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Swift and charges / redemption


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I would appreciate a bit of advice if anyone has the time.

We took a secured loan with swift in Aug 2006 for £10,750 to be repaid at £253.04 PM over 60 months.

Total repayable was just over £15,182.40

We've had our share of troubles and had a lot of missed payments but to date have paid back £12,500

and with the repayments we have agreed we will be clear of any arrears by August.

 

This is where it all goes a bit swift.

To date we have paid £12,131.96 our outstanding balance is £10,789.37. Which equates to £7738.93 of charges.

 

The sum of £10,789.37 has (this is not a settlement figure) after it.

 

We are now in the process of selling our house to go and rent meantime. Obviously we have to clear any secured loans on the property and, luckily we have more than enough equity to cover it. The questions I have abou swift though are as follows.

 

1. Would the charges still be classed as a secured against my property ?

2. If so, would I be able to ask for a redemption fee and pay less or have swift got another sneaky trick up their sleeve to combat this.

 

Obviously I'm looking to claim the excessive charges back, but will have to pay them if they are secured, but would appreciate any advice at all and any tips when dealing with this horrendous company.

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I presume you got this through a broker ? Have you read about undisclosed commissions on these forums ? Have you seen this - http://www.consumeractiongroup.co.uk/forum/showthread.php?296456-New-mortgage-arrears-template and did you know that Swift are currently being investigated by the FSA ?

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU

 

I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.

Before you decide,consider the users here who have already offered help and support.

Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.

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Forum rules - http://www.consumeractiongroup.co.uk/forum/forum-rules-please-read/9-forum-rules-please-read.html

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Thanks for the reply 42man.

I will be trying to get my charges back, if they are secured against the property, but as my sale will hopefully be going through within a matter of weeks I really need to know what to do now.

I imagine any secured money owed will be paid straight from my solicitor to my first mortgage and swift.

If possible I would like to get some of it now by means of redemption but I'm not sure how this would work.

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Be wary....as Swift will give you a 'settlement' figure, then when you are about to move out they ask for more money for the charges !!!

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU

 

I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.

Before you decide,consider the users here who have already offered help and support.

Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.

If you are approached by private message with a view to asking you to visit another website,please inform the site team via the report icon.

 

Forum rules - http://www.consumeractiongroup.co.uk/forum/forum-rules-please-read/9-forum-rules-please-read.html

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