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Swift Advance Unregulated Credit Agreement Query

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  • Swift Advance Unregulated Credit Agreement Query

    Hi,

    apologies if this is in the wrong place but i'm after some advice.

    My partners parents have a 2nd charge on their house with Swift Advances and they are nearing the end of their mortgage term. We have asked for a redemption figure and have received a statement of account in the post.

    The original loan was for £33k, interest levied is £25k and payment total £27k leaving a sub total before charges of £31.5K.

    My main worries though are regarding the charges incurred. I know they have not had a great record of making payments and are clearly not in a good situation. But some of the charges seem strange. Over £2k for lost default collection charges, the very vague Other fees and charges at over £1k, and the one i'd like to ask peoples opinion on the most, Interest levied on charges incurred at over £3k. In total charges come to over £9k.

    I know there is an element of irresponsible borrowing here, but this lending seem as irresponsible. To let this run for 7 years and continue to heap charge after charge to the point where the redemption figure is just under £7k more than the original amount borrowed just seem shocking to me.

    I heard someone describe Swift as predatory lenders, which seems somewhat appropriate.

    Has anyone had any experience of dealing with them, or can anyone spot anything in there that i might be able to challenge. I have a mind to tell my partners parents to go to a financial ombudsman but i don't know whether they are wasting their time.

    Any advice at all would be great.
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  • #2
    Re: Swift Advance Unregulated Credit Agreement Query

    Originally posted by giantpaperclips View Post
    Hi,

    apologies if this is in the wrong place but i'm after some advice.

    My partners parents have a 2nd charge on their house with Swift Advances and they are nearing the end of their mortgage term. We have asked for a redemption figure and have received a statement of account in the post.

    The original loan was for £33k, interest levied is £25k and payment total £27k leaving a sub total before charges of £31.5K.

    My main worries though are regarding the charges incurred. I know they have not had a great record of making payments and are clearly not in a good situation. But some of the charges seem strange. Over £2k for lost default collection charges, the very vague Other fees and charges at over £1k, and the one i'd like to ask peoples opinion on the most, Interest levied on charges incurred at over £3k. In total charges come to over £9k.

    I know there is an element of irresponsible borrowing here, but this lending seem as irresponsible. To let this run for 7 years and continue to heap charge after charge to the point where the redemption figure is just under £7k more than the original amount borrowed just seem shocking to me.

    I heard someone describe Swift as predatory lenders, which seems somewhat appropriate.

    Has anyone had any experience of dealing with them, or can anyone spot anything in there that i might be able to challenge. I have a mind to tell my partners parents to go to a financial ombudsman but i don't know whether they are wasting their time.

    Any advice at all would be great.
    many on here would readily describe Swift as a predatory lender!

    Comment


    • #3
      Re: Swift Advance Unregulated Credit Agreement Query

      Originally posted by giantpaperclips View Post
      Hi,

      apologies if this is in the wrong place but i'm after some advice.

      My partners parents have a 2nd charge on their house with Swift Advances and they are nearing the end of their mortgage term. We have asked for a redemption figure and have received a statement of account in the post.

      The original loan was for £33k, interest levied is £25k and payment total £27k leaving a sub total before charges of £31.5K.

      My main worries though are regarding the charges incurred. I know they have not had a great record of making payments and are clearly not in a good situation. But some of the charges seem strange. Over £2k for lost default collection charges, the very vague Other fees and charges at over £1k, and the one i'd like to ask peoples opinion on the most, Interest levied on charges incurred at over £3k. In total charges come to over £9k.

      I know there is an element of irresponsible borrowing here, but this lending seem as irresponsible. To let this run for 7 years and continue to heap charge after charge to the point where the redemption figure is just under £7k more than the original amount borrowed just seem shocking to me.

      I heard someone describe Swift as predatory lenders, which seems somewhat appropriate.

      Has anyone had any experience of dealing with them, or can anyone spot anything in there that i might be able to challenge. I have a mind to tell my partners parents to go to a financial ombudsman but i don't know whether they are wasting their time.

      Any advice at all would be great.
      I can tell you for certain that the FOS will not look into unregulated loans if it was taken out before 6th April 2007 I understand that is the cut off date is.
      There are a lot of people who can advise you on Swift, I would direct you to the latest thread, form which you will find some more information that will assist you.
      http://legalbeagles.info/forums/show...nce-After-Repo

      Sparkie

      Comment

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