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swift advances charges help!!!!please


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hi guys

 

i am in the same situation. i took a secured loan with swift advances in 2005 of roughly £29k i have to date paid back £40k i was in arrears last year and they are saying i still owe them £66k ontop of what i have paid back, apparently this is all the charges for the period i was in arrears!

 

I am at my wits end not knowing what to do. i cant afford to carry on paying and why should i, i have already paid back what i borrowed plus interest!

 

i have asked them to send a breakdown of charges and that was in |November 2012, nothing to date. I have just sent a SAR to them. Not quite sure what i need to do. PLEASE SOOMEONE HELP!!!!

 

thanks

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Hi Hunter, I am so sorry to hear about your particular case with swift also. There is so much I would like to tell you about what I am doing but I don't want to post it as Swift spies will probably read. Can you send me a private message with your email and I will be happy to talk to you. You can in the meantime put in a complaint to the financial ombudsman as well as the OFT who have an interest in Swift.The more of us individually who put in a complaint the better.

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I along with lots of others have all been in the same situation regarding these charges which incur interest at the same rate as your loan for the full term of the loan agreement so a £35 charge could end up being a charge costing thousands over time.I personally have complained to the OFT and submitted a complaint to the FSA/FOS who after rejecting my argument the first time round have been digging around more after i submitted the Transaction and Payment records along with the Actuarial Accrual Accounts summary, all obtainable via a DSAR request from Swift.The last response i had from a FOS adjudicator called Shirley was that Swift had stopped responding to her information request in December.Here's waiting for a good outcome but I'm not holding my breath as many have said on here and the Legal beegles website Swift are a pretty tight knit firm with all bases covered.

Adaeze01 i would be interested in knowing more about what you are doing against Swift.

Edited by Cvsc
spelling mistake
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Hi Hunter, I am so sorry to hear about your particular case with swift also. There is so much I would like to tell you about what I am doing but I don't want to post it as Swift spies will probably read. Can you send me a private message with your email and I will be happy to talk to you. You can in the meantime put in a complaint to the financial ombudsman as well as the OFT who have an interest in Swift.The more of us individually who put in a complaint the better.

 

 

Hi sorry

 

How do I send a private message

Am new and I think I am doing it right but I don't think you have recieved any messages from me

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you've got a long wait, will take near to 6 months

John...whats the rush? so long as the ombudsman comes to the rightful decision.My complaint has already been with FOS for several months now and has been with the fos adjudicator for that time whilst she has been in touch with Swift to try and get them to explain the charges but it appears they think they can justify the charges of £13000, so a little longer makes no odds to me.

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the thing is Swift will still be charging interest to your account and the FOS will not find in your favour. Sorry to sound so negative but the FOS are toothless, I have been there.

Not in my case John as they took my house about 3years ago after i gave up the fight against them then as i was overwhelmed by the cost and charges imposed on me and at the time could see no way out.After recently researching the many cases that have been made against Swift i decided to state my case to both the OFT and FOS. As you will be aware the OFT imposed substantial fines against Swift regarding there processes and charges imposed against customers facing debt.My complaint has gone to the next stage with fos as the adjudicator has exhausted her powers and feels there is a case to be had against Swift so is now passing this onto an actual Ombudsman for case review.This is what the adjudicator emailed to me, " whilst an adjudicator can recommend a particular outcome an ombudsman can demand it."

So from this i feel there is hope that something may well be done about the excessive charges Swift impose against customers in debt.

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Update regarding Excessive charges complaint with FOS.

Decision received today from the FOS adjudicator that states that following the review of charges placed on my account over the years in particular charges relating to "arrears" despite correct payment being made in that month albeit not on a particular day "We would not expect to see arrears or other charges in any one month"

"In order to settle this complaint Swift should now reconsider ALL charges and make an offer taking into consideration of the FOS findings"

However Swift have decided to ignore this request so now goes to the Ombudsman within the FOS who can force Swift to comply with there request.

