get a chance to post your docs up as yet?

 

Doc

 

[irishstar]

Hi currently we are getting 3 letters a month from Swift Advances stating we are one month in arrears on our mortgage even though we are not in arrears at all, Our Mortgage is due on the 09 Month we pay on the 01 of the month to ensure it is there on time and then on the 07 we get a letter, the 12 we get a letter and then around the 15/17 we get another.

 

We are getting phone calls at least 3 - 8 a day upto 9.30pm in the evening including Saturday and Sunday, saying we are behind with our mortgage We tell them this is not the case, but still we get the calls.

 

We've confirmed in writing this is not the case yet still the letters arrive and still the charges keep mounting, and no reply from Swift apart from the next letter or call saying we're behind.

 

Can anyone suggest what we do next?. Are they allowed to do this? or could this be classed as total harrassment? In 22 months of our loan we have already paid Swift over £5,000 in charges etc which equates to almost a further 6 months of mortgage repayments and now we still owe our total loan plus and adition £10,000 on top according to our latest you're are behind letter. What else can we do. They seem a law unto themselves and even the FSA and OFT do not seem to want to know. Anyone out there got any suggestions please!!!!!!!!!!!!!!!!!!!

[Sparkie1723]

send a complaint to the OFT put everything down in chronological order what you paid when you paid etc etc, lots of Swift customers have complained to the OFT you will be added to what the OFT have referred to as a super complaint................they are heading for big disaster VERY soon ...[EDIT]

 

 

sparkie

Edited December 14, 2009 by alanfromderby

[sweetjane]

We've had this problem - they can't deal with people paying early. They don't treat your payment as for the next installment. It is only worth paying on the due date. How are you paying? Can you pay on the due date over the phone (cheap line of course)? If it is a weekend or bank holiday it is better to pay the day after than before.

[Marky1701]

Hi all,

 

FYI I submitted a complaint through the FLA regarding my settlement figure. Swift replied that they are using industry standard method of calculating (even though the Rule of 78 is not industry standard anymore). FLA not interested - they just sent me a copy of the Swift reply, no comments, no nothing.

Interestingly, with the reply, Swift sent me a schedule of their 'standard' charges; all I can say is thank God I am not introuble with them because they are frankly shocking - £250 if your direct debit is bounced!!!

I have just called them and asked what interest rate I am being charged - its a variable rate loan that has always gone up, never down despite drops in LIBOR, and I am paying 17.3% aer!!!

Going to write again to the OFT -surely this cannot be fair and would be considered a breach of their guidelines. Will keep you posted

[Smarterchick]

Hi all,

 

FYI I submitted a complaint through the FLA regarding my settlement figure. Swift replied that they are using industry standard method of calculating (even though the Rule of 78 is not industry standard anymore). FLA not interested - they just sent me a copy of the Swift reply, no comments, no nothing.

Interestingly, with the reply, Swift sent me a schedule of their 'standard' charges; all I can say is thank God I am not introuble with them because they are frankly shocking - £250 if your direct debit is bounced!!!

I have just called them and asked what interest rate I am being charged - its a variable rate loan that has always gone up, never down despite drops in LIBOR, and I am paying 17.3% aer!!!

Going to write again to the OFT -surely this cannot be fair and would be considered a breach of their guidelines. Will keep you posted

 

Is LIBOR what they are using as a rate guidance did you ask?

[42man]

Swift were quite happy to raise interest rates due to 'base rate' increases a few years ago, for the last 12 months their staff who speak directly with customers have been stating that their rates are based on Libor (I believe there may be some legal papers which state that they use Libor too) and now it is cost of funds....i'd say categorically that it is an unfair relationship.....

[42man]

I would report them to the FSA and the OFT too, the FLA seem totally useless and only act in the interests of their own paying members....

[landy_alert]

Hi all,

 

FYI I submitted a complaint through the FLA regarding my settlement figure. Swift replied that they are using industry standard method of calculating (even though the Rule of 78 is not industry standard anymore). FLA not interested - they just sent me a copy of the Swift reply, no comments, no nothing.

Interestingly, with the reply, Swift sent me a schedule of their 'standard' charges; all I can say is thank God I am not introuble with them because they are frankly shocking - £250 if your direct debit is bounced!!!

I have just called them and asked what interest rate I am being charged - its a variable rate loan that has always gone up, never down despite drops in LIBOR, and I am paying 17.3% aer!!!

