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Swift advances

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Yes but they are very reluctant to give out much information, even obtaining statements is like drawing blood.....

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I did ask for this info myself some time back and it was sent so just be forthright. They'd get into trouble if they didn't comply with sending out info you require.

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pers I wouldnt worry TOO MUCH about the actual int rate

it can always be updated by a simple change in the box on the spreadsheet later

 

get the data in the sheet.

 

fire it off

scare the be-jesus out of them

like they've scared you for the last 10yrs


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

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please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Thank you guys you all have been fantastic help, you all have given me a boost and a kick in the right direction, I have spoken to swift requesting the information all charges and fees applied to my account with interest charged for each charge.

 

They said it shall be in the post

 

lets wait and see now

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The spreadsheet can only calculate using one interest rate so the suggestion of 12.5% represents an average rate for the whole term of the agreement


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Hi,

 

a quick up date to todays actions well it has been a very stressful day...

 

I am still waiting for swift to send me the letter with all figures of charge and what interest was put on each charge.

 

In the mean time I received an email back from FSA and they response is as follows....

 

 

 

Thanks for getting in touch with the FCA. I understand you took out a loan with Swift Advances in 2007 for £10,000. Your marriage has since broken down and you’re making payments on the loan yourself. The firm have added charges and interest for delayed payments and have told you you owe an additional £24,000 in order to release your home. I can appreciate this has been a hugely stressful time and has caused you considerable concern.

 

The Role of the FCA

We’re tasked with regulating the UK financial markets as a whole and in order to do this we have to remain impartial. For this reason we’re unable to investigate, intervene or comment on individual cases and we don’t have dispute resolution powers for individual complaints. What we can do is inform consumers of any relevant rules that regulated firms should be adhering to and the options they have available to try and resolve the matter.

 

Swift Advances

I’ve searched the FCA Register for details of the firm and they appear as a trading name of ‘Swift 1st Limited’ with the unique firm reference number 304896.

 

FCA Rules

We have rules in place which we expect the firms we regulate to follow in regards to customers who are in arrears or default with a loan.

 

We expect them to treat their customers fairly. We also expect them to treat their customers with forbearance and due consideration if they miss payments of a regulated credit agreement. Treating a customer with forbearance can include suspending, reducing, waiving or cancelling any further interest charges.

 

These rules are contained within the FCA Handbook which contains the rules and guidance we expect regulated firms to adhere to. The Handbook is broken down in to different sections relating to specific areas of the market, for example Consumer Credit (CONC). You can view the full Handbook guidance on the treatment of customers in arrears within CONC 7.3.

 

If you feel that Swift Advances haven’t adhered to these rules and haven’t been treating you fairly, you can complain.

 

How to Complain

Because they’re regulated, there’s a specific complaints process that Swift Advances must follow. In the first instance we’d advise you complain to them directly, in writing. This ensures a written record is kept of all correspondence and also gives them the chance to resolve the issue at the earliest opportunity.

 

They’ve provided us with some contact details for their complaints team; I’ve included these for you below:

 

Contact Name

David Carson

 

Address:

Arcadia House,

Warley Hill Business Park,

The Drive,

Great Warley,

Brentwood,

Essex,

CM13 3BE

 

Phone: 01277 359 553

Email: david.carson@swift.co.uk

 

The complaints process states they have a maximum of 8 weeks to respond to, and hopefully resolve your complaint. If they fail to respond, or you’re not satisfied with the response they do provide, you can then escalate your complaint to the Financial Ombudsman Service.

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unfortunately this isn't the response I was hoping for but saying that I have read through the CONC 7.3 link sent and there are so many grounds on which swift have not complied to.

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Well if you choose to go down the FOS route ( and thats absolutely fine) then you need to use the Statint spreadsheet which calculates interest at 8%, but as theyve already said, you must first exhaust Swift's unternal complaints procedure and have a "Final Response" from them prior to FOS even looking at it.

On a plus note with FOS, with the size of your potential claim its a good way to test the water as if you choose court you will most certainly end up in fast track and could become foul of cost liability.


PLEASE HELP US TO KEEP THIS SITE RUNNING

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I am not legally trained or qualified, any advice i offer is gleaned from experience and general knowledge, if you are still unsure after receiving advice please seek legal advice.

 

 

 

GEMHL Settled

Barclaycard Settled

A & L SETTLED IN FULL :lol:

Spml Reluctantly withdrawn

Blackhorse pre 31-7-06 Demand removal sent 23 8 06. ICO ordered removal jan 2007....REMOVED:lol:

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sorry for the late response, I have spent countless hours searching online about swift reading other forums and statements given my general public and professionals alike.

I came across this information which I think might be useful to others.Swift Advances plc………Unregulated Credit Agreements.

It is fact that Unregulated Credit agreements appear to be exactly what they say they are.

They are not regulated by the Consumer Credit Act 1974 (CCA) or the Consumer Credit Agreement Regulations 1983 nor the amended Regulations 2004 (CCA Regs) which came into effect in May 2005. Except Section 140

This has been confirmed and argued in Courts by Swift Advances plc by the Barristers they have engaged in such proceedings, it has been confirmed by Recorders and Judges that is a matter of fact. They do not apply to unregulated agreements

 

Therefore a different approach must be taken by Defendants when faced with Swift Advances plc enforcing these agreements in possession hearings.

 

We have to look at the construction of these agreements and not even think of the consumer statutes for reason they do not apply ( except the Unfair Terms in Consumer Credit Contracts and Consumer Protection Regulations), however for the purpose of these arguments these 2 statutes are not considered, arguments are concentrated around the following;

 

The first point that must remain foremost in the minds of the readers is that it is only in the CCA and CCA Regs that the phrase or words "Charges for Credit" are used.

We must apply common contract law of tort

 

We now look at the construction of Swift Advances plc unregulated credit agreement such as the one attached and referred to in these papers.

 

The First Box stating; Key Financial Information.

It is seen that it says

 

Amount of Credit; Principle Loan; Insurance loan ( if any) and Total

The other Information in this box is;

The Amount of monthly repayments; the Number of payments to be made and other explanatory Information.

It is to be noted that there is no interest rate shown in this box.

 

The Second Box below this, states:

Fees payable which say;

Brokers fee; Loan Administration Fee; Title Indemnity Fee; Rate of Interest; % p.a

 

It is here that the information clearly shows that the regulations are not considered in the construction of these agreements and they are not applied in the construction of said agreements, for reason these fees are not stated to be "charges for credit" because it is only the CCA statutes that state what is to be contained in Regulated Agreements.

 

Heavy emphasis is made of this "unregulation status" of their agreements by Swift Advances plc in the court proceedings referred to above and in correspondence from Swift Advances plc and the various other trading styles that they use.

 

These fees are not totalled up as would be required under a regulated agreement, they are not referred to as "charges for credit" as would be required under a regulated agreement, there is no mention of a Total Charge for Credit as would be required under a regulated agreement.

 

The borrower therefore is without doubt made to understand they are not charges for credit.

 

The agreement makes the borrower to believe this for reason above.

See Section 20 of the CCA Act 1974

We therefore have the fact in front of us that they are not considered or stated to be Charges for Credit, so what are they?

The answer to this question I submit is found just below the signature boxes on the front of the agreement which states;

 

You should note the following;

1. We agree to lend you the total amount of credit and the broker fee, loan administration fee and title indemnity fee (if any) shown above (the "Total Loan Amount")

Besides there still being not being any reference or statement of "Charges for Credit" and /or "Total Charges for Credit" there is nowhere on the agreement that states Total Loan Amount or what this

Total Loan Amount is.

 

We therefore have the questions;

Does it mean the Total shown in First Box? or does it mean the totals of the Second Box of the three sets of figures in that Box?

It would be straight forward if this was the case, but it cannot be because the total shown in the First Box is minus the three sets of figures in the second Box, and the fact that the argument has been out forward that the are not stated to be "Charges for Credit" and the reasons why they are not stated to be so.

 

 

 

We must go to the Note 1 quoted above;

" We agree to lend you etc etc etc"

It is here that it is stated what the three sums of Fees are, they are stated to be loans Loans, the words "We agree to lend" is a complete statement of fact that a loan is being made, not a "Charge for Credit as it would be under the CCA Regulations for reason the regulations do not apply to unregulated agreements, a fact Swift Advances plc consistently rely on in their arguments.

 

Bluntly in the words of a prominent Senior High Court Judge in a recent Court proceedings he said " A dog cannot have two tails"

 

Therefore I argue that;

It cannot be the case that part of the regulations apply and others not, they either apply or they do not, and it is an absolute fact that they do not, and as argued by Swift Advances plc that they cannot.

 

The fact is that they are loans, not "charges for credit" now means that we have a completely different light on these agreements.

It is in fact a "Partly Regulated" agreement as follows;

 

The main loan ( above £ 25000) is an Unregulated Unrestricted use Credit agreement.

 

The Broker Fee is a Debtor-Creditor-Supplier restricted use credit agreement falling under section 11 (1) (b) of the Consumer Credit Act 1974 and section 12 © of the afore said Act.

 

The Loan Administration Fee is also a Debtor-Creditor-Supplier restricted use credit agreement falling under section 11 (1) (b) of the Consumer Credit Act 1974 and section 12 © of the afore said Act.

 

The Title Indemnity Fee is also a Debtor-Creditor-Supplier restricted use credit agreement falling under section 11 (1) (b) of the Consumer Credit Act 1974 and section 12 © of the afore said Act.

It is also a multiple credit agreement falling under section 18 (1).

 

The agreement is therefore a "Partly Regulated Credit Agreement" and the heading of the agreement should state that it is.

In a manner such as this

This is a Consumer Credit Act "Partly Regulated" by the Consumer Credit Act 1974

 

These arguments have been put forward by me in our Court case but because the Judge thought I was a dumbo as all judges think LIPs are, and knew nothing in comparison with a Barrister, dismissed these arguments, the Court should declare the agreement not just unenforceable but more than likely Void

what do you think?

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not sure why that's at all relevant

 

charges for credit mean interest

you are reclaiming unlawful PENALTY fees under the FCA rules

 

get on with it.

 

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

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WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Sorry dx

 

I think you have missed the point,

I am not just wanting all my charges reclaimed

but I want the company itsself to be investigated for they're unlawful and unjust practice.

 

I want the figure they quote I still owe (£24,000)

I want that amount to be wiped out and the company to admit liability.

 

So the reclaim is only a part of what I want from this company.

They have been getting away with day light robbery literally for far too long....

 

And the reason for my above statement post was if what this person has stated is true

then my loan was taken out in 2007 means it was passed unregulated and by a un licenced company which is not just fraudulent on their part but also criminal

 

 

most of all does this not mean they are not able to take any money off me as they (swift) where not even registered at the time the lending took place???:???::???::???:

Edited by loner

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I believe this kind of thing has been flogged to death over the years and no-one has ever gotten anywhere.

 

 

blemain, swift, Kensington, ascenden, SMPL they all pulled the same dodge

all linked to leemans debacle I think.

 

 

outrageous, wrong illegal, but they all got away with doing it.


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

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WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Until there is a class action or government intervention against these companies then nothing will change much and certainly not as a one person action in the county court.

Focus your energy on reclaiming the charges and interest.

Pick your battles carefully, this one you can win, the other things you want are battles you cannot win.


PLEASE HELP US TO KEEP THIS SITE RUNNING

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I am not legally trained or qualified, any advice i offer is gleaned from experience and general knowledge, if you are still unsure after receiving advice please seek legal advice.

 

 

 

GEMHL Settled

Barclaycard Settled

A & L SETTLED IN FULL :lol:

Spml Reluctantly withdrawn

Blackhorse pre 31-7-06 Demand removal sent 23 8 06. ICO ordered removal jan 2007....REMOVED:lol:

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How a lender has got away with selling a product they wouldn't buy themselves is scandalous.They know full well when they sell a loan to supposedly help the borrower, it is in fact to hinder.

 

Good idea to counterclaim with charges in the first instance as could wipe out a substantial amount of the problem. Request redemption figure from Swift you can present with your papers to show the Judge what you are up against.

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Loner, have you done your DSAR?

 

What you need are the History Notes - that's the name of a document which outlines each and every charge. Once you have that you will be able to identify who has charged these sums - and I don't just mean 'Swift' I mean names like Eastern Counselling - once you have those history notes come back and tell us what's on them - with Swift, the devil is in the detail.


Cabot and the Cabot Fan Club Threads:

http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/73598-dealing-cabot-101-cabot.html

 

Legal Actions Explained for Businesses:

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/20492-legal-actions-explained-company.html

 

Payplan CCCS Advice:

http://consumeractiongroup.co.uk/forum/getting-out-debt/128587-info-cccs-payplan-experiences.html?highlight=Payplan

 

How to use the Forum

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

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Do not regard my postings or suggestions as professional advice. If in doubt seek a professional opinion.

 

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Swift Advances

 

I have a Secured Loan with Swift Advances, the execution date of which was 31.07.06

 

The amount of credit for the Loan was £100k

 

On the Statement there is an amount of Credit for PPP in the Sum of £10,696.00

 

A broker fee of £6000.00

 

Can anyone advise what the PPP is for - presumably not the same as PPI

 

An Admin Fee of £960.00

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Personal Payment Protection? Its PPI with a slightly different name

 

Payment Protection Policy? There are many ways of describing the same thing


PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

I am not legally trained or qualified, any advice i offer is gleaned from experience and general knowledge, if you are still unsure after receiving advice please seek legal advice.

 

 

 

GEMHL Settled

Barclaycard Settled

A & L SETTLED IN FULL :lol:

Spml Reluctantly withdrawn

Blackhorse pre 31-7-06 Demand removal sent 23 8 06. ICO ordered removal jan 2007....REMOVED:lol:

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better to start a new thread

 

 

of your own please

 

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Hi all

 

I have applied or all my information from Swift Advances, but I think the broker does not trade anymore, so will have to go to FCSC for PPI reclaim I think?. I am not sure how to go about the spreadsheet that is talked about....is there a step by step guide, and a copy of the spread sheet? I want to try to reclaim extortionate charges from Swift.

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can new posters to cag please stop bumping someone elses thread.

 

 

you need to start a new thread

of YOUR OWN.

 

 

and then we'll help you.

 

 

the original poster loner has not been around since October last year

if this thread needs to be re=opened just ask

 

 

but for now it closed

 

 

dx

siteteam


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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style="text-align:center;"> Please note that this topic has not had any new posts for the last 929 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you
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