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Great news trucker. I believe adjudicators are more dedicated in their approach to a complaint and more thorough. When many people have the same problem then there's a case to answer too so no one can deny this predatory product is causing misery and detriment which must be stopped. I would say to all, get your complaint off to the FOS and the OFT.

 

I have also been guided to the UTCCR's http://www.e-lawresources.co.uk/Unfair-Terms---Regulation-by-statute.php which could well be where the answer lies to help. I like section S11 but lots to read and see what applies in the case of Swift.

Edited by determindator
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Hello,

 

I am happy to be contacting you as I feel alone in a terrible situation I am in between myself and Swift Advances/Loans.

 

I borrowed £6k in August 2007 to pay for a new heating system (I had not long bought a flat and within a month the heating system needed replaced, at £3k - I had just finished studying a degree full time and had no money, I borrowed extra £ to clear some debts and put a new bathroom suite into my new flat). I have been paying Swift £101 per month since then however have managed this account poorly and each month been charged £64 for a late payment. I have paid them £101 approx since the loan started, with some arrears building up.

 

Today - 5.5 years after taking out the original loan, they say I am due them £12.?K - this is unreal!!!!!! I have paid them so much and the debt has only risen. This is unjust surely???

 

Glad to be joining the group.

 

I had in Sep 2010 started a full time post-grad degree and this created more financial difficulty, that Swift have taken advantage of.

 

I am now paying them £150 per month - and that is just "INTEREST ONLY". I am still a student (not long now), but feel that this cannot be lawful. All the money I have paid them to date. They say I have a arrears of £1.8K, loan is £10K and I am only paying interest of £150 every month. Even though I have been paying this loan for several years.

 

Your views, much appreciated. I will not stand by this quietly.

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  • 2 weeks later...
Hi Hunter, I am so sorry to hear about your particular case with swift also. There is so much I would like to tell you about what I am doing but I don't want to post it as Swift spies will probably read. Can you send me a private message with your email and I will be happy to talk to you. You can in the meantime put in a complaint to the financial ombudsman as well as the OFT who have an interest in Swift.The more of us individually who put in a complaint the better.

Hi adaeze

 

I have not heard anything from you please do get in touch

If anyone else can help also please please get in touch

 

Thanx

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Hello,

 

I am happy to be contacting you as I feel alone in a terrible situation I am in between myself and Swift Advances/Loans.

 

I borrowed £6k in August 2007 to pay for a new heating system (I had not long bought a flat and within a month the heating system needed replaced, at £3k - I had just finished studying a degree full time and had no money, I borrowed extra £ to clear some debts and put a new bathroom suite into my new flat). I have been paying Swift £101 per month since then however have managed this account poorly and each month been charged £64 for a late payment. I have paid them £101 approx since the loan started, with some arrears building up.

 

Today - 5.5 years after taking out the original loan, they say I am due them £12.?K - this is unreal!!!!!! I have paid them so much and the debt has only risen. This is unjust surely???

 

Glad to be joining the group.

 

I had in Sep 2010 started a full time post-grad degree and this created more financial difficulty, that Swift have taken advantage of.

 

I am now paying them £150 per month - and that is just "INTEREST ONLY". I am still a student (not long now), but feel that this cannot be lawful. All the money I have paid them to date. They say I have a arrears of £1.8K, loan is £10K and I am only paying interest of £150 every month. Even though I have been paying this loan for several years.

 

Your views, much appreciated. I will not stand by this quietly.

 

So Eco am I right you have repaid iro £6k + to Swift? This means there's still £4k to repay on the principal borrowed. At the moment you are still repaying the money you borrowed but I do appreciate what you are saying about the redemption figure. Are you suggesting you are in a position to repay the amount borrowed but you were shocked at the redemption figure, as we all are on the loans! Ask them for an early repayment figure if you were to pay the rest of the amount you borrowed, and up date us on their response.

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