Swift Advances How many of us are they??

[pam56]

Hi

 

I took out a loan withSwift Advances which is secured on my property as a 2nd Mortage.

 

I am up to date with my monthly payments and have been for the last 9 months. When my husband & I came out of work previously we got into difficulties and racked up approx £3200 in arrear charges, phone calls, letters etc etc from Swift. I wrote to them saying itwas unfair to levy say £35 for a letter & a £60 fee for account management whilst in arrears. I asked for a full list of all charges to be sent (which I never got!) What I did g et was a letter saying that they were prepared to knock off £750 & interest levied off the £750. I rang the FOS who couldn't help as they said that 2nd mortgages are not regulated(?) by them

 

I wrote back and said I wouldn't agree to just £750 being knocked off and it should be more but I couldn't say too much as I didn't know what they'd knocked off in 1st place!!

 

Now I have rec'd a letter from them which says

 

"We've recently reviewed how payments you might have made towards the fees and charges applied to your loan or refunds we have given you could be applied. In te fuure so that you pay less interest as a result of our review we've reduced the amount of interest applied o your account and have reduced the overall loan balance to£6779,28. All future additional payment you might make towards fees & charges will be applied in this way ensuring you are charged minimal amount of monthly interest."

 

I sent them an email asking

a) what was balance before they reduced it

b) why have they reduced it (is this the £750 + interest taken off?)

c) Will it effect the term of my loan.

 

No reply so emailed them again still no reply

 

Has anyone any idea what they're on about as I haven't a clue!!!!

Thanks PAm:???:

[pam56]

Sorry forgot to mention my loan ends in December of this year so still have outstanding balance of £1512.00 so if they've reduced it to £6779.28 then they say I owe £5267.28 in fees & interest on them charges!!!!!!!!!! The loan was only for £7,000 originally.

[pam56]

Oh 1 more question. If I want my monthly payment to come off loan do I have to state that in writing so they dont fiddle about with it and once I've finished paying the loan in December then can I put the account into dispute whilst I haggle over the charges without jepodarsing my home. In original contract I signed to say my house could be used as security for the loan no mention of fees extra interest etc so what's the situation with that?

[pam56]

Hi

 

I have a loan ith Swift Advances On my original application it states it is a Fixed Loan Sum Agreement regulated by the Consumer Credit Act 1974 secured on -------(my home address). Wh do I report/complain to and is this classed as a 2nd mortgage or just a loan:???:

 

Also I asked for my charges back and they sent me an offer of £751.00 & interest of (500+) interest. I asked them to give me a breakdown of interest rates ect but they said computer generated. My charges etc are todate just over £5,000 (Loan was for £7000!!!!) I am currently up to date on my ordinary monthly payments which ends in December 2012 (Yipee) but determined not to pay all these excessive charges. Sent me 4 letters to tell me same thing @ £23 each in space of two weeks and that was for the first time I was in arrears of £188.96. All together with the returned D/D fee, arrears charges and these letters they charged me £160.00 for being in arrears by one month!!

 

Also when I asked for a copy of my account they said I could only have a statement etc as this is only covered by data protection not the letters etc?? Do they have to provide me with copies that I request?

 

Also there is a charge of £65 and when I asked them what this was for the man said it was because I was 2 months in arrears and they had written to my 1st morgage lenders to ask them if I was in arrears:mad2::mad2: I said they had no right but they said I had agreed to it in original t & C When I checked it stated in T & C that they could contact "anyone" regarding a charge on my property to ask about the charge. Surely they cannot use this to gain information. Like wise there is a charge for a redemption fee for 3rd party, who is this mysterious 3rd party? So annoyed and confused and p---ed off with them!

 

Anyone help please.

[MandM]

Hi

 

I have a loan ith Swift Advances On my original application it states it is a Fixed Loan Sum Agreement regulated by the Consumer Credit Act 1974 secured on -------(my home address). Wh do I report/complain to and is this classed as a 2nd mortgage or just a loan:???:

 

Also I asked for my charges back and they sent me an offer of £751.00 & interest of (500+) interest. I asked them to give me a breakdown of interest rates ect but they said computer generated. My charges etc are todate just over £5,000 (Loan was for £7000!!!!) I am currently up to date on my ordinary monthly payments which ends in December 2012 (Yipee) but determined not to pay all these excessive charges. Sent me 4 letters to tell me same thing @ £23 each in space of two weeks and that was for the first time I was in arrears of £188.96. All together with the returned D/D fee, arrears charges and these letters they charged me £160.00 for being in arrears by one month!!

