Another Swift Agreement to See

[zincoxide]

Alright, I wrote to swift and got a copy of the payments made to my account and their charges. I complained and guess what - got nothing.

 

[EDIT]

 

Swift Agreement Front picture by zincoxide1979 - Photobucket

 

Swift Agreement Back picture by zincoxide1979 - Photobucket

 

I've read somewhere about asking for an underwriting sheet etc.

 

It's important to note that this agreement was made in Scotland.

 

So far, they've paid back £28,000 of the £55k and have just been quoted a redemption figure of £62k!!!!!

Edited December 14, 2009 by alanfromderby

[Sparkie1723]

Alright, I wrote to swift and got a copy of the payments made to my account and their charges. I complained and guess what - got nothing.

 

Now I'm intent in getting as much out of these crooks as possible, can someone with the knowledge please look at the copies of the agreement (links below) and let me know where I should start?

 

Swift Agreement Front picture by zincoxide1979 - Photobucket

 

Swift Agreement Back picture by zincoxide1979 - Photobucket

 

I've read somewhere about asking for an underwriting sheet etc.

 

It's important to note that this agreement was made in Scotland

 

 

So far, they've paid back £28,000 of the £55k and have just been quoted a redemption figure of £62k!!!!!

 

 

First zincoxide welcome to the Swift Fighters forum

A couple of Questions.

 

How did you mangae to get this loan .....I see you paid no Brokers fees and no legal charges ........Swift or more to the point Mr Mark White again who stated quite clearly that Swift only lend via brokers they do not lend Direct to the Public ...I am intrigued as to what your answers will be and note this was when they were at Purbreck House...but it is still a Swift Advances Plc loan

 

sparkie

Edited October 31, 2009 by Sparkie1723

[pkelly]

Hi just saw your agreement did you know you had a capital Agreement

I know for a fact that they themselves CHANGE interest only loans to Capital ones so check it out and everyone else do the same:cool:

[zincoxide]

Sparkie

 

It's not my loan - I've been asked to look into it by good friends as I've already got them a fortune back on bank, credit card and other loan charges.

 

They got this loan by calling ocean finance who arranged for a guy to go see them at their address and sign up for the loan.

 

They put a charging order on the house that I'm currently trying to get a copy from the land registry but other than that, I'm not entirely sure where to go with this one as they've already rejected my application for the return of outlandish fees. I do have a copy of what has been paid.

 

They have steadily increased the interest rate despite rates going down and I remember seeing on here that they apparently lend (libor) at a fix rate?!

 

So I need some really good help to get to these guys somehow.

[Gallahad]

subbing

[zincoxide]

Complete newbie - what is subbing?

[Sparkie1723]

Hi zincoxide,

 

First thing "subbing" means that the person is supporting you and will post if & when they have something cnstructive to say.

 

Before anyone can help it is essential that we have as much information about the issues that you can provide ...of course deleting personalinfo from any documents posted....I already have soe strong views but need more info .....The first thing you must do is send Ocean Finace & Swift and Subject Data Access Request ......I can supply you with a comprehensive template of one of those if you wish to use it, once you have that we will know a lot more.

 

One thing I have already gleened from this agreement is that [EDIT]....for reason there are no brokers fees charged on this agreement and I also notice that their are no legal and Administration charges.

This means that Ocean Finace were/are a direct agent of Swift on a full commission basis..........a further question for everyone to ask ..if Swift can have agreements like this one without the need to charge legal fees WHY MAKE OTHERS PAY THEM ?? That is an unfair act in treating one customer differently than another ( no offence or insinuation meant to your friends )

Send off your SAR's as soon as possible

 

sparkie

Edited December 14, 2009 by alanfromderby

[zincoxide]

I have done the SAR to swift and I'll scan the reponse in when I get a working scanner this week.

 

I'll also send a SAR to Ocean Finance.

 

What are you aiming to do to Swift - for me, I'd like to see this loan written off and all payments made to it returned to my friends cause they have been treated like dogs.

 

Then if I need to lobby every politician, financial regulation group, fraud squads etc - get these idiots closed down for destroying lives.

