Swift Advances. Secured Loan Charges reclaim 2

[sweetjane]

I agree Coolchris, if it wasn't deliberate, presumably Swift Advances PLC's (Swift 1st's sister company for 2nd charge mortgages) customers will be redressed in the same way? Unfortunately the OFT who regulate Swift Advances plc don't have the same ability as the FSA to order redress. However as it is all an unfortunate mistake and system failure, Swift will want to do the right thing. Those customers have not been "treated fairly" either.

 

I wonder how much effort Swift 1st will put into tracking down families whose homes they have repossessed? Some of those families may have broken down as a result. Swift will have to go to great efforts to redress those people. Would people who have suffered extreme detriment be able to sue for compensation? What cost would the courts put on family breakdown?

 

SJ

[landy_alert]

I agree Coolchris, if it wasn't deliberate, presumably Swift Advances PLC's (Swift 1st's sister company for 2nd charge mortgages) customers will be redressed in the same way? Unfortunately the OFT who regulate Swift Advances plc don't have the same ability as the FSA to order redress. However as it is all an unfortunate mistake and system failure, Swift will want to do the right thing. Those customers have not been "treated fairly" either.

 

I wonder how much effort Swift 1st will put into tracking down families whose homes they have repossessed? Some of those families may have broken down as a result. Swift will have to go to great efforts to redress those people. Would people who have suffered extreme detriment be able to sue for compensation? What cost would the courts put on family breakdown?

 

SJ

 

Totally agree SJ............ALL Swift customers, whether Swift 1st or Swift Advances were treated like cr@p and ALL deserve to be refunded. As someone who narrowly escaped repossession by Swift Advances, my OH took an overdose 'cos he was so ashamed of what he felt he had done to his family and to crown it all we had to pay a ridiculous sum in early redemption fee when we managed to get out of their clutches, I truly feel for those who weren't so fortunate I can't see Swift making the effort to track down those who they previously terrorised and feel that if Swift can get away with paying out the bare minimum they will do so.

 

Our 'loan' was for in excess of £50k, but was a 'second charge' so won't be covered by the FSA ruling. I did manage to get some charges refunded, but only a fraction of what were applied............

 

Landy x

[Swift retribution]

Hi SJ. My home was repossessed and Swift know my new address but only because I was in touch with them trying to reclaim some of the ridiculous costs incurred over the previous few years, and also the unbelievable eviction costs. If others that have been repossessed didn't give Swift their new address what are the chances of Swift trying to track them down? Nil is my guess.

 

I dont think these refunds will add up to much but it's a start. I've sent my complaint to the FOS and they have asked Swift to explain their charges in full. Also, my MP has written to Hector Sants, CEO of the FSA, and his reply is due back by this Wednesday at the latest.

 

I don't hold out much hope but we've all got to try.

[determindator]

I've received a letter from Swift today saying they are repaying some of my costs that they over charged me and others between 2004 and 2009. It's part of the FSA investigation rather than my complaint. At the end of the letter they give the FSA web address for us to see how refunds will be calculated. But oops, they wrote the address down wrong. The correct address is fsa.gov.uk/pubs/final/swift_1st.pdf

 

By the way, I've posted on here many times but I've changed my username for this post.

 

Thank you for this post SR as my agreement started in 2003 and the notice given by the FSA mentions a date from 2007. Funny enough, I received a reply to a letter I sent them and they offered a refund as a gesture of goodwill and I had a certain time in which to respond or lose it! It was negligible compared to the amount I would consider, plus there're trying to ignore my PPI claim and want to charge an extortionate amount to redeem the loan!! So your info is of significant importance. Stay with us:-)

 

A nice big advertisement in National Newspapers to ask anyone who has been affected by Swift Advances to contact the FOS, FSA and OFT to complain and get redress, would be amazing!

Edited September 11, 2011 by determindator
I'm getting into warrior mode

[citizenB]

http://www.consumeractiongroup.co.uk/forum/showthread.php?319635-Swift-fined-by-FSA-and-ordered-to-pay-£2.35m-redress(1-Viewing)-nbsp

[shoops]

Apparently Swift are paying a flat rate of 8% interest to everyone they overcharged. To be honest it's better than I expected but nowhere near the 14% they were charging me.

