Swift Advances/Ocean finance

[eire13]

Hi,

Wondering if some-one can help me please? I have a secured loan with Swift Advances started in 2004. I sent them a formal complaint this year about their excessive charges and fees at £64 a time when in arrears. They wrote back and said these were fair! A complaint is currently with the FOS about this. I also complained to them that I thought this first charge loan was mis-sold. They said I would have to complain to Ocean Finance about this. My question is should I bother to do this? At the time of taking out this loan the DSS were helping to pay the first mortgage so we were on benefits. They did not ask or check about this. Also they did not check full income details and I just wrote a letter stating I was a childminder at the time. Swift said they have a phone recording with me saying I can afford the loan. In reality these were desperate times and I needed the money to pay other debts. Is it worthwhile me complaining to Ocean Finance?

[Sparkie1723]

Re: Swift Advances/Ocean finance

Is you loan with Swift Advances plc a regulated loan or an unregulated one?
What month did you take it out?

Sparkie

[eire13]

Re: Swift Advances/Ocean finance

Hello Sparkie I have been reading your threads. It was August and is regulated I believe. I suppose this is not good news?

[eire13]

Re: Swift Advances/Ocean finance

Any other advice about this. I have a complaint with the FOS at the moment about Swift Advances. Have read Ameythest's posts about Swift and the FOS. They don't seem too consistent with their decisions? Is it worth complaining about Ocean Finance or not? Awful the way they get away with treating people in financial difficulties like dirt. This loan was supposed to end in August this year but now we still owe over £5000 when original amount was £8000 10 years ago.

[Guest]

Re: Swift Advances/Ocean finance

Hmm a CCA regulated loan. Do you have the agreement by any chance ?

[Guest]

Re: Swift Advances/Ocean finance

Sorry just noticed yo say this is a first charge loan ?

[eire13]

Re: Swift Advances/Ocean finance

Hi sorry have just seen your post. It is a second charge loan and I have the agreement which looks ok to me. Did you want to have a look at it? Sorry I see I made a mistake with first post I think it is a second charge.

[Guest]

Re: Swift Advances/Ocean finance

Hi sorry have just seen your post. It is a second charge loan and I have the agreement which looks ok to me. Did you want to have a look at it? Sorry I see I made a mistake with first post I think it is a second charge.

Yes it is always worth a look, the agreement may look OK until you do the sums regarding the total charge for credit etc. As said nothing lost in having a look, even it seems, the account has been closed, there is still a prospect of claiming, if the agreement was none compliant and therefore unfair pressure to repay was made on the borrower.

[eire13]

Re: Swift Advances/Ocean finance

Sorry no the account has not been closed it was due to end in August this year but because of some missed payments and all their arrears charges and other charges plus the interest we still owe over £5,000. Not sure what they will do with the terms in August. The only thing to me that seems to be missing is a total amount repayable when I queried this with them they said but oh it is easy to just multiply the number of monthly payments by the monthly payment?? If you could tell me how to do it I could upload it. All I want really is a refund of these charges so we owe less I don't want to put our home in jeopardy by not paying as I know they would try to repossess if they got the chance.

[Guest]

Re: Swift Advances/Ocean finance

Certainly worth having a look, as said if at least just to check on total charge for credit compliance(section 20), if you click the triangle someone form the site team will instruct on loading the agreement, no use asking me , only just able to switch my computer on

Just because you have a none compliant agreement does not mean that you should stop paying of course, but sometimes it is a good idea to put them on the back foot, just in case, and if it is none compliant it may help others in a similar but more critical position.

[eire13]

Re: Swift Advances/Ocean finance

Ok lol have done that. Will wait for help. Thanks. Any advice on the mis-sold route with Ocean Finance?

[Guest]

Re: Swift Advances/Ocean finance

Ok lol have done that. Will wait for help. Thanks. Any advice on the mis-sold route with Ocean Finance?

Yes always complain if it is Ocean, especially on miss selling.

[eire13]

Re: Swift Advances/Ocean finance

Hi my husband has helped me and I think this is the agreement attached. Could you let me know if not clear and I will try again. thanks. Also any info I could read or include in my complaint to Ocean would be great. Thanks for your help.

[Guest]

Re: Swift Advances/Ocean finance

Hi thaks fpot that.

Bit of a basic agreement. The APR checks out with the details stated, but the only charges for credit are the interest. Were there no charges involved by the broker, the setting up of the charge etc, and where are the detiails of the charge , was there another page.

All the prescribed terms seem to be there, much of the stuff contained within the other terms is rhetoric, and covered by legislation anyway, the order in which the charge can be claimed would depend on the way the charge is listed on the register not on anything on there. Did you receive a pre-contractual copy before you signed and allowed the cooling off period as it says ?
>

[eire13]

Re: Swift Advances/Ocean finance

There were no other charges that we were told about. They probably did pay some kind of a fee to Ocean Finance but I have no evidence of that. There were no other charges on any other paperwork. Yes they did send me a copy of the agreement before I signed it so there was a cooling off period. I did complain that they did not send me details of all their tariffs which were sent after the loan completed. They said a clause on the back of the agreement covers that as it says I agree to pay their administration costs etc. They seem to have covered themselves quite well really and the FOS will probably back them up!