swift sterling -

[thorntondog]

hi,

I dont know what bank SS are with, but i got my reference numbere by phoning swift sterling direct, just dont be bullied by them if you need to call.

[miket23]

hi there

i have been reading the above and al not surprised at swift sterlings behaviour - they are rude and obtuse every time you speak to them = even when you are applyign for a loan...

i was frustrated after successfully paying back 1 of their loans as they wouldnt accept a part payment - so i did a bit of homework on how to exact revenge.....

unbeknown to me at the time of taking my first 2 loans with them you can cancel the agreement up to 14 days after it has been arranged - and then you get 31 days to pay off the fee - so in essence you get 14 more days to find the fees owed and also under contract they have to waver all the interest charges also!!!

i did this and never used them again and it felt GREAT - as they dont use any form of credit agencies my cancellation hasnt affected my credit rating at all - not that i care cos i refuse to lend any more!!!

so in short i borrowed £820 from them on 27th June and informed them of my wish to cancel on the 8th july - paid back my £820 - with no interest at all - on the 6th july!!!

they sent me a few emails inviting me to loan again - yeah right cheers swift sterling - any1 wanting to reak revenge like i did go ahead!!!!!

[Bluedaz76]

Hi im in the same mess as alot of people, was just wondering how much they myther your employer when you default...?

[sillygirl1]

It is illegal for them to inform your employer that you are in debt, it is also against the OFT Guidelines for Debt Collection and the Data Protection Act.

 

If they call at work send an email stating you will be automatically recording all calls and you only want to communicate in writing. All calls will also be reported to the appropriate authorities.

[thorntondog]

That is absolutley correct and Just to reassure you, I defaulted on five payday loans in March 2011 and none of them contacted my work to my knowledge. I am still paying them off at 5 pound a month. They just passed the debt around and in the end accepted my offer.

 

So many people are now defaulting on payday loans now because they are so easy to get and when you are desperately skint, cant make ends meet with no other option you just apply. What payday loans dont check is how many other payday loans you have. i admit I have been an irresponsible borrower but they are also irresponsble lenders. A bloke on the news this week had 65 payday loans. - so that's an example of how out of hand it could get.

 

The loan company that I had a major problem with who called my work loads of times and gave me many intimidating, bullying phone calls was a company called FINANCIAL PLUS. they were relentless.

 

they were not a payday loan company though. The way I stopped them hassleing me was to report them to the financial ombusdman. I didi get a ccj in the end but it was a relief to get them off my back. I pay them 5 pound a month.

[Bluedaz76]

Thanks im going to call them tomorrow and tell them i cant make this months payment and try and workout a payment plan. I borrowed £800 from swift so owe £1055 and £400 from payday express. The payday espress one i borrowed months ago and they keep charging me £100 to roll it on a month. must of paid them double i borrowed. thanks again for your help.

 

It is illegal for them to inform your employer that you are in debt, it is also against the OFT Guidelines for Debt Collection and the Data Protection Act.

 

If they call at work send an email stating you will be automatically recording all calls and you only want to communicate in writing. All calls will also be reported to the appropriate authorities.

[thorntondog]

Good on you. Now be prepared for them not to accept a repayment plan - just say you can only offer x amount, they will refuse it. just ask for their bank details and start making your offer.

 

 

dont forget, once you default, the balance becaomes due so they can't add any interest. all you owe is the loan plus one months interest.

 

They will give you extortionet figures but keep calm, keep paying your offer every month by standing order with the bank details. you will get phone calls for about six weeks, just decline security questions and ask them to respond by email only. Thye will probably ognore your request. eventually they will accept your offer, probably in about two months!!

 

My advice is pay your samll offer monthly and dont be intimidated or bullied by their calls. you will feel so relieved.

 

good luck

[ivansmagic.]

Hi, I have read this with great interest as I think I may have to default with swift sterling, txt loans and wage day advance. I am happy to enter repayment plans but it does not sound like swift sterling are open to this !.

 

My main question that does not seem to be covered her is, has anybody actually had someone appear at there door for doorstop collection ???? this is a huge concern to me with my children in the house.

[asmilecostsnothing]

Hi Chalmag

 

A lot of times this is the first of an 'empty threat'

you've not much chance of seeing anybody nor do you have to answer the door.

 

I think there is a templated letter you can use if they do try this which tells them that can't call unless by agreed appointment which you have no intentions of making

 

Try not worry just get in contact with them first (keep to writing only)

[setterguy]

I have just started to pay Swift Sterling £10 a month after finding their bank account details here.

 

They steadfastly refused to give me bank a/c details direct, despite my offers of instalments.

 

They have now passed on the debt to CRS( £259 ). What can I expect from them and how should i respond?