Edited September 12, 2011 by shoops

[caro]

Apparently Swift are paying a flat rate of 8% interest to everyone they overcharged. To be honest it's better than I expected but nowhere near the 14% they were charging me.

 

Personally I think people should claim the contractual rate they were charged, and I don't think it would be out of order to claim 8% on top of that. If it was necessary to go to court it would be acceptable to claim it, and FOS will often allow it too.

[Mariknub]

Hi Caro,

Should all Swift Advances customers have been notified about this as I have heard nothing at all recently from them ?

I sent the OFT the last letter I received from them mentioning interest, fees etc but have heard nothing back other than automatic acknowledgement...

Has anyone ever contacted their supposed regulatory body "The Finance and Leasing Association" to complain about them?( As Swift mentioned them themselves ,I cant imagine they'd be very helpful1)

Is anyone receiving regular letters/phone calls as usual or has it all gone quiet for everyone?

Also, did anyone else get their secured loan through Personal Loans of Bristol ?

Hoping for some news,

M.

[42man]

The FLA are next to useless in my opinion.....and their members pay them to represent their 'body'.....they won't even make a sound when one of their members gets fined/investigated by the FSA....

[landy_alert]

Hi Caro,

Should all Swift Advances customers have been notified about this as I have heard nothing at all recently from them ?

I sent the OFT the last letter I received from them mentioning interest, fees etc but have heard nothing back other than automatic acknowledgement...

Has anyone ever contacted their supposed regulatory body "The Finance and Leasing Association" to complain about them?( As Swift mentioned them themselves ,I cant imagine they'd be very helpful1)

Is anyone receiving regular letters/phone calls as usual or has it all gone quiet for everyone?

Also, did anyone else get their secured loan through Personal Loans of Bristol ?

Hoping for some news,

M.

 

Hi M,

 

I contacted the FLA when Swift Advances had rejected my complaint and as 42man says, they were no help whatsoever - they agreed with SA's opinion that my complaint was unjustified. Eventually, when there began to be rumblings of the OFT/FSA investigations, I tried again with SA and they did refund some charges...............but my account is no longer operational as I repaid it in full some time before complaining.

 

Landy x

[shoops]

Hi Mariknub

 

What I was referring to (That Caro replied to) was Swift First. They've been investigated by the FSA and made to pay back certain charges and fees that were considered excessive. I don't think it included Swift Advances, although I believe they are also being investigated at the moment (Maybe somebody could correct me if I'm wrong)

 

Apart from this refund which is small compared to the outrageous fees and interest rates I was charged, I've got my MP on the case and she is in touch with the CEO of the FSA and the FOS have also instructed Swift to provide them with all the details from my account so they can look into it. I get the impression that Swift are going to have to be more cooperative in future or risk losing they're license so now is a good time to be demanding answers to questions that they might previously have ignored.

[Dougal16T]

Hi Mariknub

 

What I was referring to (That Caro replied to) was Swift First. They've been investigated by the FSA and made to pay back certain charges and fees that were considered excessive. I don't think it included Swift Advances, although I believe they are also being investigated at the moment (Maybe somebody could correct me if I'm wrong)

 

Apart from this refund which is small compared to the outrageous fees and interest rates I was charged, I've got my MP on the case and she is in touch with the CEO of the FSA and the FOS have also instructed Swift to provide them with all the details from my account so they can look into it. I get the impression that Swift are going to have to be more cooperative in future or risk losing they're license so now is a good time to be demanding answers to questions that they might previously have ignored.

 

Evening all,

 

It is important (I think) to note that whilst Swift 1st are currently in the firing line', they are the parent company for Swift Advances plc, as I understand it. The reason it seems is that Swift 1st only offer 1st Mortgages and Swift Advances only offer 2nd Mortgages.

 

I also think it possible that in reality the 'Swift' group did very little(by compaison to others) in the 1st charge market but concentrated on second charges and the sub-prime market.

 

I have already been in touch with Swift Advances plc for a refund of my fees and charges at the rate of 8%, but in my request I indicated that I reserved the right to amend that request. looking at my figures again I had a second mortgage with them for £16,500 and six months later they wanted £31,000 to redeem!!

 

I shall spend the day tomorrow redrafting my request!!

