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SwiftSterling - missed payment, amount due doubled.

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On February 28, I stupidly took out an £850 installment payday loan with SwiftSterling. Today, I missed a payment. I was due to pay £312.41. On my account, it now says 

You are currently behind in payments for this loan. The amount required to catch up is:  £763.33     Make a payment


In my credit agreement it states the charges as following:

  • A single Default Charge of up to £15 shall be payable immediately if there is a balance outstanding under this Agreement after the Maturity Date. We may at our discretion waive the Default Charge if an acceptable payment arrangement has been agreed with you. You may also be liable for any legal costs which arise out of your breach of the agreement. The total default charges that we will apply will not (apart from any legal fees) exceed £15;
  • Interest on overdue principal and on the Default Charge at a rate of 0.8% per day, provided that the aggregate of such interest and the Total Charge for Credit referred to in the Financial Information section above shall not exceed the lesser of 100% of the Amount of Credit or 0.8% per day on the principal outstanding from the date of this agreement.


This can't be right? How can my debt have increased by well over twice the amount in one day? Unless this is listing todays payment and next months?  I am confused and scared. Does anyone have knowledge of how SwiftSterling works? I would be seriously grateful for any information. Thank you.

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Hi and Welcome to CAG


Give them a ring and ask them to clarify ?





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Hi Andy, thanks for the reply.


To be honest, there's a reason that I am hesitant to phone them up. I actually have several other payday loans with various other companies. What is more, is that I lied about my employment and expenses in all of these. I have been studying at university for the last three years, and have said that I have been living with my parents paying 0 rent, despite living away from home and paying rent.  I have listed my employer as where I was working prior to studying. I have remained working there during holidays, and now that my studies finished a month ago I have returned to working there part time.


I've been in a cycle of borrowing to cover the payments of other loans. I have been amazed at how easy it has been to be approved for these. This is the first one that has defaulted. I tried getting more earlier this week and have been rejected. I know how dumb I have been. I've been looking for temporary fixes to my problem all this time, on the assumption that soon I will have a full time job that will cover the cost of all of my payments now that I am once again living at home.


I'm scared to call them, and tell them that I am having financial problems because I expect they are likely to ask me why. Will they ask me for payslips or bank statements to show that I am not earning enough? I'm not going to have a payslip for two weeks now. If lenders find out I have been lying, what are the likely consequences? Thank you.

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