Swift advances , i stopped repo, but now need help with BK hearing

[april dew]

can anyone tell me how do I get in contact with OFT.

 

don't know what to do, cannot find a solicitor to help me.

most of solicitor I speak to don't do legal aid.

I waited almost 2 weeks for one solicitor to get back to me, when she did she said she had been trying to find someone to take on my case but she could not find a suitable one.

[John 1963]

sorry to say I told you so, the OFT closed earlier this year.

[Wayne2001uk]

Oh, it's still on the Gov website, I'm getting help from Financial Ombudsman, but my complaint is excessive interest charges, not sure if they can help also?

 

They are based in London, E14

[theoldrouge]

They must treat you fairly in accordance with the FCA principles for business PRIN (principle6)

 

You can report the matter to theFCA who took over from the OFT

 

 

 

Consumers with queries about a service or product (and people representing consumers)

Monday to Friday, 8am to 6pm, or Saturday 9am to 1pm:

UK: 0800 111 6768 (freephone) or 0300 500 8082

From abroad: +44 20 7066 1000

Email: [email protected]

Complete our online form

Please give us as much information as possible, so we can respond quickly to your query.

[april dew]

I got the financial ombudsman involved the first time swift took me to court, but in the end they said they couldn't help they are useless.

I have not told my partner about any of this, he as been sick for quite a while and if I loose my house it will kill him he couldn't cope with that,

he should be in the hospital but he refuse to go, the doctors have tried to admit him.

that is really bothering me, I have also being trying to get my grandson back from the CPS they kidnapped him.

[april dew]

hello

is it worth me asking for a CPR 15.5 requesting further time to submit a defence.

because I have not yet received the SARs documents yet.

[april dew]

can someone tell me is this info right, got it of swifts website

 

High lending fees

Not all lenders charge these, but if you borrow a high percentage of the price of the property - for example, over 80% or 90% - you may have to pay this type of fee. This is because the mortgage represents a higher risk to the lender if you do not keep up your repayments. Lenders sometimes buy insurance (called mortgage indemnity) to protect themselves. This insurance does not protect you - you would still be responsible for your debt, even if the lender claimed on its insurance.

[lesterlass]

can someone tell me is this info right, got it of swifts website

 

High lending fees

Not all lenders charge these, but if you borrow a high percentage of the price of the property - for example, over 80% or 90% - you may have to pay this type of fee. This is because the mortgage represents a higher risk to the lender if you do not keep up your repayments. Lenders sometimes buy insurance (called mortgage indemnity) to protect themselves. This insurance does not protect you - you would still be responsible for your debt, even if the lender claimed on its insurance.

 

Thats right

[dx100uk]

yes but as with welcome finance the MIF [mortgage indemnity fee]

was found to be unlawful and actually was not for 'insurance' at all.

 

 

if this was a '2nd charge' on your property you seriously need to read up on MIF.

 

 

dx

[theoldrouge]

can someone tell me is this info right, got it of swifts website

 

High lending fees

Not all lenders charge these, but if you borrow a high percentage of the price of the property - for example, over 80% or 90% - you may have to pay this type of fee. This is because the mortgage represents a higher risk to the lender if you do not keep up your repayments. Lenders sometimes buy insurance (called mortgage indemnity) to protect themselves. This insurance does not protect you - you would still be responsible for your debt, even if the lender claimed on its insurance.

 

If this was not explained to you at the time of application,(that the insurance only protects the lender, no mortgage without purchase) you may have a case for mis-selling

 

of the mortgage

 

https://www.moneyadviceservice.org.uk/en/articles/financial-mis-selling-what-to-do-if-you-think-its-affected-you

[april dew]

hi there does anyone know if I can get my first mortgage to stop swift the secured loan company repossessing my house.

problem is I am in arrears with them also, I wouldn't be if it wasn't for swift.

[John 1963]

pretty sure they cannot do anything about it

[april dew]

hello

can I ask if when I took out the secured loan I was 48 years old the loan supposed to go for 300 months which is 25years, that is way past my retirement date.

does that class as mi-sold even though it is a secured loan, does it work the same as a mortgage.

[dx100uk]

same as a mortgage.

[Wayne2001uk]

On both occasions when Swift took me to court

the outcome after was that I managed to get Halifax to consolidate the arrears on the first mortgage,

 

 

I have spent the last 2 years keeping up to date with the first mortgage payments now

and by doing this Halifax have been very helpful.

 

 

Being in arrears on both loans does not bode well especially if you have no income to support either payment,

however you should be questioning the advice you first received,

was everything explained to you properly,

did you understand the loan, charges, options etc etc.

 

I never received any consolation,

not offered any other options,

didn't even provide so much as a bank statement or wage slip,

 

 

in fact the loan was completely unaffordable at the time

and I certainly didn't understand how the loan worked with regards.

To the high interest charges etc....

 

I received a letter from Swift last week stating that they are not willing to reduce the settlement figure from

£85 ish grand - borrowed 40k,

paid 35k to settle = 85k

- You do the Math!

 

Going forward with Financial Ombudsman now as it just doesn't all stack up to me.

Halifax mortgage was 147k,

they consolidated two lots of 10k ish over the past 10 years,

settlement figure is now 171k,

if only Swift took a leaf from their book!