 

 

.....in the meantime,

 

Best wishes to all my fellow caggers,

 

Dougal

Edited September 14, 2011 by Dougal16T

[shoops]

You may be able to answer something for me Dougal. Mine was a 1st mortgage with Swift First and all the paperwork has Swift First letter heading....until they sent replies to my SAR, and the two letters they sent (on totally different occasions) were both on Swift Advances letter heading. Any thoughts?

[Dougal16T]

Hi Shoops,

 

I wish I could answer that. I just do not have any sensible explanation.....I don't have any insensible ones either!! I do think everything will 'come out in the wash' as my Mum used to say!!

 

Best wishes to all

 

Dougal

[sawyer]

Can somebody please post up a legible copy of Swift 1st tariff of charges please

[shoops]

Sawyer, I've attached 2 files to this post. Are they what you are after? They are both Swift First tariff sheets.

scan1.pdf

scan2.pdf

Edited September 15, 2011 by shoops

[PeterT1953]

Not sure if this is of any help but the FSA have just fined Swift 1st Limited £630,000 for treating customers unfairly. They have also agreed to pay redress to customers that they have overcharged, an amount estimated to be £2.35m.

[JOES MY LANDLORD]

They say only first borrowers are included not second mortgage borrowers

[shoops]

I spoke to Swift earlier regarding the interest they're paying on the refunds the FSA have told them to make. In my opinion it's obvious Swift should be paying back the interest I paid on the debt (10.5%) and then they should pay interest on the refund amount because they shouldn't have had it in the first place. No surprises that they refused categorically but the thing that irritated me most was this....their argument that they didn't have to pay back all the interest I've paid, or pay interest for the fact they've been holding my money, was that the FSA hadn't told them to. Thanks FSA. So Swift can lend us money and charge interest, but when we "lend" them money they don't have to pay us interest. What chance do you stand when the governing body come up with rulings like that?

[JOES MY LANDLORD]

I spoke to Swift earlier regarding the interest they're paying on the refunds the FSA have told them to make. In my opinion it's obvious Swift should be paying back the interest I paid on the debt (10.5%) and then they should pay interest on the refund amount because they shouldn't have had it in the first place. No surprises that they refused categorically but the thing that irritated me most was this....their argument that they didn't have to pay back all the interest I've paid, or pay interest for the fact they've been holding my money, was that the FSA hadn't told them to. Thanks FSA. So Swift can lend us money and charge interest, but when we "lend" them money they don't have to pay us interest. What chance do you stand when the governing body come up with rulings like that?

 

They told me the same. That's why I filed a complaint with FSA and FOS. Although a tiger with one tooth can't hurt the more teeth the bigger the bite. FILE A COMPLAINT AS I HAVE

JOES MY LANDLORD:mad2::mad2:

[shoops]

Recently my MP got in touch with the FSA regarding my account and repossession. She got a reply from Clive Adamson, Director Of Supervision/Conduct Business Unit. He pointed me in the direction of the FOS regarding my complaint, but he added that Swift were carrying out this redress programme, so I've written him a letter today pointing out that with the FSAs blessing, Swift have paid back less then many of us paid to them. (If your interest rate was over 8%) And on top of that they will also be keeping the interest that 2 million pounds has made them over the years instead of it earning interest in our bank accounts where it should have been.

 

I await the fudged reply.

[Mariknub]

Hi Shoops and anyone with an M.P. helping them with Swift problems, arrears, repossession etc.,

 

Have just got an appointment with mine and the secretary asked me if I had any names of M.P.s already involved to speed things up etcso they can share info etc. instead of starting all from scratch...(makes sense!)

 

So, can anyone help with just giving M.P's name and constituency please?

 

Many thanks,

M.

[JOES MY LANDLORD]

This 8% interests me as i was in court with SWIFT who stated under oath that their cost of borrowing was 12% when the judge was determining the interest during my time order.

[spot]

Keep in your back pockets where interest charges are concerned the Sempra Metals vs Inland revenue case law....google it...

Edited September 21, 2011 by spot

[overdone]

Totally agree SJ............: I can't see Swift making the effort to track down those who they previously terrorised and feel that if Swift can get away with paying out the bare minimum they will do so.

 

Our 'loan' was for in excess of £50k, but was a 'second charge' so won't be covered by the FSA ruling. I did manage to get some charges refunded, but only a fraction of what were applied............

 

Landy x

Well for all my letter writing I never got a penny back from Swift for all my charges so I am lost as to what change has happened to shake Swift into refunding anything ever.