Swift Advances. Secured Loan Charges reclaim 2

[jacqui_o]

What doea the smile mean? and can anyone give me some pointers given this payment isnot showing on the disbers sheet???

[determindator]

If the case against Barclays was successful in that they gave bad and inappropriate financial advice, surely we have the same claim to that argument against Swift.

[Smarterchick]

If the case against Barclays was successful in that they gave bad and inappropriate financial advice, surely we have the same claim to that argument against Swift.

 

I wonder who'd be daft enough to take financial advice from Swift? You'd need a lie detector in your pocket.

 

Actually, it would be against the broker anyway rather than Swift as they would claim they do not offer any advice (which is probably just as well given the lies they tell in normal life) to the account holder. So no fiduciary duty hangs on Swift. You'd be better to look into what they do and how they do it than trying that on as they'll wriggle out of it like a snake in jelly.

[Dougal16T]

Morning all,

 

Nice one SC - I couldn't have put it better myself!!

 

Keep on at them folks...........their time is almost at end methinks....

 

As always

 

Dougal

[jacqui_o]

So even although have had added it to my loan and are charging intereston it for 25 years, theya re in no way responsible for it?....

 

I keep asking. it appears on my original documentation but no where else...... never got any paper work for it.......... and it is not on the disb sheet........

[pkelly]

http://www.discountedrealestatemortgagenotes.com/swift-investigated-by-fsa-over-arrears-handling/

 

the more this is pasted over the net the more people will see their time is almost up

 

Swift Advances has revealed that it has been investigated by the Financial Services Authority over its handling of customers in arrears.

 

In its annual accounts for the year ending March 31 2010, the first and second charge mortgage lender says the group received formal notice of the FSA’s decision to commence an investigation into aspects of its arrears handling and lending practices on July 31 2009.

It says the group is co-operating fully with the on-going investigation.

Its accounts also show the group has identified an anomaly in its mortgage administration system in respect of the determination of the amount due by some customers for early settlement of their mortgage, which has resulted in customer detriment.

The group says it has resolved to undertake a redress programme for those FSA regulated mortgage customers and unregulated mortgage customers affected.

its accounts say: “As a result of the above the directors currently estimate that the group is likely to incur £9.4m of costs, comprising £1.4m in respect of costs already incurred and £8m in respect of further costs that could be incurred, relating to legal and professional costs, a potential fine and costs implementing any redress programme.”

The Essex based lender filed its accounts on December 9 2010 and it is not known whether the FSA has taken any action against the lender or intends to.

Swift Advances is also subject to a similar industry investigation being conducted by the Office of Fair Trading into the practices of lenders in the second charge mortgage market. Its accounts says it is also co-operating fully with this investigation.

It accounts say: “On November 10 2010 the OFT advised that it is minded to impose requirements under section 33A of the Consumer Credit Act 1974 in relation to activities which are conducted under Swift Advances and Swift Securities Limited credit act licences.”

Swift Advances is regulated under the Consumer Credit Act in respect of second charge lending and Swift 1st is regulated by the FSA.

[pkelly]

http://www.mymortgageonline.net/33793/swift-investigated-by-fsa-over-arrears-handling/

[pkelly]

http://www.mymortgageonline.net/33793/swift-investigated-by-fsa-over-arrears-handling/

 

Swift investigated by FSA over arrears

 

handling

 

Swift Advances has revealed that it has been investigated by the Financial Services Authority over its handling of customers in arrears

[determindator]

The point is Swift were selling a product which was not in the interest of the consumer. It doesn't matter how it was sold it was their product and their responsibility.It was this type of product which brought the the financial world to it's knees. Loads of people who couldn't afford the repayments and exit fees. Why would you give the worst interest rates to those who can least afford it?

 

I'm just putting the ethical side to it, a debate for those in power.

[pkelly]

http://www.cityam.com/news-and-analysis/fsa-probes-swift-mortgage-firm

 

FSA probes Swift mortgage firm

 

 

Tuesday, 21st December 2010 BANKING

 

 

MORTGAGE company Swift Advances has been under investigation by City watchdog the FSA since July 2009, the firm revealed in recent accounts.

The public company said the group is likely to incur £9.4m of costs linked to the probe into its handling of mortgage arrears and lending practices, including a potential fine.

The Office of Fair Trading is also investigating the company under the Consumer Credit Act 1974.

The lender, which deals with customers unable to secure credit elsewhere, turned over £128m in the year to 31 March, its accounts noted – £108m of which was used to repay debts and meet interest costs.

