swift Advances possible repossession

[ssarah30]

Don't know if anyone could help regarding my situation. I had a Swift loan secured on my property which finished July 2014. I got into trouble in the beginning of the loan missing a few payments. I'm still in arrears of £8500 I've been onto the phone to them this morning they can see that I'm making the repayments and have given me a year till August 2016 where they will review my situation again. I'm upping the repayments to £200 a month which was originally £161 my question is will they still try and repossess when they can see I'm trying to clear this debt? I'm a single mum now and but in a better paid job then what I was when I took the loan out with my ex husband. I'm worried sick what would happen come August even though I've not missed a payment in 3 years.

[stevemLS]

Re: swift Advances possible repossession

Hi Ssarah

Swift seem to have amongst the poorer reputations of lenders.

However, you are making decent repayments at a rate which will clear the debt in a reasonable amount of time. In those circumstances, in my view, they are very unlikely to seek repossession and even if they did as a single parent (of small child(re)) a judge is going to look at the totality of the situation and be extraordinarily reluctant to grant it.

This isn't my area and others may have views but sometimes we are a bit thin on the ground at weekends so didn't want to leave you hanging.

Try not to worry, even if they did try, you'd get loads of help and support here trying to deal with it.

It is usual, by the way, for lenders only to agree arrangements for 12 months and then want to review them, so don't read anything into that.

[ssarah30]

Re: swift Advances possible repossession

Thank you Steve for your reply..that's given me some reassurance.. just worried sick

[FlamingParrot]

Re: swift Advances possible repossession

Repossession is a last resort and if you are repaying £200/month, the arrears would be cleared in just over three years which is a reasonable period of time and the court would be likely to agree with that view. :thumb: