Swift Sterling

[marco806]

Seem to have disappeared.

 

I am due to repay them £840 pounds at the end of the month.

 

I was then planning to take another £500 from them to tide me over. I am working overtime this month to get me partly out of the mire.

 

Without that £500 i am going to be in a bad way financially.

 

Their website is no more. Im sure they will have morphed into some other loan shark but i am not willing to risk them not lending to me again.

 

I bank with RBS and have written out my CPA cancellation letter which i will hand in tomorrow. Is cancelling a CPA a simple process for the bank (ie) can they do it there and then because i am not planning to leave until they have confirmed that the CPA has been cancelled.

[renegadeimp]

CAG wont advise you take out any loans with these companies. You are just going to end up worse off.

 

 

As for the CPA, the bank can indeed start the process there and then. Just remember that FCA regulations state that you should give them a good amount of notice before the payment is due.

[wester]

Defiantly still a site. It doesn't seem to come up on google anymore. You need to type into address bar. I set up a payment plan with no problem easy to deal with all by email and in writing.

 

Hope you manage to get it sorted.

[marco806]

Thank you for the replies.

 

I have found the site by using bing search. Very strange that you cant find them on Google.

 

You said that you set up a payment arrangement.

 

How easy where they to deal with. I'm a big boy so don't scare easily, however i have heard that they are a pain.

 

Did you cancel the cpa first?

[flossieannie]

I had problems paying Swift Sterling. But I spoke to them on the phone, I dealt with them by email and they agreed my repayment plan. I offered £30.00 per month with a 3 monthly review. I have stuck to this and so far they have played ball. But I have learned a salutory lesson. Stay away from Payday Loans.

[marco806]

went into rbs this morning with my letter to be met by bafflement.

 

Didnt know what a cpa was and then said i would have to phone their "cards" dept as they are not allowed to cancel card transactions.

 

Asked for a manager who phoned their cards phone line and left me to it. The guy on the phone said they could not stop the payment but that he had put a note on my account and that when swift sterling asked for the money (if they do) that the money would be refunded to me immediately.

 

i handed my letter in at the branch but they refused to give my copy letter a stamp as they don't do that......

 

i eventually got them to give me a compliments slip confirming that i had handed the letter in.

 

All very unsatisfactory.

 

Just hope that my money is returned when swift sterling try to get it as i dont think i will tell them about my cpa being "cancelled" until the night before they try for the money.

[renegadeimp]

Get a full complaint into your bank and the FCA. The ability to cancel the CPA on any account in enshrined in law, and indeed the FCA is clamping down on the banks hard.

[marco806]

I have bit the bullet and emailed swift sterling as below

 

 

I am due to repay the below loan on 31 July 2013. Unfortunately i will not have the funds to pay due to unforeseen circumstances at work (ie) the removal of overtime.

 

I went into my bank today to cancel the CPA on my account to swift sterling. They have advised that any monies taken from today onwards by Swift Sterling will be returned to my account. I would therefore request that you do not attempt to take any monies from my account.

 

I take full responsibility for the debt i have with Swift Sterling and will pay any default charges on top of the amount due (£844.87) I would be grateful if you would confirm the full amount due to you by return email. I propose paying you £100 per month by standing order until the loan is re-paid in full. If this is acceptable to you i would be grateful if you would provide me with you bank details and a loan reference so that i can set up the standing order to commence in early August.

 

I would be grateful if we could correspond by email and i would like to apologise for not being able to meet my obligation to you.

 

I look forward to hearing from you.

 

Regards

 

xx

 

 

Amount of Credit £650.00 Total amount payable £844.87 Duration of agreement 31 days Payment

date 31 Jul 2013

 

 

i presume they will try to raid my account?

 

just emailed my complaint to rbs

 

 

I went into my local rbs branch today to cancel a Continuous Payment Authority (CPA) to a pay day loan provider called Swift Sterling.

 

They stated that they could not do this despite the law stating that should a customer request a cancellation of a CPA that this should be done.

 

Instead they phoned the visa debit phone line and asked me to speak to them. I did this.

 

The gentleman on the phone again said they could not cancel the CPA but that a marker would be put on my account and that if Swift Sterling requested money from my account (844,97, on 31-7-2013), that the monies would immediately be returned to me.

 

I have today contacted Swift Sterling to advise them of the situation

[renegadeimp]

You must contact the fca and make a formal complaint with your bank. Keep everything in writing so you can take things further if you need to.

[marco806]

just logged into swift sterling.

 

instead of seeing my loan and the amount due i get a message saying

 

I'm sorry, unfortunately

we can't lend to you today

 

 

good news i take it?

 

they have not responded to my email. I presume they will reply once i have defaulted allowing them to add some charges onto the amount due?

[renegadeimp]

the only charge they can add on is a small default charge. everything else would be a penalty charge and be reclaimable.

[marco806]

Thanks for you advice.

[tono688]

Hiya!!

 

I have been very lucky with SS, i had defaulted and they agreed to a payment plan straight away and even told me in my financial circumstances they would suggest i lower my payment with them, so i have haha!!

 

Good luck!!

Tx

[marco806]

Just an update. No payments have been taken/the bank have blocked any attempts by swift sterling.

 

Just waiting for Swift Sterling to contact me. I presume that it will be today, as they can from today add the default charge.

 

Hopefully they will be easy to deal with and will accept £100 per month without any argument.

[renegadeimp]

They have to accept a payment according to your financial circumstances.

 

There is a little trick you can do. Play hardball with them. Offer them the £100 a month. If they argue, drop them to £90. Then each time they argue or break oft guidelines, tell them it will go down £10 until they accept. All the way to £1 a month.

 

Theyll soon start listening. Keep the extra money to one side and use it as a lump sum to settle the loan in a few months.

 

That way they havent lost anything and you gained the plan you wanted.

[marco806]

Just set up my standing order with Swift Sterling over 9 months. Very easy to deal with.

 

Did try to get me to make my first re-payment over the phone, but once they realised i was not a mug everything went very smoothly.

[renegadeimp]

Make sure you get full confirmation in writing.

[marco806]

They sent me a text message with their bank details and confirmation of the 1st payment that i am making. They also provided me with a loan reference.

 

Is that good enough?

 

And there will be an audit trail via the standing order that i have set up online.

[renegadeimp]

They should have confirmed it via email or letter. Not a silly text message that doesnt actually state the agreement.

[marco806]

yes , i know, i have sent them an email confirming the standing order. Got the impression that i was phoning a call centre who act on behalf of a number of these loan sharks.