SS v Swift Advances

[sues35]

Thanks Paul, how are you getting on with yours? Im really on one now about the ERC and have evens tarted the ball rolling with GMAC lol

 

Sue

[gooner73]

After recieving a full offer from HSBC Today for £4500 I have decided to go after "The Big One". I borrowed £40,000 from Swift Advances but got into trouble with my re-payments.

 

I decided to re-mortgage to pay off the loan and they quoted me a settlement figure of £55,000. It took me 6 months to get a re-mortgage. During this time I continued to pay the monthly payment, but was unable to reduce the arrears. On the completion day, we got a phone call from the solicitors quoting us a redemtion fee of £75,000.

 

Luckily I had negotiated to borrow some extra funds as part of the re-mortgage, but I was still faced with a shortfall of £3000, which I had to pay the same day in order for the completion to take place. This was also made harder by the fact that I was faced with re-posession within 7 days. Therefore I had no chioce but to pay up.

 

I am looking forward to finding out exactly what our charges were in this 6 month period to warrant a £20,000 difference in the settlement figure! I have sent off the Data Protection Request today and will keep you posted!!!

[sues35]

Keep me posted gooner i will be very intersted to see what happens in this case. We had some real awful luck during our motgage with this company so i am happy to get back what is rightfully mine however a family member was reposessed through these and if i win (or others) then i can help them reclaim their money back too...the more evidence we have of them choosing numbers out the air, doubling it then adding a couple of noughts when deciding on a settlement figure then the more chance of others winning too. Good luck and start a post in this forum so i can track your story

[martin65]

Just received a redemption statement fortunately have made all payments but am going to question the amount as it is not broken down,just a lump sum,any advice of next steps to take,anyone ever had success in reclaiming ERC????

[sues35]

Hi, a few have been successful, and heres hoping i will be too along with yourself. Send the letter asking for the lump sum to be refunded unless they can provide you with the details of how this figure was arrived at. Good luck and keep us posted

[sues35]

Just quick update. Offered small amount back (approx 8% of whats owed). Accepted this as part payment and written to say i will be filing in court for the rest.

 

They are still hiding costs, and only tell me over and over and over and over (need i go on) what fees were paid. Well i know what fees were paid cos i bl*&^% well paid them. So court here we come!!

[martin65]

Sounds like they are wilting,

only 92 per cent to go,keep going,make me happy,these people deserve all that is coming to them

[sues35]

case closed. Will continue with this in the next few months due to work pressures

[42man]

Interested to know how things have progressed here....with Swift ?

[determindator]

I have a sec loan with Swift. My next step is finding out if the agreement is fair. I will post as I get info. I was sold the loan telling me it was repayment in fact we all now know it's not. We know if we borrowed say 40k this would turn into about 160k who knows even more, after a 25yr term. That sounds more like an interest only approach to me. Their charges are the most severe case of extortion and reminds me where the regulators have let us down and where laws need to be made in the banking system.I've never worked out out how you can charge the most to the those who can least afford it, it's disaster waiting. They raise their int rates when suits, never reduced when int rates were low. How convenient. Remember to look at the PPI you were probably sold as there is a claim there. In my opinion avoid secured loans, turning back the clock I should have challenged the previous problem in Court and not be frightened into finding money quick but that was back early 2000 and not so much advice about then, but hey remember the secured loan glossy adverts! They answered our prayers we were saved, more like a sheep in wolf's clothing. The adverts seem to have gone away so maybe the message is getting through, it's the devil in disguise. Have we all got our letters saying in the current climate best to get away from them as they envisage large increases. We wish we could, let's have no redemption penalties for starters, refund all charges, re-calculate the loan i.e on 40k and you've paid 20k you owe 20k plus a fair int figure then there would be a rebate for clearing early. Now that's talking!

 

D

[determindator]

It has also been mentioned to me there will be new legislation passed in 2010 regarding credit agreements which will be more retrospective. I'm not sure of the benefit implications but all I know is after all this turmoil in the financial world, we sure need a fairer way of doing things.If anyone has any more details on this subject please share with us.

[Sparkie1723]

I would like to direct all posters on this thread to The Swift Advances secured loan thread I am sure you will find some useful info I have posted on that thread re Swift.

sparkie

[pkelly]

Hi all

anyone here got a recent form from swift, have they altered it any, regarding the apr box and total loan amount

Edited January 3, 2009 by pkelly
:

[overdone]

Just quick update. Offered small amount back (approx 8% of whats owed). Accepted this as part payment and written to say i will be filing in court for the rest.

 

They are still hiding costs, and only tell me over and over and over and over (need i go on) what fees were paid. Well i know what fees were paid cos i bl*&^% well paid them. So court here we come!!

What was the outcome of the court case?