Going to write again to the OFT -surely this cannot be fair and would be considered a breach of their guidelines. Will keep you posted

 

Blimey:eek: I can understand that our interest rate when we were with Swift between 2006 and 2007 went from 14.52% to 15.77%, but I had assumed that after all the recent cuts in the BoE base rate that those such as Swift based on LIBOR rates would have at least dropped a little - it would appear not - that's absolutely disgusting:eek:

[frettful38]

I agree with you there landy alert but what I would like to know is what has been done or is being done about it. Has anyone had any success in having their repayments reduced or interest rates dropped along side the BOE rates?

[Sparkie1723]

LIBOR rate is at the lowest it has been for over 5 years

 

sparkie

[jacqui_o]

What makes the agreement unenforcable?

[42man]

Depends on unregulated or regulated...but examples could be

Missold PPI

Unfair terms

Incorrect default notice and termination

Hidden commissions

Debt securitised outside of UK law....

No prescribed terms

improperly executed

[Marky1701]

Hi All,

 

Following my earlier post, where Swift has told me I am on what presumably is their 'Standard Variable Rate' of 17.3%, is there anyone else here on a variable rate loan with them and if so, what 'Standard Variable rate' are you on? The results would be very interesting?

Please tell me if I am mistaken or understand this wrong, but all their variable rate customers should be on this 'Standard Variable Rate'? - Just as a mainstream lender has the same rate for all?

[landy_alert]

Hi All,

 

Following my earlier post, where Swift has told me I am on what presumably is their 'Standard Variable Rate' of 17.3%, is there anyone else here on a variable rate loan with them and if so, what 'Standard Variable rate' are you on? The results would be very interesting?

Please tell me if I am mistaken or understand this wrong, but all their variable rate customers should be on this 'Standard Variable Rate'? - Just as a mainstream lender has the same rate for all?

 

Hi Marky1701:)

 

That's a good point - I personally cannot help I'm afraid as we repaid our Swift mortgage two years ago, but it would be most interesting to hear what interest rate other current Swift customers are on.

 

I do remember reading recently on another thread about a different sub-prime lender that when questioned about this on the telephone the implied response was that they make it up as they go along - ie, depending on the customer.

 

However, I'm not sure if maybe in the sub-prime market this is how it's generally done - if someone is considered to be a higher risk their rate is higher? I'm sure someone more knowledgeable on these matters could enlighten us here:?

 

Regards,

 

Landy x

[sweetjane]

Hi Marky1701. We got a statement recently (yes an actual full periodic statement) which says "The rates of interest applicable to your mortgage during the period of this statement were: 1 Oct 2008 13.24%" I think I'll write and check that applied throughout the period and not just on 1 Oct 2008!!! All the best SJ

[jacqui_o]

Thanks 42man, the loan is 5 years old April 2004.......there is a charge of approx £1,500 for payment insurance which has been added to the loan...

 

We did not get a chocie if we did nto take it, we would nto get the loan, also they did not give us a choice of which one to take either and were never given any paperwork for the insurance now I come to think of it

[landy_alert]

Thanks 42man, the loan is 5 years old April 2004.......there is a charge of approx £1,500 for payment insurance which has been added to the loan...

 

We did not get a chocie if we did nto take it, we would nto get the loan, also they did not give us a choice of which one to take either and were never given any paperwork for the insurance now I come to think of it

 

Hi jacqui_o:)

 

It's definitely worth putting in a claim for mis-sold PPI - I read elsewhere (on Martin Lewis' site I believe) that on Single Premium (ie, front-loaded) Mortgage PPI there is a 90% success rate of complaints going to the FOS.

 

Ours is with them now and I have my fingers crossed that we will be in that 90%!

 

Regards,

 

Landy x

[kitchenboy]

Marky1701,

 

Mine is just over 17% as well.

[Marky1701]

Hi All,

Thank you all for your replies to my post.

SC yes my loan is linked to LIBOR, and I have mentioned this before but when I challenged our little bird about this given recent drops in the LIBOR rate, they sent me out a 2 page letter explaining that their margins are based on 'costs of funds' not just this rate - in other words we can do what we like.

It is quite a sobering thought that it would be cheaper to put my loan balance on a credit card. I cant wait to see if the OFT consider that a fair agreement.

 

m

[Doc2527]

Has anyone looked at the complaints procedure for Swift on their web site?

 

Any complaint that you think is with the Swift Group needs to go through their own complaints procedures and then if you're not satisfied you can take it to the OFT or FOSor the conciliation scheme of the FLA.

 

However if you have a complaint with Swift 1st Limited you go direct to the FOS.

 

Strange .....No??

 

Taken from their website:-

 

"If your complaint concerns Swift 1st Limited then you can complain to:

 

The Financial Ombudsman Service

South Quay Plaza

183 Marsh Wall

London E14 9SR

Telephone: 0845 080 1800"