• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

swift Advances possible repossession

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • swift Advances possible repossession

    I took a secured loan out with Swift advances in July 2006 for 8 years.. got onto trouble with several arrears a few years ago.. to cut a long story short, the loan finished last year but I still have arrears of £8500. They have given me until next August to try and make an effort to pay this off.. I was paying £170 per month but I have upped the payments the last couple of months to £250.. I'm worried sick.. its a struggle to pay £250 but don't know what else to do.. A single mum now with an 11 year old.. I've got a better job since hence upping the payments. My question is.. will they take me to court come August? They will see I'm trying to pay this off.. they're charging around £90 per month in interest on top too..I'm at my wits end..any advice would be much appreciated.
    Last edited by ssarah30; 30th September 2015, 19:03:PM. Reason: spelling
    Tags: None

  • #2
    Re: swift Advances possible repossession

    Originally posted by ssarah30 View Post
    I took a secured loan out with Swift advances in July 2006 for 8 years.. got onto trouble with several arrears a few years ago.. to cut a long story short, the loan finished last year but I still have arrears of £8500. They have given me until next August to try and make an effort to pay this off.. I was paying £170 per month but I have upped the payments the last couple of months to £250.. I'm worried sick.. its a struggle to pay £250 but don't know what else to do.. A single mum now with an 11 year old.. I've got a better job since hence upping the payments. My question is.. will they take me to court come August? They will see I'm trying to pay this off.. they're charging around £90 per month in interest on top too..I'm at my wits end..any advice would be much appreciated.
    Good evening Sarah, welcome to LB,

    Swift are unpredictable at the best of times!
    I'm quite surprised they have allowed you a year to attempt paying off the arrears.
    If you continue to maintain the payments I can't see the court making any repo order
    given your circumstances as a single parent.
    It might be worth a try asking Swift to freeze the interest to give you a chance to reduce
    the debt more quickly no guarantee they will do this, but worth a try.

    nem

    Comment


    • #3
      Re: swift Advances possible repossession

      Thank you for your quick reply. I have emailed them and asked to freeze the interest. By my calculations, if I carry on making the repayments including the interest it would take around 4 1/2 years to pay back! I just hope that would be sufficient for them and not take me to court

      Comment


      • #4
        Re: swift Advances possible repossession

        Originally posted by ssarah30 View Post
        Thank you for your quick reply. I have emailed them and asked to freeze the interest. By my calculations, if I carry on making the repayments including the interest it would take around 4 1/2 years to pay back! I just hope that would be sufficient for them and not take me to court
        Well done!! It will be hard for them to convince a judge to make a repo order if you are making such an admirable effort to pay this off!!
        Please keep us advised of any problems and if you need more help.

        nem

        Comment


        • #5
          Re: swift Advances possible repossession

          Hi nem.. just got some great news.. got a letter today from Swift they've reduced the interest and taken off £1200 in fees. They said provided I pay the £250 as agreed the loan will be paid off in 3 years.. and I keep the house!!!! I can sleep at night now. . So grateful for your advice.. I wouldn't have thought to ask to reduce the interest.. thankyou again. .. Sarah xxx

          Comment


          • #6
            Re: swift Advances possible repossession

            Originally posted by ssarah30 View Post
            Hi nem.. just got some great news.. got a letter today from Swift they've reduced the interest and taken off £1200 in fees. They said provided I pay the £250 as agreed the loan will be paid off in 3 years.. and I keep the house!!!! I can sleep at night now. . So grateful for your advice.. I wouldn't have thought to ask to reduce the interest.. thankyou again. .. Sarah xxx
            Good evening SSarah,

            That's great news very pleased for you!!!
            Enjoy relaxing now and sleep well!

            Nem

            Comment

            View our Terms and Conditions

            LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

            If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


            If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
            Working...
            X