 

Can I expect huge admin fees from CRS?

 

Thanks

 

Setterguy

 

Thanks in advance

 

Setterguy

[asmilecostsnothing]

Hi setterguy,

 

I can't proclaim to know much about either but think I'm in a similiar situ with a different company, I'd continue with making payments to direct lender/PDL company, rather then CRS

Can't see then how they can claim large admin figure for collecting if you have cut them out the equation... and where they haven't made it known your account was being transferred (?)

 

Remember the OFT (Office of fair trading) line to quote... "levy charges that are disproportionate to the main debt and which do not reflect the actual, necessary cost of recovering a debt"

 

Have you got your original contract when you took loan out?

Perhaps someone else can advise to

[setterguy]

Thanks for the input.

 

To be fair Swift Sterling have been threatening to move it on to DCA ( obliquely ) as they have refused point blank to let me pay back in instalments. It's only via CAG that I found the bank a/c details and started paying back under my own steam.

 

CRS are e-mailing me now but I've told them I've started to pay SS back direct - we'll see what hapens ...

[thorntondog]

You are definitely doing the right thing by making small payments by standing order and just pay ss direct cut out the DCA (the DCAs get really annoyed when you cut them out- it can be quite amusing). Once I told a DCA I was paying the original creditor and they got annoyed and said ' you can't do that' I replied ' I can, my debt is not with you and I wont be paying you"

 

 

Ignore all threats and avoid the phone because if you get into a converstaion it can make you feel upset. Dont give them security details then the call has to end!!

 

 

While you're paying you are taking responsibility for your debt and ther's nothing they can do. they cant refuse your payment

[benregis]

Have just had a horrible call from Clarity at work. My Swift Sterling debt was held by one company to whom I'd written to try and sort out a payment plan, in the meaning, unbeknown to me it had been passed to Clarity. They weren't abusive, but the call has left me feeling quite shaken - they just nagged on and on, while I was trying to get off the phone as the whole conversation was taking place in front of my boss and work colleagues. Very embarrassing.

 

I've come to an arrangement with Wonga and Open Door Loans, and am trying to sort something out with Quick Quid (who have generally been fairly helpful - although they won't give me their bank details - any ideas anyone? so I can set up a standing order), Mini credit (who are unhelpful), and Swift Sterling (nuff said)

[thorntondog]

That is not on. They have no right to phone you at work. I think there is a letter template in the library.

 

Write to clarity and ask them to remove your work number from their contact list- explain you are willing to communicate through email, but your job could be in jeopardy if you recieve personal calls at work. It does shake you up and makes you feel low and embarressed. I t's a horrible experience - I used to get nervous every time the phone rang at work - you dont have to put up with it.

 

Explain you will report them to the financial ombusdman if they phone you at work again.

 

Bloody cheek- It's not a crime to be in debt you are NOT a criminal so they can take a run and jump -pay them a £1 a month.

[Bluedaz76]

Thanks im going to call them tomorrow and tell them i cant make this months payment and try and workout a payment plan. I borrowed £800 from swift so owe £1055 and £400 from payday express. The payday espress one i borrowed months ago and they keep charging me £100 to roll it on a month. must of paid them double i borrowed. thanks again for your help.

 

Hi i just wanted to update on what's been happening and ask a question - with my pay day hell.. I defaulted on both my swift sterling and pay day express loans. had loads of phone calls. I spoke with pay day express at first and told them my financial situation and they demanded i paid all the money straight away. wouldn't accept a payment plan. I set up a standing order of £5 a month and i just keep sending them emails saying im committed to paying what i borrowed plus 1 months interest. i will continue to pay £5 until such time i can afford to pay more. I've had a couple of letters/email saying they will send me to court and they will send out door step collectors but nothings happened since. Swift sterling were quite good a first, they spoke with me and gave me about 7 wks to pay in full, no phone calls or harassment then, but since i couldn't pay it got passed to crs. They were on the phone non stop, also sending emails. i spoke with them and they were extremely rude. Said i had by the end of the month to pay or extra charges, send you to court etc. They even said if you pay it off in full you can re loan with swift straight away..to which i said that sounds like responsible lending ! he said that its my best option. anyway set up a standing order direct to swift sterling, with regular emails to them stating the same as payday express. Anyway this week i got an email saying it was being passed to Clarity debt collectors. So i emailed them before they contacted me and said im paying swift sterling £10 a month and that im in financial difficulty and im hoping to pay the outstanding balance as quick as i can. Today i got an email response from clarity saying my account with them has been closed and passed back to swift sterling..........So anyone know what they will do next ???

