Jump to content


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 3170 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Hi Guys, Hi Rene and PDL Victim

 

Just been popping in now and again, but i have a friend who needs some advice, so reaching out to all of you. She has a loan with swift sterling, which is due to be repaid on the 10th of this month, but like many of us, has been doing the loan and repayment pattern for way to long, and she just doesn't have the means to repay the loan this month. Its not for a huge amount, but my advice to her was to cancel her agreement within the fourteen days, and tell them she was suffering financial hardship, and that she'd like to set up a weekly payment plan to clear her loan and close her account. Silly me, i keep forgetting that they don't play ball! Although from what i've read, they do set up repayment plan when it suits. When she cancelled her agreement, they emailed and said someone would be intouch shortly, 3 days later an email stating that the original loan would have to be repaid by the 27th of July, by this time it was the 28th! They then stated if funds could not be taken on the 10/8, there would be a default charge of £59.00 added, then it would be passed to an account manager and if the funds are not repaid - no specified timescale, it would be passed on to a DCA. I personally think their tactics are shocking, but its kinda left her in limbo! On my advice, she's started paying a weekly amount to them, 2 payments now made diirect to their bank account, and an email to swift stating that payments have been made and for some kind of acknowledgement. Nothing. She was at my house this morning, and has tried to log into her swift sterling account online and its blocking her!

 

Any advice guys? I really don't know what her next move should be. She's in a bit of a state.

 

Cheers in advance,

 

Grumpy x

Edited by grumpybutgorgeous
put my name in by mistake
Link to post
Share on other sites

Same advice we gave you applies to these muppets. They are preying on the fact that she is panicking and worrying. The default of £59 is there purely to make them more money and is unenforceable.

 

Tell her not to worry and since she has the bank account details, to pay what she can afford AFTER working out an I&E form. If it means they get £1 a week, so be it. Ensure she is using her PDL account number as a reference number.

 

Make sure that she emails the PDL to tell them about the repayment plan and the fact she has already started to pay. Keep hold of her bank statement that shows the transactions. Remember, they are NOT allowed to refuse any form of legal payment, and they MUST apply it to her account.

 

The key is not to worry about it. They are doing the same thing all other PDL's do.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

Link to post
Share on other sites

Thanks Rene. The most frustrating thing is that there is a deadly silence from them, thats what makes it worrying for her!

 

Hi Jamie, she emailed to ask them to withdraw from the agreement on the 24th of July, and told them she was suffering financial hardship. They then got back to her on the 28th to say that the money had to be repaid on the 27th, a day later and with no means of how to repay it to them, ie bank details. I was just telling her PDL Victims experience with swift and hoping it would work for her too. It says in the agreement that you have 14 days to cancel the agreement, and then the original funds must be repaid within 30 days. It is most confusing.

 

Grumpy x

Link to post
Share on other sites

well if you have proof you excerised your right to cancel the agreement and with good reason you should not agree to pay them more than the capital owed only. I would send them a cheque in the post together with a notice of cancellation dated within the 14 days.

Link to post
Share on other sites

Hi Grumpybutgorgeous,

 

If she cancelled the agreement within 14 days (I assume for your email that she cancelled on 25th of July, so then she should have taken the loan out on 11th of July or later), then she only has to repay the original loan amount (without interest and without broker fee) within 30 days of cancellation (in this case by 24th of August).

 

Do not worry, as they indeed will send an email (like they did) that she has to repay immediately. There is not much to follow, she still has until the 24th of August to repay.

 

If she took out the loan before the 11th of July, then even her cancellation came "too late", I still would only repay the original loan amount (without interest and without broker fee and without the 59 GBP late payment charge) until the 24th of August. They are unlikely to proceed for interest, broker fee and charges once they received the original loan amount back before the 24th of August.

 

If she cannot repay the full original loan amount by 24th of August, then for the next steps it would be good to know how many loans she had with SwiftSterling before (you mention "way too long" in your post, but not clear to me if they were all with SwiftSterling). If there were many, I would write (on the 24th of August!) to their customer relation department ([email protected]) a very nice email (I am not joking :-)) , something along the lines of "that she is a good long term customer who always paid back in full and on time, and that due to her temporarily financial difficulties she would like to ask to have her file reviewed for an alternative solution avoiding involvement of a DCA."

24/7 Moneybox: 195.00 - Oustanding: 0.00

British Pearl/Spondoolies: 752.10 - Oustanding: 0.00

Cash on go/Peachy: 206.30 - Oustanding: 0.00

EarlyPayday: 325.00 - Oustanding: 0.00

Lending Stream: 1398.46 - Oustanding: 0.00

MicroLend: 780.00 - Oustanding: 0.00

Minicredit: 520.00 - Oustanding: 0.00

MonthEndMoney/PaydayUK: 937.50 - Oustanding: 0.00

MrLender: 715.00 - Oustanding: 0.00

Pounds2Pocket: 2328.00 - Oustanding: 0.00

QuickQuid: 1800.00 - Oustanding: 0.00

SafeLoans: 450.50 - Oustanding: 0.00

Speed-E-Loans: 516.00 - Oustanding: 0.00

SwiftSterling: 1295.00 - Oustanding: 0.00

Toothfairy Finance: 544.00 - Oustanding: 0.00

TxtLoan: 450.00 - Oustanding: 0.00

WageDayAdvance: 670.80 - Oustanding: 0.00

Wonga: 1336.86 - Oustanding: 0.00

Total: 15220.52 - Oustanding: 0.00

Link to post
Share on other sites

Hi PDL Victim,

 