Both loans are interest only.

 

Drew

- that thing about your age,

I read that it is illegal to sell a loan if it goes beyond your retirement age,

you should defiantly look into that.

 

 

Are you not receiving any help or advice from anyone?

Are you not receiving any help from anyone?

That kind of thing should have been flagged already,

sounds like you need to put all your paperwork in front of someone,

perhaps citizens advice is a good starting point for free advice

 

 

, myself I went to financial ombudsman just because that is their job to look into cases like ours.

 

I checked my bank account yesterday and found a credit in there from an old loan company which I took out,

they have been in trouble recently for mis-selling going back to 2009,

these companies will get caught out, it's just a matter of time for sure.

 

Hope this helps somewhat,

getting advice and help is the best thing you can do,

 

 

if the CAB can't help perhaps go also to financial ombudsman,

they are looking at my case at the moment,

make a copy of the original loan paperwork

and send it to them with a letter explaining your concerns.

 

Good luck, keep us posted

[theoldrouge]

These were the grounds for complaint, and findings of the OFT, from June 2011

 

See what applies to yourself, and make formal complaint to Swift and involve the FCA once you have all the paperwork

 

What precisely is the upcoming hearing for?

 

The OFT announced that sub-prime lender Swift, trading as Swift Advances plc and Swift Securities Limited, must improve its lending and collections practices or risk losing its credit licence

 

An OFT investigation found Swift was giving secured loans to customers with poor credit histories or limited access to credit without:

 

- checking whether they could afford the loan

 

- verifying their income

 

- taking account of their other financial commitments and personal circumstances

 

- fully checking the information provided in the application.

 

Secured lending is considered to be high risk by the OFT because borrowers are at risk of losing their home if they default on a loan.

 

The OFT also uncovered evidence in some cases that Swift failed to fully explain the charges that could be incurred if customers fell into arrears and failed to exhaust alternative options before taking borrowers to court.

 

As a result, the OFT has imposed a set of requirements on Swift, which ensures it must:

 

- carry out proper assessments of a borrower's ability to repay the loan without undue hardship

 

- only take steps to repossess a borrower's home as a last resort

 

- be transparent about their charges and when they apply.

 

David Fisher, OFT Director of Consumer Credit, said:

 

"Credit businesses must lend responsibly - failure to do so can have a very serious impact on borrowers. We require Swift to significantly improve the way it carries out its business. If they fail to comply with these requirements, they will face further enforcement action."

[april dew]

Hello

thanks for the advice.

I have been trying to find a lawyer to help but cannot find anyone who does legal aid that can help me.

I know what the CAB will say, I can't afford to keep my house,

I am trying to get back into work but with all this on my head I cannot concentrate on finding a job.

I don't even think they looked into my age and the loan term.

but I think they know that we would never be able to pay of any loans from them anyways because of their unfair practices.

it as to stop, why are they stock piling peoples houses.

[theoldrouge]

What is the hearing for?

[april dew]

I am waiting for the SARs info to come from swift

but I might not get it before the court date

so I don't know exactly what I am up against at the moment

 

 

I know for sure that they did not take my age into consideration.

 

I was off sick for a couple of months due to stress from swift the last time they took me to court for repossession,

 

my father had also passed away during this period so I had to take another month on top of that due to stress,

 

also at this time

payday loan company wiped me out due to me trying to find extra funds to pay swift.

 

I explained all this to them.

[theoldrouge]

So the hearing is for repo by swift?Im still not clear on this

 

because of the thread title, if so

 

What term is left on mortgage

 

What are the arrears?

 

What payment can you offer in addition to the contract payment ?

[april dew]

everyday loans personal loan company took me to court and made me bankrupt

 

I did not attend court,

or any of the trustees meetings

or signed any papers

or told them anything about my assets because I have none but my house.

 

they threatened me with contempt of court because of non compliance.

 

the trustees cannot do anything until I disclose everything,

 

during this time I lost my job and everything got considerable worse

 

I received a letter saying that I should attend court on the 2/9/2015

and that Swift, Coventry building society(my main mortgage company)

and everyday loans will be seeking an order of possession and sale of my property.

 

what chance have I got.

 

my main mortgage I have only 1 year left

but I have been paying interest only payments now for more than 10 years

so I still have the main loan to pay back.

 

Main mortgage arrears is £491

swift advances is over £52.000 and rising

 

I owed every day loans they say £2,500 + that's why they made me bankrupt

 

bankruptcy wont help because the main problem is swift

and nobody would help me because it is a secured credit.

 

sorry swift arrears is over £6000, I was paying of the arrears until I lost my job.

[april dew]

sorry its a bit complicated.

can I upload the letter I received fro freeths (every day loan company laywer) and swif.

I was thinking should I received a letter from the courts also concerning court date.

[theoldrouge]

Yes upload anything that may be useful

[april dew]

sorry I had to remove my details completely

does anyone now how to write a cause of action or what to put in it and can I hand it in on the same day as court date.

can I get court date postponed until I receive the SARs documents.

its bank holiday tomorrow so I cant do much.

if I could get to put in a complaint concerning the conduct of these creditors will it help

Edited August 30, 2015 by april dew
forgot to ask a question

[april dew]

because swift is unregulated company does that mean we have not a hope in hell.