[ksmiggy]

Swift Sterling lol, what a joke , I had both them and CRS telling me they don't do payment plans, they both refused negotiation other than pay in full, so in the end I wrote to them telling them their behaviour was unreasonable, told them to either negotiate with me or take me to court, where I could detail their behaviour and extra charges. still not heard back from them, guess they're thinkng it over lol.

[benregis]

Hello again,

Latest news is that Clarity are finally being sensible and I've started up a payment plan with them. Only company I am still having major problems with is Mini Credit (no surprise there). I have written to them and emailed them and am getting either completely silly replies or letters that suggest that I've never written to them at all.

 

Am also slightly confused by the situation with Lloyds - the one debt was passed to AIC, who appeared to agree with my repayment plan, but now appear to be saying something completely different. So that's still in process of being sorted. Quick Quid's repayment plan should have started a few days ago, but there's been a complication. My bank inadvertently put through 2 payments to my mortgage company instead of one, I will get the money back but until it's sorted there's no money for QQ. I'm just trying to fend them off for the moment and hope to be able to put the payment through next week. Why does life have to be so difficult???

[Hay]

I need to default my swift sterling payment due at the end of the month am I right I thinking if I report my bank card as lost then they won't be able to take payment ?

[sillygirl1]

No, you are wrong in thinking that, the company still have your bank details and can force a payment through on the card whenever they want.

 

The only safe way is to get another bank account set up to protect your income.

[Jon1965]

It may depend on your bank, but have a look at the sticky entitled stopping continuous payment authority. Send the letter to both swift and your bank. Send it recorded and get a receipt from your bank. Of course before you do that report your card as lost.

There should be no need to change banks unless you are in a mess with them as well.

I have seen the statement that people know of people who have had their bank accounts raided after reporting heir cards stolen but I have never seen one that says it happened to them.

It certainly didn't happen to me on the several occasions that I reported my card lost....the only things that went through were already authorised...shopping etc

I need to default my swift sterling payment due at the end of the month am I right I thinking if I report my bank card as lost then they won't be able to take payment ?

[asmilecostsnothing]

True, we may overpanic and it is a personal decision to change banks etc but isn't it better to be safe then sorry with this type of lender? I honestly don't know perhaps after a period of time re-occurring payment authority drops of I don't know, could it all depend on the bank and account type?

 

I've never been in the postion of "account raids" with the PDL's, BUT, I believe this is only because I paid them what they wanted and when they said, (many may not have this option)and was lucky to pick up bank details along the way of all but a couple (so I also feel it worth saying these have never tried to take any more payments since final pays)

 

In fact one of the memories of the "ethnical" bank I left after they did allow my account cleared twice in the first place to which they could only claim the mystery debits must have all been connected to payday loans and even with 4 different bank debit cards in my hand don't worry they wern't going to name names NOR could they stop it happening again so I was taking no chances, even still come default day I had to listen to fraud assist calls from ex bank because of the many times 2 companies in particular tried to take payments on that day - and I believe if they would have been successful if it wasn't for the old account closed or that it was just a basic account anyway - I believe I had a fighting chance through the actions of complete closure, that was about 8 months ago and and I'll appreciate it could be different today

 

It may even be ok for those with basic accounts just getting a new debit card as long as the first one is closed off properly but I'll always believe them with current accounts could come a cropper - the banks stand to try and gain (or they use too!)

 

Money is of course get backable (I know that now) but it is very frustrating, lengthy and can cause major aggro on top, not to mention how people feel to get to that ATM and find they have no money it will never be worth chancing in my view because when these PDL companies say they are going to attempt payment they are not kidding or going to think about it - they want their money back anyone would be the same

[Jon1965]

It's fair enough and of course personal experience. I only changed bank once and that was to leave the Halifax, but I was o/d and about to default on a loan. When i was with A&L now santander I never had a problem, only once have I ever had an unknown amount go through and that was fraud on a paypal account. It was reversed within the day.

So my advice comes from personal experience and the recommendations of the site team here.

So saying you may want to change bank accounts is fine, i just think saying MUST is inaccurate and can cause increased mental stress/anxiety. Changing banks is not that easy to do quickly and I think often the light bulb moment comes a few days before payday when it is too late to change.

So I take it that your bank picked up the attempts and blocked them?

Hope you are feeling better Mrs Grumpy lol

[Hay]

I get paid in less than 2 weeks so changing banks isn't really an option I'll just have to try cancelling my card and writing and hope for the best. Thanks for your help

[sillygirl1]

Sorry to disagree and being able to cite from personal experience, but Jon1965 why not read the many many cases on this forum where posters bank accounts have been cleared out... it is a precaution to take back control of YOUR finances against the powerless banks - who take the line 'you gave your card details out, they are entitled to the money'.

 

It has been happening for the last 5 years (I can provide personal evidence of this from that time period) and certain companies are more prone to this behaviour than others.