[zincoxide]

This is all the paperwork I have so far - should I be chasing them for anything else?

 

I believe the loan was in essence mis-sold as the salesman said he was from Ocean Finance and it was sold under those pretense, but I am looking for any whatsoever to get this loan written off or get back a great deal of charges & interest that have been applied.

 

You'll probably need to zoom out of the pdf files and they are all watermarked as I only found an old scanner that doesn't work on Windows 7 - so had to use a trial programme.

Rate Increase 17July2008.pdf

Rate Increase 21May07.pdf

Rate Increase 23Nov06.pdf

Rate Increase 30Nov07.pdf

DPA SAR.pdf

Edited November 1, 2009 by zincoxide
Forgot to add info

[zincoxide]

More paperwork

SAR Response.pdf

Settlement Req 8May09.pdf

Settlement Response 31May07.pdf

Charges Refund Request.pdf

Charges Request Reply.pdf

[42man]

I love the way they say 'increase in the Bank Base Rate' !!! then last year and this year they have been telling me on the phone (for at least 12 months) that they base their rates on LIBOR....NOW it is the cost of funds....if ever their was an unfair relationship it was this !!! Yet they say their staff stating the interest is based on LIBOR is a 'training issue'....I'd say this is pretty close to the GMAC case....!!!

[42man]

Send all your paperwork to the FSA too.

[Sparkie1723]

I love the way they say 'increase in the Bank Base Rate' !!! then last year and this year they have been telling me on the phone (for at least 12 months) that they base their rates on LIBOR....NOW it is the cost of funds....if ever their was an unfair relationship it was this !!! Yet they say their staff stating the interest is based on LIBOR is a 'training issue'....I'd say this is pretty close to the GMAC case....!!!

 

 

But I have [EDIT] nailed into admitting that it WAS and IS GOVERNED by the LIBOR Rate........nothing else.in any event their funding was obtained at a FIXED CAPPED rate to provide a hedge against interest rate rises which is stated in their annual accounts which under company law the same as a statemnt of truth.

 

sparkie

Edited December 14, 2009 by alanfromderby

[zincoxide]

I will send every last bit of paperwork to the FSA - but is there any way of getting a quicker resolution.

 

DO we think this debt is unenforceable so just stop paying?

 

Should I ask for a copy of the underwriting sheet?

 

Shall I point out every error they have made in a complaint to them and then anyone else that will listen.

 

My friends are being nailed by this company with repayments of over £800 a month which they simply cannot afford, I need to help them,

[zincoxide]

Sparkie - is there a way you could email me the proof you have that Mr White said the rate is governed by Libor?

[Sparkie1723]

Sparkie - is there a way you could email me the proof you have that Mr White said the rate is governed by Libor?

 

 

NO problem send me your e-mail address by PM and I'll send you the two pages of my court judgement summary where that is confirmed by the Judge ( Recorder)

 

With regrds to your sar info write back to mr Strickley and ask him these questions

1...Why has no Account history been supplied as part of your SAR

 

2...Will he supply the account records of your account that is being processed by Kestrel No 1 Loans Ltd.

 

3...Will he supply a copy of the Title Indemnity insurance document refrred to and contained in and on the Loan agreement. to which you are legally entitled to.. Unless Swift want to continue to flout section 3 of the New Fraud Act 2006, by concealing a document you are legally entitled to see for reason you have paid for it.

 

 

sparkie

 

sparkie

Edited November 2, 2009 by Sparkie1723

[zincoxide]

I've just sent a letter with those exact questions in it.

 

Wonder what type of reply I'll get?!

[Tophat]

NO problem send me your e-mail address by PM and I'll send you the two pages of my court judgement summary where that is confirmed by the Judge ( Recorder)

 

With regrds to your sar info write back to mr Strickley and ask him these questions

1...Why has no Account history been supplied as part of your SAR

 

2...Will he supply the account records of your account that is being processed by Kestrel No 1 Loans Ltd.