 

Also when I asked for a copy of my account they said I could only have a statement etc as this is only covered by data protection not the letters etc?? Do they have to provide me with copies that I request?

 

Also there is a charge of £65 and when I asked them what this was for the man said it was because I was 2 months in arrears and they had written to my 1st morgage lenders to ask them if I was in arrears:mad2::mad2: I said they had no right but they said I had agreed to it in original t & C When I checked it stated in T & C that they could contact "anyone" regarding a charge on my property to ask about the charge. Surely they cannot use this to gain information. Like wise there is a charge for a redemption fee for 3rd party, who is this mysterious 3rd party? So annoyed and confused and p---ed off with them!

 

Anyone help please.

 

Hi Pam56,

 

Yes - if it's a secured loan then it's a 2nd mortgage.

 

£5k charges against an initial loan of £7k sounds a bit odd. You said

Also when I asked for a copy of my account they said I could only have a statement etc

 

What did you ask for? Was this a SAR + £10?. If so, then they should disclose ANY personal information they hold on you that has been generated for the whole of the time that you/they have had dealings. This would include file copies of any correspondence.

 

Have a look in the library letters, but for ease here is the link to SAR letter for reclaiming charges >>>> http://www.consumeractiongroup.co.uk/forum/content.php?552-Data-Protection

 

And here is the link to the 'non-compliance' letters should they try to fob you off. You're entitled to the information and if you're going down the route of reclaiming charges then you will want a full statement of account for the duration of the loan period in order to identify the charges >>>>> http://www.consumeractiongroup.co.uk/forum/content.php?593-Data-Protection-Act-Non-Compliance-Template-Letters

 

Hope this helps.

 

Mike

[pam56]

Hi Mike

 

Thanks for that. I rung them re their offer letter to say I stil wasn'thppy about the chares. They said "we had the right t levy those charges" so I said "I have the right to query them and ask for them back!!" I asked the man in compliance office if I could have certain letters and he said no as they didn't come under data protection it was only the data about me he could release. So today I rang again and ordered four copy letters. These are the 4 they sent me in a 2wk period to tell me I had missed one payment. The money I owe for charges is about roughly 2k charges & 3k interest.

 

Regards

Pam

[ims21]

Thread title changed

[caro]

Send them the SAR and £10 and tell them you want everything. If you don't get everything report them to the Information Commissioners Office and if necessary take them to court.

 

Also report them to the OFT who are getting a lot of complaints about them. They're meant to be cleaning up their act.

 

TBH the amount of charges doesn't surprise me with Swift. You might try asking them for a redemption figure too, but make sure you're sitting down before you open the letter!!

[pam56]

Hi

 

Thanks for that. Sorry I didn't get back straight away as our internet router(?) has been down since Thursday. Our loan finishes on DEcember 2012 so I don't suppose the settlement figure would be too high. It's the charges which will be the massive blow. Also they charge for a redemption figure as shown to this mysterious 3rd party.

Regards

PAm

[CatchtheMonkey]

Hi M & M

Re your post that says this

Hi Pam56,

 

 

Yes - if it's a secured loan then it's a 2nd mortgage.

Unfortunately I must completely disagree with your statement that because it is a secured loan it is a 2nd Mortgage.

I say this for reason Swift categorically state and confirm that their secured loans are NOT mortgages exempted by way of section 16 of the CCA 1974

They have to say this for reason the do not hold an exemption certificate required to claim this exemption under

“The Consumer Credit and consumer hire (Exempt Agreement) agreements Order 1989 (SI 1989/869)”

They claim there exemption under Section 8(2) of the CCA which also makes then fall under Section 8(1) of the CCA ….They are personal loan Consumer Credit Agreements secured by security charge.

This is all well documented in correspondence from Swift.

I just thought I’d put the record straight.

This post has been made from documented evidence.

[pam56]

Hi thanks for that info. So how does that affect me reclaiming charges and is it still the OFT that I contact to complain to. I remember ringing someone last yr regarding tese charges but they said it was a 2nd mortgage and they did not deal wit them it may have been the FSI (?) or similar.

[caro]

I'm a bit confused about this second mortgage thing, and in fact how come the loan was secured when it was for less than £25k.

 

If it is a second mortgage it is indeed unregulated and as such neither FOS or FSA can help you. You need to deal with Swift directly, and they're a tough nut to crack .

 

Did you have PPI on the loan?

[citizenB]

I have a loan ith Swift Advances On my original application it states it is a Fixed Loan Sum Agreement regulated by the Consumer Credit Act 1974 secured on -------(my home address). Wh do I report/complain to and is this classed as a 2nd mortgage or just a loan

 

 

I think the answer is in the statement above..

 

"This is a Fixed Loan Sum agreement covered by the Consumer Credit Act 1974 - secured on the property. "

 

It is a loan - not a 2nd mortgage.

 

You should send a Subject Access request as already advised - it will cost you £10.00. The template in the CAG library pretty much asks for everything, but you should also specifically request the communication log/diary of events.

 

This should have recorded every action they have taken on the account - letters, written, telephone calls made and received - charges added and why.

[MandM]

Hi M & M

Re your post that says this

Hi Pam56,

 

 

Yes - if it's a secured loan then it's a 2nd mortgage.

Unfortunately I must completely disagree with your statement that because it is a secured loan it is a 2nd Mortgage.

I say this for reason Swift categorically state and confirm that their secured loans are NOT mortgages exempted by way of section 16 of the CCA 1974

They have to say this for reason the do not hold an exemption certificate required to claim this exemption under

“The Consumer Credit and consumer hire (Exempt Agreement) agreements Order 1989 (SI 1989/869)”

They claim there exemption under Section 8(2) of the CCA which also makes then fall under Section 8(1) of the CCA ….They are personal loan Consumer Credit Agreements secured by security charge.

This is all well documented in correspondence from Swift.

I just thought I’d put the record straight.

This post has been made from documented evidence.

 

Hi CTM,

 

I sort of agree with what you're saying. I should have been clearer by saying that, in principle, the effect of default will have pretty much the same outcome.

 

There are differnces in the set up of the 2 which I understand mainly to be the lower initial costs for a secured loan comared to a remortgage or 2nd mortgage i.e. legal fees etc. But, once in place (as it is now) the set up is generally the same in that a 'secured loan' OR a 2nd mortgage will sit behind the principle mortgage and, should the unthinkable ever happen, the principle mortgage will take priority and be discharged first.

 

Sorry if I wasn't clear.

[determindator]

This http://www.fscs.org.uk/ is the only route I know of for PPI redress from Swift. The whole Swift debacle and the majority of the 2nd charge industry is imo a shameless product sold with a mad grin and designed to fail. You are not alone Pam56 and if there is justice the right thing will be done by the powers that be.

[pam56]

Hi I have looked at the agreement again and it gives the loan, the % of interst & set up fees. No where does it mention any PPI charges or similar. Now we have cleared up that it is a loan and not a mortgage who can I complain to? Has anybody ever won against Swifts?

 

Regards

PAm

[determindator]

Hi I have looked at the agreement again and it gives the loan, the % of interst & set up fees. No where does it mention any PPI charges or similar. Now we have cleared up that it is a loan and not a mortgage who can I complain to? Has anybody ever won against Swifts?

 

Regards

PAm

 

I will pass on your post question to others for comment.

[caro]

You start off complaining to Swift, and if you get no joy you can either go to court or the FOS. FOS may be a safer cheaper option for you, but it's likely to take a very long time and they aren't known for their impartiality. Court is generally quicker, but there are costs involved, and you must be prepared to go to court to fight your corner. I suggest that you read up on reclaiming charges and understand what's involved then make a decision on how you want to proceed.

 

You'll find template letters here. http://www.consumeractiongroup.co.uk/forum/content.php?609-Can-t-find-the-letter-you-want-Look-here

[pam56]

Hi

 

My Swift Loan is repaid in December 2012 :whoo:BUT (there's always a but with Swifts!) they will still be charges/fees & interest on these to an excess of £5,000. Swifts said they will give me £750.00 + interest back but I have not signed the letter as still not happy about the excessive fees charged.

 

My question is Swifts have refused to give me certain details/copy letters etc I have asked for so when the loan is fully repaid can I then put the charges etc into disputeuntil I get the info I want, even if I have to SAR them (I'm presuming that even if I do I won't get the info I want after reading other caggers posts) One of the main questions I want to know is the rate of interest hey have charged on the arrear fees & charges etc. The man said the computer does it and he doesn't know!!!!!!

 

Thanks

Pam

[pam56]

Hello Everybodyand I sincerely hope it is everybody reading this.

 

This website is brilliant at bringing us all together and supporting us but we need to organise ourselves to fight the Swifties, the despicable antics may my blood boil:mad2:

 

My idea is this. We are all united in wanting to see this horrible lot get their comeuppance and to do this we need to form a group which will give us more power when dealing with officials/media etc. I thought we could first of all form smaller regional groups based on where we all live and then those smaller groups can merge into one large fighting force. You can still remain anon if you wish. Also a newsletter can be sent say once a month (I'd be happy to type it up and send it as a round robin) with all the latest news etc.

