How to deal with Swift Advances....

[Caz72]

Hi All,

 

I have been reading through all the Swift threads with interest as I too have the same issues.

 

Swift have obtained a possession order on my property, which is currently suspended. Having been made unemployed twice in the last 2 years I have built up arrears on my Swift Advances loan. Taken out in 2006 for £12000, this now stands at almost £22000. Despite having previously agreed to pay over and above the monthly installments to attempt to clear the arrears, I now find out that the monthly repayment doesn't even cover what they are charging me in fees and interest!!

 

I am now trying to re-negotiate with Swift on what I should be paying each month as I am back in work. Is it worth asking to have the loan re-financed to stop the charges being added? Or should I proceed like Jon in trying to claim back the charges?

 

Any additional info or help would be greatly appreciated.

[caro]

Hi Caz and welcome to CAG. I've moved your post to your own thread.

 

I would be dubious about re-financing with Swift. I presume that they haven't been notifying you about the charges or you would have realised the problem.

 

I suggest that you start off by sending a Subject Access Request which should provide all the information Swift have regarding you and your account with them. You can adapt this template to suit your circumstances. http://www.consumeractiongroup.co.uk/forum/content.php?552-Data-Protection

 

Did you go to court when they got the possession order?

[Caz72]

Thanks Caro.

 

I have today sent the SAR and have also logged a complaint with the FOS as Swift are now threatening to enforce the possession order. Having been back through the charges they have applied, they have even charged me £35 each month for paying by standing order! I hadn't realised the extent of the charges until I queried why the loan balance had all but doubled.

 

I did attend court for the possession order and agreed a revised payment plan to assist in clearing the arrears at that time. All was fine until I was made unemployed in Sept of last year and struggled to meet those payments.

[caro]

How come a loan of £12,000 was secured on your property?

 

I suggest that you also complain to the Office of Fair Trading who I understand are very interested in what Swift get up to.

 

I've not heard of charging for standing orders, but it doesn't surprise me.

Edited June 25, 2012 by caro

[Caz72]

Unfortunately, a secured loan was the only option open to me at the time. Had I have known then just how shocking Swift were I wouldn't have even contemplated borrowing from them.

 

What was a 10 year term at 168.07 per month is now turning into a 21 year term of 250.00 per month. We have sent a letter of complaint showing itemised charges that we would like reimbursed. When I paid by direct debit they didn't feel the need to charge me but when I paid by standing order the charge was applied, for what is primarily the same process!

 

Will put in a complaint to OfT as well, the more we can do to damage this company the better.

[Caz72]

On the OFT website, it is suggesting that individual consumer complaints should be directed to the FoS. Is there another way to make a complaint to them? I would be keen to include a copy of the letter we have just sent to Swift showing all the charges.

 

Are there any areas of the Consumer Credit Act that can be quoted where Swift may be in breach, i.e. minimum standards of behaviour or traders fitness under section 25?

 

Another thought - all of my paperwork has always been produced using 'Mrs', despite having my identity checked and repeatedly requesting that they amend correspondance to say 'Miss'. Anything I can do here?

[Caz72]

ok, have just found this contact for OFT in another thread. Is it still applicable?

 

Sam Bragg

Secured Lending Team

The Office of Fair Trading

Fleetbank House

2-6 Salisbury Square

London

EC4Y 8JX.

[caro]

ok, have just found this contact for OFT in another thread. Is it still applicable?

 

Sam Bragg

Secured Lending Team

The Office of Fair Trading

Fleetbank House

2-6 Salisbury Square

London

EC4Y 8JX.

 

Yes it is. His email address is sam.bragg@o ft.gsi.gov.uk (without the gap between the o and the f)

[Caz72]

Thanks Caro. Email sent with complaint lodged.

[caro]

Great stuff. The more evidence they get the better!

[Caz72]

Acknowledgement received today from the FOS that my complaint has been lodged with Swift. Now need to wait the 8 weeks and see what Swift come back with.

[Caz72]

Swift have now replied to the SAR - including a copy of the original signed agreement, account summary and charges sheet. This is all I got back from them. Should I have had more detailed info on notes etc that they hold about the account?

 

In addition, have had a response to my letter requesting charges to be refunded. No breakdown as to how they have arrived at their figure, whether it includes interest or why it is less than what was requested!!!

[Caz72]

Also had email back from OFT

 

Thank you for your email sent on 27 June 2012.

 

We welcome information received from consumers about the conduct of licensees. The information you have provided will be considered by the OFT as part of our role of monitoring the behaviour of licensees. We are not able to tell you, unfortunately, whetherwe are, or will be in the future, investigating Swift Advances Plc (Swift). Whilst the OFT aims to be as transparent as possible in notifying its actions and decisions, it is subject to restrictions on the disclosure of information as are set out in Part 9of the Enterprise Act 2002. Breaches of those restrictions would be a criminal offence.