 

3...Will he supply a copy of the Title Indemnity insurance document refrred to and contained in and on the Loan agreement. to which you are legally entitled to.. Unless Swift want to continue to flout section 3 of the New Fraud Act 2006, by concealing a document you are legally entitled to see for reason you have paid for it.

 

 

sparkie

 

sparkie

Hi Sparkie

I am new to your forum and only wish I had looked at these sights before I had let Swift take me to court and get a suspendid possession order on my property.I am trying to keep to the court order- but finding it hard. have written to Swift to ask for a refund on charges though they accept they could have been more helpfull they are only willing to pay back £490 or more which is small fry compared to the charges on my account. I would realy appreciate your help in any way. I am scared in one way if I push them to much will they take my house? or should I apply to the court to ask if I can have the case overturned?Have only got a copy of the agreement that they submitted to the court.there is no APR showing under each instalement.plus I was led to believe it would run alongside my mortgage, which isn't the case as it's for 300 payments, credit amount £31,000.00 monthly amount £302.71 which has risen, interest 9.84%pa variable.the loan was taken out in feb 2007

Please help

p.s.Sorry if I have contacted you in the correct way

Tophat

[Tophat]

Hi

 

I am new to this and have just posted a message for SPARKIE and any one else who can help.as I don't think I posted it in the corect way as I can see it looks like it is in reply to another post , So please read past the first bit of other message.

 

Tophat

[Sparkie1723]

HI Tophat,

Can you tell me what your fees and charges are ..ie Broker fee......Admin fee ........and Title Indemnity fee is please............or better still can you post up the 1st page of your agreement ....remove your personal information first of course.

There are legal arguments being formulated that could break a vast majority of Swifts agreements....yours may be one of them.

 

 

sparkie

[Tophat]

Thanks Sparkie for such a prompt reply, unable to scan you a copy but it reads as follows credit £31,000.00 monthly payment £302.71 Though the amonut has gone up number of repayments is 300.Broker fee of £2,000.00 ,loan admin fee £595 title Indeminity fee £135 rate of interest 9.84% p.a variable.there is no apr showing on the agreement. the agreement is the same as SNBailey on one of the forums.I have been intouch with Swift

[Tophat]

Thanks Sparkie for such a prompt reply, unable to scan you a copy but it reads as follows credit £31,000.00 monthly payment £302.71 Though the amonut has gone up number of repayments is 300.Broker fee of £2,000.00 ,loan admin fee £595 title Indeminity fee £135 rate of interest 9.84% p.a variable.there is no apr showing on the agreement. the agreement is the same as SNBailey on one of the forums.I have been intouch with Swift to try and claim back charges that appear on my account.they have are a lot :

Returned payment charge 11 x £33

Arrears Letter charge 19 x £23 and 2 x £12

Monthly arrears charge 21 x £70

Default charge £250

INFORMATION TO AND FROM PRIOR ORTGAGEES 5 X £23 AND 1 X £12

Letter before Action charge £75

Letter Issuing PROCEEDINGS charge 2 x £100

Court fees £150

H M Land Registry Office copies charge £35

Solicitors charge to attend hearing 2 x £65

Issuing a warrant for possession £100

Eviction cancellation £100

Cancelled Eviction - Estate Agents fee £29.38

Solicitors fees - no detail, but on my printed list of transactions I have acharge of £1,298.40 21st sept 2008 plus a further one of £364.26 sept 26th and another for £365 march 2009 which they forgot to disclose in the letter.

What is the best thing for me to do? should I try and see if I can get it back to court or should I send the deyails I have to FLA?

 

Thanks for all your help

 

Tophat

[TonyB33]

HI Sparkie

 

I have had a look at your interest rate although you are being charged on a compound basis they have supplied a simple annual interest rate. I make it

 

Monthly 1.17

Annual Simple14.04

Annual Compound

14.9796547

 

The fact that the agreement is variable the fact that there appears multiple breaches and incidence of sharp practice I think you would have a good chance to challenge your agreement. xxxx has a Solicitor who is very experienced in this area I think they charge £99.00 for a formal review of your agreement well worth a punt

Edited April 17, 2010 by cerberusalert
commercial name removed