 

I have set up another email account called [email protected] (This is seperate from my private personal e-mail address) If you wish to do this too to preserve yur privacy etc that's fine.

 

The only problem I have is that we need to keep the Swifties from eavesdropping and getting our newsletter, plans etc so when I get your first e-mail I will send you details of how you can prove you are a genuine bona fida customer of Swifts and not one of their sneaky lowdown spies (and we know you're around!!) Once you are "verified" as genuine then e-mails can be sent freely etc. I will also prove my identity to you in return.

 

This will be a group where everybody's comments etc will be valued and anyone who wishes to co-ordinate their area are free to do so. (hee hee it'll be a bit like boy scouts...without the uniform of course!)

 

When the important things matter we will join together under one banner and we will fight them on the beaches etc!

 

At the moment my first goal is to get a large dossier to the Right Hon Greg Clark at the Treasury. I spoke to them yesterday and he is quite happy to look at this, again if there is a large group of us we may get it into parliament. Once verified please send your complaints/case etc to the email for me to include. The more info in the dossier the better.

 

So come on everyone it won't cost you anything, there won't be any money exchanged,.......and no arrears fees etc!!!! The only payment we will get is that we might just get to wipe the smile off those smug basstards and watch them putting the padlock on their gates for the last time.

 

Don't forget [email protected] (They won't like this one bit lol lol lol lol)

[pam56]

Hello

 

It's me again. I was just wondering how many are there of us fighting Swifts? And just how much money are they trying to squeeze out of us!

 

If you're a Swiftie Spy then don't bother as you don't count for nothing and never will !!!

 

So if you are fighting them can you do a post (once only tho' otherwise you'll mess the counting up) that way we can get an idea. I'll start it off. Here Goes

 

 

 

Pam 56 - Fighting the Swifties for approx £6,000 in charges/fees:-x

[determindator]

Hi Pam!

 

You are a Swiftie and there is a dedicated forum for those caught in the cluthes of Swft. Here is the link and if you prefer to add your thread to it, please request in your next post where you are are now. http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?249-Swift-Advances

 

Many welcomes to you!!

[pam56]

Hi Determinator

 

I think my idea might be lost on some. I'm not trying to start a new group on the threads. I appreciate that there is many people on the threads but I really do feel we should come together as a group as some might be missing threads, not replying etc. There should be one contact point so all info can be collated, examined etc. I mean exactly how many people with a Swifpoblem are we aking about 50, 100, 3,000? It might just snowball and support networking groups could meet up say once a month (there is a legit way to weed out any swifties, the policeman friend I have suggested them). A mighty show will be better than just one man/woman etc. My grandaughter is doing work at Westminister in June for one of the Yorkshire Labour Ministers and he has promised to look at any documents/dossier etc. Also Treasury dept (spoke to them on Wed) said they wld be interested too.

 

I think one or two who have been involved far longer than me and have done so much more work on this have their backs uo a bit but I'm not trying to take anything away from the postings I am just trying to make it stronger for all of us. I think that this is the time. I hope you understand.

[determindator]

Certainly do understand Pam, this is the way forward to have a working group as many of us have tried many avenues of law to no avail. Just wanted to ensure your request is within the Swift thread so others can see it. IMO this type of loan is designed to fail and has no place in society. They do it because they can, a bad day for regulation when this was allowed to happen. One of the sticking points of a dedicated group was the problem of knowing who was a genuine borrower. If you have found the answer to this, it's a start to making borrowers feel more confident to come forward. I would like to know how many people are affected in this country by Swift and other like minded lenders. You may be aware of this group of people recently amalgamated on here http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?388-Blemain-Finance as far as I can see a mirror image of Swift. There's a big industry out there all doing the same thing.

 

Information has been forwarded to Ministers, media, consumers experts, regulatory bodies etc but it is fragmented however, I share your point that it is now the time to rally together.

Edited January 28, 2013 by determindator

[determindator]

I've just been replying to you Pam from your original posts, join beattheswifties now. This is what I meant by bringing you into this forum for others to read what your idea is. I will try and find it again and see if my reply is there and get it moved to here.

 

Here's the link http://www.consumeractiongroup.co.uk/forum/showthread.php?379762-SWIFT-ADVANCES-Join-beattheswifties..now!!

 

My situation is the amount borrowed has been paid, which includes PPI and fees, plus 20k on top of that has been paid, but want in excess of 64k redemption

Edited January 28, 2013 by determindator