Swift advances help required please

[Fayjax]

Hi Guys.

 

Just realise that its an 'unregulated agreement' and a 'Non FSA Mortgage'.

 

What does this mean? Should I be aware of anything please?

 

Does this affect any rights or do I have to complain in a different manner?

 

Would love it if someone could elaborate on this.

 

Kind Regards

Fay

[determindator]

Hope you have sent off the complaint Fay. I think Swift think unregulated means no rules apply to them! Like a free for all, anything goes type of loan. Please post when they reply.

[BRIGADIER2JCS]

Fay, have got a copy of an agreement/ contract for the mortgage?

[determindator]

I've just checked the thread and post 17 mentions copy of agreement rec'd

[hunter78]

Hi guys

 

i really need help from anyone and it will greatly be appreciated. I got a secured loan from swift advances back in Oct 2005 for roughly £28k. the repayments on the agreement wer and still are 469.82 per month (this includes interest and repayment). i was not told anything else. Last year i checked what i owed as i believed it should have been cleared by now. Calculation of £469.82 every month for 7 years is £39464.88, which is way over what i borrowed plus interest. i was so happy thinking its all clear and so i called swift to confirm.But guess what they told me? i STILL OWE THEM £65000!!!! even after everything was cleared last year (well before that). I almost had a HEART ATTACK.

 

I paid £10 and got my SAR and i see that £7500 was PPI which i had no idea about!

 

i really dont know what to do. I definetly dont want to carry on paying them as i dont need to.

 

PLEASE SOMEONE HELP!!!!

[determindator]

Hi Hunter, your predicament is typical of the Swift situation and just more proof to show the extortion. You could start with your PPI reclaim. The PPI was added to the loan and probably ceased to be active after five years, but still accruing interest on your loan. £7500! The agreement was obviously not clear otherwise you would not have entered into it. Have account charges been added to the loan? Did the interest increase over time even though interest rates are historically low? Make your complaint to them and tell us how you get on.

[Fayjax]

Hi guys

I have just received the response from my complaint a few days ago from Swift and unfortunately there’s been no luck.

They have categorically denied all alleged complaints by me and have offered me as form of goodwill just over £300 reduction plus interest (how cheeky is that). I have 2 weeks to either accept the offer and they have confirmed that this is the final response that they are willing to give me regarding this complaint.

I feel gutted at the moment and don’t know what to do now.

It’s an unregulated loan so not many bodies I can complain to – they even mentioned that to me on the complaint regarding FOS.

Any advice guys or are we doomed with these people. I know they will take the house away eventually. I feel that’s their ultimate plan.

 

Kind Regards

Fay

[determindator]

Send your complaint to the FOS.

[John 1963]

yes and they will say what nasty people they are at Swift and probably order them to knock £500 off the balance after it has taken them over 18 months to reach that conclusion. By that time you will have accrued another £5k in charges.

[determindator]

IMO it would have been an unfair agreement if your father was given the loan with Swift knowing his age at the time would mean the payments took him past retirement. Is this the case? It's clear affordability would be an issue so not responsible lending.

Edited October 2, 2013 by determindator

[hunter78]

Hi Hunter, your predicament is typical of the Swift situation and just more proof to show the extortion. You could start with your PPI reclaim. The PPI was added to the loan and probably ceased to be active after five years, but still accruing interest on your loan. £7500! The agreement was obviously not clear otherwise you would not have entered into it. Have account charges been added to the loan? Did the interest increase over time even though interest rates are historically low? Make your complaint to them and tell us how you get on.

 

Hi determindator

 

Thank you for your reply.

I am not about the charges on ppi I will check, also I can't remember the brokers name will swift be able to tell me and do I claim the ppi from the broker or swift?

Just to let you know I had a statement come through, last months payment was 3 days late and the charged about £750 just for interest! And a late charge of £65!

Is this right? Can they charge so much?

[renegadeimp]

No they cant.