Swift Advances. Secured Loan Charges reclaim

[Smarterchick]

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

 

Our little ' Facebook' insider friend informs us that the 'Cost of Funds ' malarky is a new concept within Swift brought in to confuse borrowers. It was always Libor based in the past, they have just told staff to change their tact as consumer pressure has been applied. They need consistant and vague responses so as not to put themselves in a corner whilst reaping the rewards of not lowering rates. It is a change in Company policy come from the top. This apparently has come as a result of the write-offs and losses they are experiencing in cases they had not budgeted for and they are trying to bridge the gap.

 

SC

[Dougal16T]

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"

 

Good morning all,

 

This could well be a delaying tactic on the part of Swift, as I am sure I read somewhere that unless you have received a letter from the firm you are complaining about which states 'this is our final response to your complaint', then the FOS will not even look at the paperwork.

 

I also think (but am not sure) that the FOS will contact the company to see if they have issued a final response......

 

Best wishes everyone

 

Dougal

Edited October 9, 2009 by Dougal16T
Safety first...

[Marky1701]

Our little ' Facebook' insider friend informs us that the 'Cost of Funds ' malarky is a new concept within Swift brought in to confuse borrowers. It was always Libor based in the past, they have just told staff to change their tact as consumer pressure has been applied. They need consistant and vague responses so as not to put themselves in a corner whilst reaping the rewards of not lowering rates. It is a change in Company policy come from the top. This apparently has come as a result of the write-offs and losses they are experiencing in cases they had not budgeted for and they are trying to bridge the gap.

 

SC

I agree SC. In their letter their 'cost of funds' is also determined by what reserves they have to have to stay solvent, and this presumably involves the write offs/losses they have suffered and/or are suffering.

Of course I sympathise with people who have lost homes because of these bandits, and any other customers who have had problems and subsequently created a loss for Swift but why should I pay for that? Is that fair in the spirit of OFT guidelines?

[Smarterchick]

I agree SC. In their letter their 'cost of funds' is also determined by what reserves they have to have to stay solvent, and this presumably involves the write offs/losses they have suffered and/or are suffering.

Of course I sympathise with people who have lost homes because of these bandits, and any other customers who have had problems and subsequently created a loss for Swift but why should I pay for that? Is that fair in the spirit of OFT guidelines?

 

Thing is Marky, you won't be paying for them. These 'bandits' as you refer to them as repossess claiming massive charges which will come from the sale of the property so they not only get their exhorbatant interest they also get massive costs as well, so you won't be paying - they get it two fold via your high interest rates as well. Whilst equally feeling sorry for those people on the repossession lists found every week in the courts who know no different, just feel what we can do on here by informing others who have had swift loans in the past suing Swift for repossessing using unenforcable agreements....i.e. using false documents to repossess when they had no right to....now if we can do that, then these people who have lost their homes will be seeking respite and damages...that will be a success and achievable if we work at it.

 

Oh, and if anyone has any doubts as to what can be achieved, I personally have been involved in a group who have practically decimated the business of one company and cost them well over £15 million in one year alone. What had this business done wrong? -failed to abide by the consumer laws - that's all and tried to cover it up with bull s hit - sound familiar? - I just wish I was on a %

 

tick tock Swift - tick tock....

 

SC

Edited October 9, 2009 by Smarterchick

[Marky1701]

Hi All,

 

I wonder if Swift are still open for new business? Are there any brokers or intermediaries using them to place loans? If there are it would be great to know who they are so we can contact them and warn them? - If I can advise anyone and stop them from making the worst financial decision of their life, and stop Swift from getting a new customer that would give me a little satisfaction?

[Smarterchick]

Hi All,

 

I wonder if Swift are still open for new business? Are there any brokers or intermediaries using them to place loans? If there are it would be great to know who they are so we can contact them and warn them? - If I can advise anyone and stop them from making the worst financial decision of their life, and stop Swift from getting a new customer that would give me a little satisfaction?

