First post to say hello and find out swifts state of play

[meellis]

I was made bankrupt just over a year ago but my swift secured loan was not included

 

. I am really struggling to make payments of £850 a month at the moment

. I borrowed £67k which, like most of you seem to indicate as happened to you, has turned into £69k after they added set up costs instead of taking them off.

 

Some of the agreements I have viewed on here are like mine with very little important details on and even though I am not totally clued up on these agreements I kept on looking at thinking things don't seem right.

 

Currently I owe them £75k after paying aprrrox £32k I came to this site through reading the headlines on the fine they received so I googled them and ended up here.

 

Like most people I assumed that what they were doing was correct and I was just too stupid or made to feel too desperate so I have to be stuck with this loan.

 

I am sure that if you could contact a lot of their customers they would probably be unaware and assume that they would have to live with the conditions they are placed under.

 

I have been trawling through a lot of the posts but there is a lot so could anyone inform me to where anybody has reached in their cases against this company.

Has anybody had a victory or feel they are close to a victory yet.

 

From reading here I feel I have quite a few points in a fight against the terms of this loan and probably a case of being mis-sold it.

 

It was suppossed to be a short term loan to consilidate other debts and arrears but looking at redemption costs it would have proved to be the most expensive way of doing things ever.

 

I need to look into what I can do about this arangement but I don't know where to start or who to contact.

 

I have spoken to FSA and all the others but I need to lodge a complaint but am unsure where.

Thanks everyone.

[meellis]

As I posted for the first time the other day I am very interested in the position swift and the unfortunate customers are in. Like many I just assumed that I was stupid enough to take the loan then I am stuck with it. I didn't realise anything until I read the news of their fine and then googled them to find all of these complaints. As I said on my post I have been made bankrupt but that doesn't cover secured loans so Swift have made sure I have to make large payments to them. Because I have only just started to question this I am not in a position to go legal yet but I am positive i have to do something about it or I could end up paying a small fortune to them without actually clearing anything. If I get to a position then I would certainly be interested but I really am trying to find the advice I require before any of that.

[jasper101a]

Hi I am sorry to here you went bankrupt, however, I do not understand how you still owe Swift any money as my understanding is that when you go bankrupt it clears all of your debts so you can start fresh. Did you enter the Swift debt into the bankruptcy or did some one tell you that you could not put it in, I would love here what happened.

[CatchtheMonkey]

Unfortunately Bankruptcy only clears unsecured debts after a period of time................. all secured debts are still payable to the creditor, that is why Swift are pursuing their claim.

[jasper101a]

This only applies if you still own the house if the property is repossessed and there is s shortfall from the sale due to the secured loan, that loan will no longer be secured as the property is gone. As an unsecured debt at that point it can be placed in bankruptcy and discharged.

[meellis]

Unfortunatly I was made bankrupt for £3200 by a supplier. I am an heating engineer and I had staff so when we had the long lay-off with bad weather a couple of winters ago my cash flow stopped. Because of the secured loan my bank wasn't interested in helping even though I had loads of work and loads of customers. Fought it for as long as I could but with the competition for work increasing people were and still are pricing jobs stupidly low. The house is one I have bought with my parents using their 60% right to buy discount but unfortunatly the people who put me in touch with the agent for swift did the last mortgage in my name only so the deeds are in my name only so I have to fight to be able to keep the property by selling my rights to another party, hopefully my parents. Even then though I am still liable for the mortgage and secured loan. The loan was so high because it had to clear a previous loan I had to get the business going and I think I overpayed on the redemption for this (capstone mortgages). I beleive I could have a case for being mis-sold these products as well as the faults with the way they do business and generally treat customers. I know it sounds like sour grapes because of the position I find myself in but I don't beleive I should be bankrupt and maybe I have been ripped of by so many financial institutions, with PPI and bank charges, that I run out of money for myself. I am getting fed up of people telling me that people have borrowed to much they don't seem to realise that people have lent to much as well , people wouldn't have borrowed if they couldn't. The thing is we need to be able to borrow what we don't need is the pure greed from the lenders who are finding everyway possible to charge as much as they can. Now I have to do what I can to save the family home and rebuild my life and a good and neccessary start would be to sort out Swift because I am unable to re-finance this any other way.