 

I’m pleased to see that you have contacted FOS, as unfortunately the OFT is unable to intervene on behalf of individual consumers who are in dispute with traders. I have attached a list below of other organisations that may be able to help you.

 

You may be aware that the OFT imposed requirements on Swift in 2010. Details of any formal licensing action taken by the OFT are made publicly available on the OFT's consumer credit public register and a copy of the requirements imposed on Swift has beenpublished on the public register www2.crw.gov.uk. In addition, details of the action taken against Swift are also available on the OFT's website oft.gov.uk/OFTwork/credit/enforce-action

 

The OFT monitors licensees’ conduct against, and compliance with, requirements. The OFT will therefore continue to monitor Swift's conduct, particularly in respect of the requirements that have been imposed.

 

I would like to thank you again for taking the time to contact us, and for the information you have provided us.

 

Kind regards,

 

Katy Galbraith

Secured Lending Team

[Cvsc]

FOS Complaint form filled in and sent yesterday regarding excessive and unfair charges levied onto my account (£13000) by Swift Advances Plc along with supporting evidence.Email also sent to Office of Fair Trading secured lending team (OFT) informing them a complaint has been lodged against Swift.Now time to sit back for atleast a year while the Fos unravel this one.

[Caz72]

Still awaiting a final decision from Swift regarding refunding charges that should never have been applied. In total, I have requested almost £1500 be refunded and we now have letters bouncing back and forward as they put in their counter offers. We're up to approx £1200 currently.........

 

Today I also found out that my mortgage company have charged me £35 for a redemption statement which Swift requested. That'll be another £35 they can reimburse me!!

[sweetjane]

Make sure you get a full redress on charges with all compound interest applied. It is the compound interest which multiplies the debt with Swift. We were successful with FOS getting charges reduced to monthly arrears charges only. Watch their litigation charges though, they are keen to get to court, even if for a suspended possession order. The litigatiion charges also attract compound interest.

Make sure any litigation work is actually carried out by their litigation department.

[Cvsc]

!! UPDATE !!

Decision received today from FOS regarding excessive charges levied by Swift Advances and despite all the evidence i sent including OFT recent court case with Swift,They have decided to NOT uphold my complaint. Any ideas on what to do now? Appreciated.

[Cvsc]

Following my recent knock back from the adjudicator at FOS i was given the option to have them reconsider there decision so i ask for this to be looked at again.In the meantime i have requested a copy of the Actuarial Account summary (A3) and have received this promptly but in A4 format,it is however legible just in small print.What is it i should be looking for on the summary that would make my case stronger against Swift? If anyone knows,that would be appreciated.Thanks.

[John 1963]

I know how you feel trucker the FOS were pretty useless with me.

[42man]

Did you see this ? - http://www.consumeractiongroup.co.uk/forum/showthread.php?244476-Reclaim-unfair-mortgage-arrears-fees-FSA-says

[Conniff]

Could you come back and give us an update please Trucker ?

[Cvsc]

Could you come back and give us an update please Trucker ?

Yes sure can.

Basically my complaint has gone to the top level with the Ombudsman and is now awaiting a final and binding decision from the Ombudsman. My case Fos adjudicator did find that my complaint was valid and that there were a number of charges that should be refunded as they were found to be excessive and unfair,however Swift refused to comply with the fos adjudicator so the case has now been passed for case review so the actual ombudsman can legally force Swift to comply with there findings.

[Conniff]

That's magic, thanks for that.

[Cvsc]

Yes sure can.

Basically my complaint has gone to the top level with the Ombudsman and is now awaiting a final and binding decision from the Ombudsman. My case Fos adjudicator did find that my complaint was valid and that there were a number of charges that should be refunded as they were found to be excessive and unfair,however Swift refused to comply with the fos adjudicator so the case has now been passed for case review so the actual ombudsman can legally force Swift to comply with there findings.

Also just to add, i have done some more looking into the charges in relation to payments made by myself year on year from 2005 - 2009 and have come up with the following.

2005-£237.50 in credit-------£497 in charges

2006-£523.22 in arrears------£1606 in charges

2007-£278.22 in arrears----- £2166 in charges

2008-£302.71 in arrears----- £742 in charges

2009-Home repossessed---- £4182 in charges

Total of £9193 in charges plus the interest.

So looking at that if it weren't for the charges plus interest my home would never have been repossessed for being just a little more than a months payment in arrears.

Needless to say the Fos and Oft have all this information!

[determindator]

Mine is similar Cvsc. Some time ago I posted the contact Sam Bragg at the OFT which helps keep complaints focused. An FOS contact name would be helpful.