 

Well it's almost ground to a halt, not least because the broker network used by these people have in the main gone bust. Suffice to say, they will continue using banking loans themselves to finance new business as and when, but their costs have increased as a result of what has gone on in the banking world. There will always be a bank who will lend because greed drives money, that's why you see the banking world regaining their ground and there's always someone who will pick up a potential deal...I wouldn't be surprised if Swift didn't wind down altogether though and we'll just have to wait and see...they're shrewd cookies, but they need to be cleverer than they have been. What they don't realise is that once the consumers get together like we are on here the word spreads like wildfire. Our experience of infiltrating their rank and file staff who get fed up of the pressures imposed upon them, breeds unrest and whistleblowers who ultimately feel somewhat sympathetic to our cause because they will see the repossessions and think it could be one of their family going through this. The bosses will get only so much support before they start cracking at the seams. Loyalty is skin deep and we already know far more than they would have expected just 6 months ago. We have infiltrated, researched and got into their system and they are scrabbling for answers. Trouble is, they gave answers to peoples questions before and thought no-one else would see what they said - WRONG their lies, even in court under oath are conflicting ...we are gathering all the transcripts, costing us a bit, but worth it to compare their lies.....so there will be a few heads rolling before long you just wait and see. They think we are just a bunch of rogue debtors - and that is their big mistake.

 

SC

[Swift Eater]

Hi Doc & Mallymoo

This is my redemption statement.

Appoligies for not posting sooner, been very bussy here.

Keep up the good work Sparkie and Smarterchick !

 

 

Edited October 10, 2009 by Swift Eater

[Swift Eater]

This is a letter stating that the cost of borrowing is linked to Libbor.

Please not that Swift state that libbor has not declined at the same rate as BOE interest rates.

 

[Swift Eater]

Swift catorgarotly state that there funds are linked to libbor, but all so claim that they now have other costs of borrowing so they can not decrease interest rates.

Any loan with an example of 10% intrest rate in 2007 now should be 5 point lower baised on Libbor rates falling or now at 5%

The problem we have is that compnies like Swift do not work fairly with its custermers so continue to to charge high rates of interest.

LIBOR, other interest rate indexes

3 Month LIBOR | Current 90 Day Libor Rate Today's Interest Rates Index

 

 

We can see how the libbor rate has fallen to .47 % that is less than half of one percent.

http://www.moneycafe.com/library/3monthlibor.htm

Edited October 10, 2009 by Swift Eater

[Doc2527]

11

Edited October 10, 2009 by Doc2527

[Marky1701]

Hi Swifteater

 

I don't mean to be rude, it's the teacher coming out, could you use a "spell checker" before posting, as each time I read your posts it really hurts me to see so many mispelt words.

 

Doc

 

Hi all,

 

In my humbel opiun,

 

Swift are a buch of EDIT there customerz off and one day i hope they go down the shutter.

 

Apologies, forgot to spellcheck!!

Edited October 11, 2009 by caro
bypassing the swear filter

[Swift Eater]

Doc , no problem with the spell checker mate, I are just dislexic. It will not happen again as I will not post my findings relevent to this thread just in case you are offended by any spelling mistakes.

[Smarterchick]

Doc , no problem with the spell checker mate, I are just dislexic. It will not happen again as I will not post my findings relevent to this thread just in case you are offended by any spelling mistakes.

 

Don't be daft....keep posting we need all and every Swift account holder posting...this is not about emotion, this is about fact - however it's spelledt!

 

SC

[Doc2527]

Hi SwiftEater/Marky

 

I did start my reply off with "I don't mean to be rude", however you can appreciate that on occassions there have been folk from Swift posting and pretending to be genuine disgruntled Swift customers.

 

I would never go out of my way to offend anyone, so please accept my apologies, as I didn't realise that you are dyslexic.

 

I do hope you can see where I'm coming from,I do remember a fellow Cagger once stating, forgive me for paraphrasing, "that if we are to be taken seriously our spelling and grammar should be impeccable".

 

Perhaps now should be the time for me to bow out of the Cag arena as I've offended folk??

Doc

Edited October 10, 2009 by Doc2527

[Doc2527]

There are account details of Swifteater appearing on the agreements that have been posted up on photobucket.

[sweetjane]

Swift Eater I hope you will find it in your heart to accept Doc's apology because we all need to stick together to fight the real enemy. Swift are getting to us all but we will triumph by helping eachother.

[Smarterchick]

Hi Doc & Mallymoo

This is my redemption statement.

Appoligies for not posting sooner, been very bussy here.

Keep up the good work Sparkie and Smarterchick !

