need help!!!

[vickyz7]

hi, i dont know if anyone can help!!

 

All the info on the blogs dont seem to go into my scrambled and depressed mind.

 

I took out a loan in 2001 with swift for 31,000 which is secured on my mothers home, in her name but which is mine and i pay each month!! i have missed a few payments at the beggining but as far as i am aware i owe them nothing and should be ahead in payments. i recently asked for a settlement figure which goes up constantly as it appears they are charging interest on the charges seperately!! they are now telling me to complete this loan in 15 years time as planned i need to increase my payments to £519 per month making me pay back a further 90,825 on top of the 45,000+ i have already paid!! if i dont do this the loan will continue indefinately. i do not understand this?? If i continue at this rate i will pay £136,000 on a £31,000 loan!!!!!

 

I have an appointment to see a solicitor but will cost more money and i dont know if there is any point??

please can you help?? if not do you have any suggestions as to who i can ask for help??

 

thank you in anticipation

 

Vicky (vickyz7)

[ims21]

Hi

 

Welcome to CAG.

 

If you were charged for things like late payment, collection costs, telephone calls etc then they can all be reclaimed with interest.

 

If you missed payments then they will charge interest on the outstanding balance because for those missed months there has not been a part capital payment to reduce the balance. If they apply charges then they will add interest o to those as well which is why you should ideally claim them back.

 

Do you have your statements for the account and the original agreement?

 

ims

[vickyz7]

i contacted them recently to ask for a copy of the original agreement as could not find it which i recieved yesturday.

 

i have only ever recieved one statement in 2009 when requested a settlement figure which is the only way of finding out how much i have paid etc.

 

i have paid off any missing payments and in fact they contacted me to put dd down as said i was paying to much!!!!

 

i have never recieved anything to tell me about charges or how i have accumilated £2,842 worth!!! they are charging me £11,000 interest on this alone!!

[ims21]

Hi

 

If you don't have a full statement of the account then I would send them a Subject Access Request (SAR) which is made under the Data Protection Act. There is a template for a SAR in the CAG library, the link to which is at the top of every CAG page in green. There is a cost of £10 which is best made by postal order and they will have 40 days to comply.

 

From the information that comes back it should be possible to see exactly what has gone on with the account and we can look at it from there.

 

Regards

 

ims

[vickyz7]

Thank you!!

 

I will get that done asap.

 

Really appreciate your help.

 

vicky.

[ims21]

Thank you!!

 

I will get that done asap.

 

Really appreciate your help.

 

vicky.

 

No probs

 

We'll get to the bottom of it one way or another and with CAG you can do this from the comfort of your own home and for free!

 

ims

[vickyz7]

Do i stand any hope of ever being clear of Swift?

[ims21]

Do i stand any hope of ever being clear of Swift?

 

If there's something not right we will find it.

 

Just have to take it a step at a time I'm afraid.

 

If you start thinking about reclaiming the unlawful charges plus interest then that will put you back in a position you would have been in so let's see what we can do to get you there.

 

In one of our member's signatures it says "worrying is like a rocking chair, it gives you something to do but gets you nowhere".

 

ims

[vickyz7]

lol at least that made me smile!!!!

 

Ok i will remain calm and send this letter. I take it it goes to Swift??

[ims21]

Yes to Swift...address it for the attention of the Data Compliance Manager and if poss send it recorded so you know when they receive it 'cos you can track delivery on line.

 

Also have a read of other threads in the Swift forum to see what troubles others are having with them.

 

ims

[vickyz7]

I have done and some of them are shocking!!

 

how can they get away with what they do?

 

nothing better than a back street loan shark!!

[kimberley99]

Hi. I am in a similar situation to you. Loan taken out for £30,000 6 years ago, and when I recently requested a settlement figure, was amazed to see it is more than the original loan. I worked out how much they would receive if I continued to pay the ridiculously high monthly payments and it would be three times the original loan - Good money for them. Also as you say crazy fees and charges if you do miss a payment. I missed one around 5 months ago and on telephoning them I found I had £1,500 in fees and charges! They did after a lengthy telephone conversation with me agree to remove the monthly £64 maintenance charges which also would have brought down interest fees on those charges. I brought the account up to date by making the payment that day, but did not pay off their fees - so may still have some. My biggest gripe with them is interest - when all others come down theirs went up some time ago and have never come down.

I have recently requested from the broker - original docs completed at the time of the loan - I believe I may have been illegally agreed on this loan. Most of it was done over the telephone. Not sure if I am correct in saying this, but understand that you should have been able to afford the loan at the time it was taken out - along with all your other expenses. At the time I'm not sure we could and think it was only agreed because they knew there was enough security with our house (just like you with your Mothers) Probably why they seem to have tons of repossessions all the time!

[bebbiecook]

Hi, we took out a loan in August 2005. The loan was for £32,095.00 plus with £6739.95 PPI added, total loan amount £38,834.95. We settled this loan in June 2008 when we sold our house. I have just received copies from Swift of the Credit Agreement and Statements. With the settlement figure of £46,958.06 we paid in June 2008 the total amount we paid to them was £63,096.79. Surely this is ludicrous. Any thoughts on this? How do i go about claiming back the PPI ? Would really appreciate any help. Thanx

[ims21]

Hi, we took out a loan in August 2005. The loan was for £32,095.00 plus with £6739.95 PPI added, total loan amount £38,834.95. We settled this loan in June 2008 when we sold our house. I have just received copies from Swift of the Credit Agreement and Statements. With the settlement figure of £46,958.06 we paid in June 2008 the total amount we paid to them was £63,096.79. Surely this is ludicrous. Any thoughts on this? How do i go about claiming back the PPI ? Would really appreciate any help. Thanx

 

Hi

 

You'd be better to start your own thread and for the PPI claim start a thread in the PPI forum here

 

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?111-Payment-Protection-Insurance-(PPI)

 

ims