[pkelly]

http://www.missoldmortgageclaims.co.uk/news/2010/Dec/lenders-continue-to-face-fines-for-not-treating-customers-fairly-98409674.html

 

Lenders continue to face fines for not Treating Customers Fairly

Tue, 21 Dec 2010

Lenders continue to face fines from the Financial Services Authority (FSA) for not treating customers fairly when they are struggling to make mortgage payments and have been in arrears. Specialist and sub-prime lenders, Kensington Mortgage Company, GMAC-RFC, and Redstone Mortgages have all been fined by the FSA and, are now likely to be joined by Swift Advances who are being investigated for there treatment of customers in arrears . It has been reported that there are another five firms undergoing an FSA investigation for similar breaches.

 

New rules introduced by the FSA this summer have made lenders more accountable in how they treat borrowers. Swift Advances, however, is reported to have breached regulations in 2009 and has also had its lending practices questioned. It has also been confirmed that a number of customers have suffered financial loss due to an "anomaly in its administration," this has resulted in higher charges for the early settlement or redeemed accounts.

 

Swift Advances is regulated under the Consumer Credit Act (CCA) in respect of second charge lending, often referred to as loans, and Swift 1st is regulated by the FSA.

 

The FSA refused to comment on the matter and it is not yet known if any action or fines will be imposed. Swift has confirmed that they are cooperating fully with the investigation and have made allowances for any redress and fines.

[pkelly]

http://www.mortgagestrategy.co.uk/fsa-probe-into-arrears-handling-could-leave-swift-with-%C2%A394m-bill/1024287.article

 

Swift Advances is also being investigated by the Office of Fair Trading.

 

 

I remember singing this song with sparkie not so long ago lol

well the words were different but johnny ended up heading for the hills in it also lol

Edited January 20, 2011 by pkelly
sp

[pkelly]

http://www.compliancy-services.co.uk/news/article/585/swift-investigated-by-fsa

Mortgage lender The Swift Group is being investigated by the Financial Services Authority (FSA), it has been revealed.

The firm, which is the parent company of Swift Advances, said in its annual accounts for the year ending March 31st 2010 that the FSA announced its intention to investigate in July last year over its handling of customers in arrears, reports mortgagestrategy.co.uk.

Furthermore, it has identified an anomaly in its mortgage administration system over the calculation of the amount due by some customers for early settlement of their mortgage.

This, it said, has led to customer detriment, likely to lead to large costs for the group.

"As a result of the above the directors currently estimate that the group is likely to incur £9.4 million of costs, comprising £1.4 million in respect of costs already incurred and £8 million in respect of further costs that could be incurred, relating to legal and professional costs, a potential fine and costs implementing any redress programme," said the accounts report.

It follows the recent news that the FSA has more than doubled the amount of fines it has handed out in 2010, compared to last year.

Posted by Tony Miller

[determindator]

Where do the fines go to? If any of the bodies want to be practical, recompense us and allow us to be set free from Swift.

[pkelly]

http://www.thefreelibrary.com/ORPHANED+..%26+NEARLY+HOMELESS%3B+Loan+firm+in+threat+to+sell+sisters'...-a0177662676

 

remember what these buzzards have done to hundreds of decent people over a few pounds.

IF YOU TAKE ANY LOAN FROM THEM NO MATTER HOW LITTLE.

IT IS ONLY A MATTER OF TIME BEFORE YOU LOSE YOUR HOUSE.

if you get into dept that is. and it wont be hard to do this as they keep upping the payments every few months

[pkelly]

Where do the fines go to? If any of the bodies want to be practical, recompense us and allow us to be set free from Swift.

the money keeps them in wages after all it takes them years of paperwork and red tape messing about before they do anything,

then its only a slap on the wrist. look up KPMG`S records in America, they got a slap on the wrist, and guess whos books they do ??

 

meanwhile good honest people have lost their homes to say the least others have lost their lives

Edited January 20, 2011 by pkelly
sp

[Dougal16T]

Good morning all,

I have a claim in Court against Swift for commission paid to the broker and I have already notified Swift that hey are on notice to check my mortgage redemption figure as it appears to be incorrect!

 

Well (often deep and containing water, often with tragic consequences to those who descend into its depths!)- they have dug a hole for themselves haven't they!

 

Let's hope that we get our money back, disgusting that those who lost their homes cannot recover them, but let us hope they will see some form of recompence.

 

As ever

 

Dougal

[frettful38]

Well for anyone who ever doubted sparkie after reading the above info by pkelly, now how do you feel???????????????????????????

[andrew1]

Well for anyone who ever doubted sparkie after reading the above info by pkelly, now how do you feel???????????????????????????

 

Sparkled! - 76 times

[frettful38]

Sparkled! - 76 times

 

 

Yes andrew, hope your doing well and a big and another :whoo:to you and our electrician, finally a breakthrough .

