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Swift charges - again


garymac2010
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Hi all,

 

Please be patient as im new to all this but am in real dire straits with swift. I took out a secured loan nearly 5 years ago for £5ooo. Due to a missing a few payments along the line and hundreds of calls and letters from Swift it now turns out the balance of the loan is £1400 with charges of approx £13500!! . Any advice would be greatly appreciated

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Hi all,

 

Please be patient as im new to all this but am in real dire straits with swift. I took out a secured loan nearly 5 years ago for £5ooo. Due to a missing a few payments along the line and hundreds of calls and letters from Swift it now turns out the balance of the loan is £1400 with charges of approx £13500!! . Any advice would be greatly appreciated

 

Hi

 

Are you sure of your figures? How long was the loan term? Has any court action taken place?

 

I dont understand how the balance is £1400 but with £13500 charges?

 

Are you sure these are charges and not interest due over the term?

 

Check & re post G

 

Thanks

 

m

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Yes,the figures are unfortunately right. I haven`t had a full breakdown of how these so called charges have occured yet. I am currently recieving upto 4 letters/numerous telephone calls a week regarding 2 months arrears(due to redundancy) despite offering to up the payments to clear the arrears. I even had a home visit by swift last tuesday,so heaven only knows what that is goung to cost. The loan term was only over 5 years,but with these costs it could run on forever!!

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Yes,the figures are unfortunately right. I haven`t had a full breakdown of how these so called charges have occured yet. I am currently recieving upto 4 letters/numerous telephone calls a week regarding 2 months arrears(due to redundancy) despite offering to up the payments to clear the arrears. I even had a home visit by swift last tuesday,so heaven only knows what that is goung to cost. The loan term was only over 5 years,but with these costs it could run on forever!!

 

Hi

 

Well even by Swifts standards, that seems incredible!!

 

Get a full breakdown of costs, and fire them off to David Blocksidge at the OFT.

 

With what happened with GMAC recently and the penalties and fines they incurred, you have a strong case.

 

Dont want to add insult to injury, but your home visit I suspect according to Swifts charges will cost you £250

 

m

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Sorry to sound dumb but what is OFT and GMAC? I shall speak to Swift and try to get a breakdown of all the costs and will re-post. Thanks for the help

 

Gary

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Thanks Lesterlass,it makes for interesting reading! Reading through the posts on this site,it seems im not the only person that Swift are trying to mug

 

Gary

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Has anyone got a letter template to send to OFT regarding charges? I recieved another home visit on Friday evening from Swift,but don`t know why? Getting very down now with all this and just can`t see an end to it all!

 

Gary

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Have recieved another phone call from SWifts `Independant` field agent requesting a meeting at my property this coming Friday. Is it wise to agree to this at my property? Very concerned about this,,,,Help please

 

Gary

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Do NOT enter into any agreement with their so called " Field Agent" ............can you post his name and the company he works for ASAP. It has been discovered that at least one of Swift Advances Plc so called "recomended field agents" does not have any OFT CCA licence and is not on Swift Advances Plc OFT CCA licence and is committing a criminal offence every time the visit one of their customers ..Swift Advances Plc by sending this particular "agent" will be classed as complicit in these criminal offences.

This agent does not have an FSA licence either....only an ICO licence to process data...but not engage itself in consumer credit business

 

Serves them right they should have checked their "agents" credentials first.;)

 

sparkie

Edited by Sparkie1723
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Hi garymac:)

 

Sorry to hear you are having problems with Swift. With regard to the proposed visit by the 'independent field agent', when we redeemed our mortgage with Swift we were charged £250 for a visit from one of their 'counsellors' which had never even taken place (or been suggested for that matter) it turns out this was a default charge masquerading as something else :mad:

 

Was it today they were coming or next friday? Either way keep us posted!

 

Landy x

LTSB PPI on various loans (current/settled) - Refunded inc 8%

 

MBNA 1 Charges - Refunded inc CI

 

MBNA 1 PPI - Refunded

 

MBNA 2 Charges - Refunded inc 8%

 

MBNA 2 PPI - Refunded

 

MBNA 2 Accident Ins - Refunded

 

Swift Advances (settled) Mortgage Charges -Partially refunded

 

Swift Advances (settled) Mortgage PPI - Refunded inc CI & 8%

 

Sainsburys (settled) Loan PPI - Refunded inc CI +8%

 

Sainsburys (closed) Card Charges - Refunded inc CI + 8%

 

M&S Money (closed) Card Charges - Refunded inc CI

 

M&S Money (closed) Card PPI - Refunded inc 8%

 

Direct Line (settled) Loan PPI - Refunded inc CI + 8%

 

Debenhams Card (closed) PPI - Refunded inc 8%

 

Swift Mortgage Charges -Refunded

 

Hitachi Finance (closed) Charges - Refunded

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Hi all,the field agents name was Mr Ken Mcmahon of Excel Counselling services. He was extemeley keen for me to disclose all my finances and outgoings so that "We could come to some kind of payment plan". I informed that I wouldn`t be making any payment plans until Swift can provide me with a full breakdown of all the charges and a copy of the original loan agreement

 

thanks again all

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Hi all,the field agents name was Mr Ken Mcmahon of Excel Counselling services. He was extemeley keen for me to disclose all my finances and outgoings so that "We could come to some kind of payment plan". I informed that I wouldn`t be making any payment plans until Swift can provide me with a full breakdown of all the charges and a copy of the original loan agreement

 

thanks again all

 

As Mr Mcmahon for his Consumer Credit licence issued by the OFT to be able to operate as a Credit/Debt Counsellor ....he has to covered by one .......if not he is committing a criminal offence;)

 

 

sparkie

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What next??

 

Swift continue to call me(probably £30 a go) and keep promising to send out the information requested as long as I make a token payment or set up a new direct debit for outstanding monies. I have informed them again that no further payments will be made until I have received the requested information. Am I doing right???

 

thanks in advance

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Hi garymac, it sounds as if you are suffering financial hardship and should go to the CAB or National Debtline urgently for their help. They will draw up a financial statement and may agree to speak to Swift on your behalf. You must act quickly or Swift will start re-possession proceedings especially if you are not . They are bound by the pre-action protocol. However the repossession process itself racks up extra charges even if you only get a suspended order. You can write to the OFT etc but they won't intervene in your individual case and it sounds like you need personal help now. Are you paying Swift anything regularly?

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