 

 

 

 

Hi Swift Eater, I don't suppose you could date these documents and provide a name of who signed these letters or the department could you? PM if you prefer.

 

SC

[Swift Eater]

Appoigies acepted DOC , I was having a bad hair day and took it to heart.

 

Smarter chick the answer to you question who sigined that redemptionstatment is

 

No name just a squiggle with a pen with credt controll department below.

 

Hmmm strage that eh ?

 

The date on that document was 15th July 2009

[Smarterchick]

How the heck could Webster, White and all other staff say it's not Libor and this person say it is only in July this year? Whats going on?

 

I don't suppose you could post that letter up again with the date and sig on could you but just remove your name account details. This could be useful to so many who have to put up with their...erm??? What shall we call them??? Fibs????

[Swift Eater]

Here is a posting of the Libbor letter dated Dec 2008. The signiture is like on all other corespondances a squiggle.

 

Libbor Date picture by swagers - Photobucket

 

You see Swift borrow for 0.5% and mark up what ever figure they want as the agreements state a varible intrest rate.

Clearly this is unfair, however Solisitors and regulators tell me if I do not want to do business with these people go else where.

Yes the company is telling lies and using this for its own finacial gain.

A mark up from 0.5% libbor ( cost of borrowing ) to 15% or 3000% is this extortion ?

What I suspect is happening is this.

A company within the group borrows at libbor , then that company lends that money to another within the group and then that company lends that money to Swift Advances. It is through this system (could be called carosell or piramiding) the company justifys its costs to the end user.

Should this to be exposed very sierouse consiquesses would follow.

 

I apolligies in a dvance for any spelling misstakes.

[Swift Eater]

May I piont out that there is a way we can get such information.

However we all know that Swift Advances will not reply or follow this through unless a copy is forwarded to ICO.

The Freedom of Information Act

 

I can not take this on at the moment as I have much bigger fish to fry that cold result in a much bigger reward.

[Smarterchick]

Here is a posting of the Libbor letter dated Dec 2008. The signiture is like on all other corespondances a squiggle.

 

Libbor Date picture by swagers - Photobucket

 

You see Swift borrow for 0.5% and mark up what ever figure they want as the agreements state a varible intrest rate.

Clearly this is unfair, however Solisitors and regulators tell me if I do not want to do business with these people go else where.

Yes the company is telling lies and using this for its own finacial gain.

A mark up from 0.5% libbor ( cost of borrowing ) to 15% or 3000% is this extortion ?

What I suspect is happening is this.

A company within the group borrows at libbor , then that company lends that money to another within the group and then that company lends that money to Swift Advances. It is through this system (could be called carosell or piramiding) the company justifys its costs to the end user.

Should this to be exposed very sierouse consiquesses would follow.

 

I apolligies in a dvance for any spelling misstakes.

 

Thanks, just for your info, you have left your account numbers on these documents, blank them out if you would prefer swift not to know who you are. Also, the name on your photobucket opener.

[Sparkie1723]

Freedom of Information Act only applies to government offfices.....it does not apply to private firms and companies.

 

sparkie

[Sparkie1723]

I have it on record in court documents that the cost of Swifts funding is governed by LIBOR................and we can all see from their companies accounts that they borrowed at a FIXED rate of interest ....what this means is if they borrowed £400.000.000 pounds it does not matter if LIBOR goes up or down their rate of interest stays the same........therefore the cost of their funding on that particulare loan NEVER increases.

 

By increasing borrowers rates from funds that were obtained from that particular funding is deception in telling borrowers their costs of funding has gone up when the LIBOR rate went up is a lie ......because their costs were/are fixed, and the LIBOR rate does not affect does not affect their borrowing.

This definately falls into the unfair relationship of the CCA 2006

 

Granted if they borrow more money at a different fixed rate and lend that out then the rate they lend at would be different......but in my opinion if their rate is fixed its fixed.

 

sparkie

[Swift Eater]

Thanks for that information about FOI Sparkie.

We hear about this unfair relationship many times on this thread.

As anyone been sucsessfull from persuing this ?

No one more than me wants these to be stopped and to reinburse custermers for there actions. Is there anything in the pipeline or light at the end of the tunnell ?

Edited October 12, 2009 by Swift Eater
a