 

Wonder which big lender will be next on the list to get a wolloping because if it is my one well that I did not take as a compliment when I requested some info from them to which they replied "WE OPERATE SIMILAR TO SWIFT"

 

and after seeing all that info about swift above I should be panicking even more than I am, which trust me don't take me long LOL.

 

LOL, what a bunch of jokers hey

[frettful38]

I agree 100% andrew, and no that some people or some companies would rather cut off their nose to spite their face. About time the shoe was on the other foot............these companies have been driven by greed and words will never be able to describe the suffering that so many have gone through and still are.

 

Trying to get any sense, truth, honesty information and even what your rights are from these companies is like trying to raise the dead.....

 

You are correct that truth and justice always catch up in the end as we reap what we sow as Swift and many other creditors/lenders are facing today with so many being issued with fines from the FSA & OFT.

 

Wishing you, sparkie and all those who have/are suffered by this company the very best of luck and hope that soon this will all be over and everyone can concentrate on trying to re-build their lives to some kind of normality that once was enjoyed.

 

I am more than certain that there is much more to come from all of this, and things will not be as cut and dried no matter how swift try and make out.

 

Sparkie was right then, there was a pot of gold at the end of the rainbow and santa is real LOL!!!!!!!!!!!

 

Good luck to each and all xxxxxxxxxxxxxxxxxxxxxxxxxxxx

[Smarterchick]

As I have found with other companies I have investigated and put pressure on and even professionally supplied people to work on behalf of clients, when these type of companies are held to account or set out to circumnavigate their responsibilities one only has to follow the money to find out eventually exactly what they are doing. Had they addressed many if not most of these issues herein described in this thread when they first were made aware of them, then doubtless none of these pressures from the OFT FSA (or even Sparkie) would have emerged. But they didn't and they will suffer the consequences

 

Justice and truth always catch up in the end - they are a wounded animal and it is only a matter of time before they realise there was always a sensible way out if only they had taken the bait. It's still there if they want it, but Swift being Swift have an arrogance which is hard to climb down from - reality will soon take precident - or so I am told.

 

Keep the faith...

 

 

 

You're damned right A1. How many of us have lived in denial over one thing or another in our lives? Once the reality sets in then and only then do you get to the core of the problem. Swift are in denial and have been for years. They live by stealth taking people to court, repossessing them by throwing big time lawyers and barrister at us because they have the money to do it and get away with intimidation.

 

If only they'd face reality and admit their errors like any other business then they may have protected those poor staff in Brentwood who they have and their families who rely upon them for their own livlihoods - I wonder if they ever think of them? How many staff will lose their jobs in that building if the OFT whip their licnece off them because of their business practices - it'll all come back to bite them on the bum shortly you wait and see.

 

Sparkie and all the rest deserve bl***dy medals for the work they have put in barrack room lawyers or not, they have worked damned hard to find out what they have and I know some are suffering dire financial pressures just to see this through so a big thank you to all of them seen or unseen, but Swift will not prevail in all this unscathed as the reality has not yet reached Brentwood or Bedford St...when it does, then the ****e will hit the fan.

 

SC

[pkelly]

lol yep every day is a swift day lol

read this, I am just off the phone to the godfather himself

What the law says

 

Protocol 1, Article 1: Protection of property

Every natural or legal person is entitled to the peaceful enjoyment of his possessions. No one shall be deprived of his possessions except in the public interest and subject to the conditions provided for by law and by the general principles of international law.

The preceding provisions shall not, however, in any way impair the right of the State to enforce such laws as it deems necessary to control the use of property in accordance with the general interest or to secure payment of taxes or other contributions or penalties.

Example cases

 

Howard v United Kingdom (1985)

An authority sought to compulsorily acquire a house for housing redevelopment. The European Commission of Human Rights held that the question in such cases was whether the public authority had struck a fair balance between the rights of the individual property owners and the rights of the community, in any expropriation of property. A significant factor in any such balance will be the availability of compensation reflecting the value of the property expropriated.

(Case summary provided by the British Institute of Human Rights)

[pkelly]

The electrician has just come off the phone with someone in the press who is going to locate the article/ story where, in an interview with Mr John Webster, it states quite clearly publicly and is recorded as saying “ Even though most of their agreements are unregulated "Swift’s" interest rate is calculated as an APR to assist the borrowers in knowing their interest rate (or words very similar to this).

But in Court proceedings and letters to borrowers (“Swift Advances” letter heads remember ….unlicensed trading style) they say their interest rate is not an APR as unregulated agreements are not covered by the CCA Regulations.

Conflicting Misrepresentation of facts

then again what new........

[Gallahad]

You know i kinda guessed the electrician would be making even more sparks fly right about now.

Go Sparkie Go Sparkie Go Sparkie:whoo: