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    • Thank you so much for the reply and apologies for swearing. Will start a new topic.   Pierre
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    • Future Comms issues. Read more at https://www.consumeractiongroup.co.uk/topic/416504-future-comms-issues/
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    • This is a bit of a lengthy one but I’ll summerise best as possible.
       
      THIS IS HOW THE PHONECALL WENT 
       
      I was contacted by future comms by phone, they stated that they could beat any phone contract I have , (I am a limited company but just myself that needs a business phone and I am the only worker) 
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    • The FSA has announced large fines against DB UK Bank Limited (trading as DB Mortgages) - DeutscheBank and also against Redstone for their unfair treatment of their customers.
      Please see the links below for summaries and full details from the FSA website.
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      http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/120.shtml
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      http://www.fsa.gov.uk/pages/consumerinformation/firmnews/2011/db_mortgages.shtml
      Do you have a mortage arears claim to make? Then post your story on the forum here
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Fudge31212

£45k loan with Swift [Portfield Loans in 2004] , paid over £100k, still owe more.......

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I took out a loan for £45,000 with Swift in 2004 paid PPI 6,100.

 

Loan was done through portfield loan, Rotherham. The loan and PPI amounted to 51,000.

 

I am still trying to pay this loan off, i have paid over 100,000 been to FCA, FCSC, had lawyers trying to get Swift to write off any better f the debt to no avail.

 

Swift come back and say loan was unregulated. PPI wasn't don't through them but a broker but I was mis sold that 6100 plus all the interest. Does anyone have any idea how I can recoup this money - Swift not interested and neither is anyone else.

 

Any advice? Thanks

Edited by honeybee13
Paras.

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Eh???

 

So you took out a £6,100 loan, which ended up being £51,000? And to date you have paid in excess of £100,000??

 

Makes absolutely no sense to me sorry?

 

How much was the loan for?

 

What was the APR or interest rate?

 

Were you working at the time you took out the loan?

 

Were you miss sold the PPI?

 

Why are you still paying them anything?


Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

HOW DO I START A NEW THREAD?

 

 

 

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PPI reclaim thru the fscs as the broker is bust?


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

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Eh???

 

So you took out a £6,100 loan, which ended up being £51,000? And to date you have paid in excess of £100,000??

 

Makes absolutely no sense to me sorry?

 

How much was the loan for?

 

What was the APR or interest rate?

 

Were you working at the time you took out the loan?

 

Were you miss sold the PPI?

 

Why are you still paying them anything?

 

No I have not made it clear loan was for 45,000 in 2004 plus 6100ppii, my husband took not well fell into arrears, when interest rate fell they increased my payments. My husband still not well to,work

Wrote to Swift explaining I had paid in excess of 99,000 not interested - said they could reduce payments but this was not touching the balance outstandingly. Sought legal advice, Martin Lewis etc to no avail. PPI plus interest charged on 6100 would clear balance.

 

PPI reclaim thru the fscs as the broker is bust?

 

I tried that - they rejected the claim. Saying that it was about 2 years ago and things have changed since then. Do you think I should try again?

 

The FSCS said they couldn't help as the loan was unregulated at that time. I have all paperwork, it's like banging your head against a brick wall. How do they get away with this? Why isn't the Gov doing something about Swift and their practice?

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I wish you luck Fudge,

I feel there are a load more of you on Swifts books

they just don't know it because they haven't got to the end of their loan yet.

 

The sheer lack of info supplied by Swift over the years allows all the charges and interest to accrue before you have a chance to nip it in the bud.

 

Because of the capital/interest repayment schedule very little is coming off of the capital at the beginning so any charges placed then stop the repayment being any use and once you end up owing more than you borrowed it is a slow downward spiral.

 

The cynical amongst us would say that this is there overall plan, they certainly understand how little help the victims receive from the law and regulators.

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I have been in contact with legal dept at Swift,

had a lawyer looking at their dealing,

 

been to my local MSP to bring this up in Parliament,

written to Martin Lewis all to no avail or help,

 

as this was unregulated - sold to me through Broker who is no longer trading.

 

FSCS won't repay PPI charges as loan unregulated and taken out in 2004.

Swift eventually came up with no more interest or fees to be added to account but still owe them 10,000, each I am paying off every month.

 

If I got PPI back with interest this would clear The balance.

I did not think I have anywhere else to go who can help.

 

Any suggestions much appreciated.

 

I have all my paperwork back to 2004.

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Have you tried claiming the mis-sold PPI direct from the Insurance company, and also asking them if they paid a commission to Swift.

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Hi yes I have tried the insurance company too,

 

I had a lengthy talk with FSCS today told me that there was no where to go as the loan was taken out in 2004 July which was not regulated.

 

In Jan 2005 new laws were enforced re loans and insurance, but I am not covered.

 

Tracked down Director Mark Stringer who worked for Portfield Loans,

when shares a building with Norton Finance which he is a Director, but there seems no where else to go.

 

I think I will just have to give up on PPI.

 

As for the loan with Swift - they don't care.

My husband is very ill with the behaviour from Swift, he has mental health issues, PTSD caused by Swifts behaviour.

 

Nothing I can do just hope we both live to see this loan repaid.

Biggest mistake I have ever made.

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Was it Portfield Loans who sold the loan and is it still trading?

 

Was it Portfield Loans who sold the loan and is it still trading?

 

and also sold the PPI?

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Yes it was Portfield Loans but they no longer trading. The Director went from there to norton finance which are trading. But because it was 2004 before new regulation came into force Jan 2005.

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As far as I know you can reclaim PPI back up to twenty years ago, that aside Portfield Loans no longer trade. I think it's still an idea to write to the the PPI insurance company and find out if they paid a commission to Swift for your business. This imo would make Swift involved in the sale.

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Yes you can claim back 20 years if company still trading, FSCS would have got involved if it had been after Jan 2005. I will phone and ask them but every avenue I have tried revert back to Portfield. Swift probably paid Portfield a commission but it all reverts back to it being unregulated and prior to Jan 2005.

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Just to be clear here i'm referring only to the PPI insurance company and if it paid a commission to Swift for the business put their way.

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How did you get on with this, any resolution?

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