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alan333

Swift Advances Advice Please

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Hi I have a Swift loan dated 2007 that is due to be paid out at the end of this month (Nov 2012). The loan has been in small arrears on and off throughout the lending term, though has been always brought up to date, and currently I have less than one payment left on the original agreed amount. Swift however say I owe over £2300 all of which is charges and fees for letters. I have ,admittedly briefly, perused this forum and rang Swift to request a transaction history. I will also make a formal complaint and send copies to both the OFT and FSA. Is there anything else I should be doing? Should I still be paying Swift after the original loan is paid out? As I'm sure you understand this is a secured loan and I am wary as to how to proceed. I am grateful for this forums existence and any replies I receive.

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welcome to the club Alan. You have done correct in contacting the OFT and FSA but do not bother with the FOS (Financial Ombudsman Service) as they are in my and many others experience a waste of time. Contact your local MP and get her to refer your case to the appropraiate minister at the treasury then contact your local CAB and see if they have a money team. If you stop paying Swift when the loan finishes they will still continue to add interest to the amount owed so I would at least pay the interest to stop it going up anymore, this is where they hope to trap you. DO NOT take them to court on your own, you will lose and be lumbered with £000's in costs. Send them £10 for a complete breakdown of the data they hold on you (you will find a letter template on this site somewhere) then make copies for the various agencies you contact. Do a complete chronological breakdown of your dealings with them and how/why you got in arrears in a sort of diary format, this will also be useful to giving to various agencies and will stop you from having to recall all the details each time. GOODLUCK

 

ps

there may be some developments next year as a journo from ITN is making a documentary about Swift and the other sub-prime lenders

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