So glad ur on. Yes it was cancelled within the 14 days, loan was taken out on the 13th July. The email she received was quite horrid if truth be known, not giving any options really. I advised her to start paying them something and to email them stating her situation and that she intends to repay her debt. She owes them £250, and has made 2 payments of £25. Nothing from swift to acknowledge her repayments or their plan of action. She's tried to log into her account, but its blocked. There's no way she can repay the full amount to them at the moment. She's had 10 plus loans from them, and paid them a lot of interest. I know they were really horrid to me, and i was fortunate that my hubby stepped in and cleared my debt. Whats your thoughts?

 

 

Grumpy x

Link to post
Share on other sites

PDL's do not care how many loans you have had before with them. They treat each and every loan as a brand new client. When they offer loans, then they start talking about long term clients. This is purely so they can try and force you into taking out a larger loan each time.

  • Confused 1

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

Link to post
Share on other sites

Hi there,

 

@grumpybutgorgeous: If the loan was taken out on 13 July and cancelled by her within the 14 days you do not have to repay anything until 24 Aug. On 24 Aug then you are due to pay the original loan amount (which is I assume 200 GBP).

 

There are definitely no broker fees, no interest at all and no late payment charges due. As she already repaid 50 GBP, she owes 150 GBP. She is in a very strong position as she cancelled the loan agreement on time, so I would do nothing until 24 Aug and then on 24 Aug write an email to the customer relation team as stated before.

 

Swift Sterling are only brokers and the lender is based in Malta, the most of the "interest" is the broker fee which is very difficult to enforce and which you she owes not anyway as she cancelled, so please relax :-)

 

Also even if she does not repay in full the 150 GBP on 24 Aug as she withdraw from the loan agreement on time there is no longer an agreement so no charges to fear and only ca. 8% interest after 24 Aug onwards...

 

@ renegadeimp: So true for most of them, but actually in my case Swift Sterling did care :-) At the end of the day there are still normal employees on the other end reading your emails and making decisions, so for this broker I really suggest a nice email first...

24/7 Moneybox: 195.00 - Oustanding: 0.00

British Pearl/Spondoolies: 752.10 - Oustanding: 0.00

Cash on go/Peachy: 206.30 - Oustanding: 0.00

EarlyPayday: 325.00 - Oustanding: 0.00

Lending Stream: 1398.46 - Oustanding: 0.00

MicroLend: 780.00 - Oustanding: 0.00

Minicredit: 520.00 - Oustanding: 0.00

MonthEndMoney/PaydayUK: 937.50 - Oustanding: 0.00

MrLender: 715.00 - Oustanding: 0.00

Pounds2Pocket: 2328.00 - Oustanding: 0.00

QuickQuid: 1800.00 - Oustanding: 0.00

SafeLoans: 450.50 - Oustanding: 0.00

Speed-E-Loans: 516.00 - Oustanding: 0.00

SwiftSterling: 1295.00 - Oustanding: 0.00

Toothfairy Finance: 544.00 - Oustanding: 0.00

TxtLoan: 450.00 - Oustanding: 0.00

WageDayAdvance: 670.80 - Oustanding: 0.00

Wonga: 1336.86 - Oustanding: 0.00

Total: 15220.52 - Oustanding: 0.00

Link to post
Share on other sites

Hi,

 

yes there is a chance they will. So she should "lose" her card tonight...:-)

24/7 Moneybox: 195.00 - Oustanding: 0.00

British Pearl/Spondoolies: 752.10 - Oustanding: 0.00

Cash on go/Peachy: 206.30 - Oustanding: 0.00

EarlyPayday: 325.00 - Oustanding: 0.00

Lending Stream: 1398.46 - Oustanding: 0.00

MicroLend: 780.00 - Oustanding: 0.00

Minicredit: 520.00 - Oustanding: 0.00

MonthEndMoney/PaydayUK: 937.50 - Oustanding: 0.00

MrLender: 715.00 - Oustanding: 0.00

Pounds2Pocket: 2328.00 - Oustanding: 0.00

QuickQuid: 1800.00 - Oustanding: 0.00

SafeLoans: 450.50 - Oustanding: 0.00

Speed-E-Loans: 516.00 - Oustanding: 0.00

SwiftSterling: 1295.00 - Oustanding: 0.00

Toothfairy Finance: 544.00 - Oustanding: 0.00

TxtLoan: 450.00 - Oustanding: 0.00

WageDayAdvance: 670.80 - Oustanding: 0.00

Wonga: 1336.86 - Oustanding: 0.00

Total: 15220.52 - Oustanding: 0.00

Link to post
Share on other sites

99.99% yes. We've had plenty of reports about them doing so. They might on the rare occasion make an exception, but its better to plan ahead and negate anything they can do. This includes using a parachute account, revoking their permission to use your bank details, and also contacting your bank.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

Link to post
Share on other sites
  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...