Reclaiming Swift Advances arrears fees

[nelliewops]

Re: Reclaiming Swift Advances arrears fees

Hi Scoobydoo and blackie,

Thanks for the replies and the bump.

I have exhausted Swift's complaints procedure and received their 'Final Response'. I haven't actually tried the FLA, but as blackie says, I don't believe they are of much use generally - I haven't come across any success stories from those who have used that route.

I have no intention of being defeatist over this and if it means going to court, then so be it!

Nellie xxx

[blackie]

Re: Reclaiming Swift Advances arrears fees

Has everyone seen the FSA ruling with regard to GMAC subprime lender and its charges. If not do so now. This could be the break through we have all been waiting for. I have sent my charges to the FSA to ask for their comments about my Swift charges. Thought of writing to Swift as well asking them for their comments with regard to this ruling and whether they intend to change their charges accordingly.

[nelliewops]

Re: Reclaiming Swift Advances arrears fees

Hi blackie,

Yes, had seen that, thank you.........I am also in the process of writing to both Swift and the FSA regarding this.

Nelliehalopump

[andrew1]

Re: Reclaiming Swift Advances arrears fees

Just as a matter of interest, has there been any update to this situation at all?

Also, Amathyst you mention the 'secret commission' as being the brokers commission. That's not actually the case. It is widely accepted that a borrower pays a brokers fee and that is invariably added to the loan as people are broke generally when they borrow, but the 'secret commission' referred to is the fee Swift or any Lender come to that, pays behind closed doors to the broker AS WELL as the borrowers broker fee on the agreement and this is not okay if not disclosed by the broker to the borrower at the time of lending.

This comes down to the broker offering the borrower 'independent' advice and not offering the borrower loans which are rewarding the broker the highest commissions which the borrower knows nothing about. Wilson vs Hurstanger.

Swift deny any hidden broker fees, but their accounts show they paid out £19 million in broker fees in one year, they deny paying any secret commissions even in court. They refuse to send the Underwriters sheets when asked which would show the amount they paid the broker in addition to your broker fee and when people have managed to get a copy they blank the top right hand corner out so that figure doesn't show. They are a tough nut to crack.

I'd also add that your interest rate would be inflated to cover that 'secret commission' too.

Be interesting to know how nelliewops faired in the end.

That link 18901 in Tutsi's post above is not linking either..

[nelliewops]

Re: Reclaiming Swift Advances arrears fees

Hi Andrew1,

It's Landy_alert here - nothing further to report other than what's known already on Cag:tinysmile_twink_t2:

Nellie/Landy x

[Ruby]

Re: Reclaiming Swift Advances arrears fees

Andrew, I am very keen in what you said in your post regarding the secret commission. I am trying to get G E Money (formerly I Group) to reveal their secret commission that was paid to the broker. I though of sending out a SAR letter to them, do you think that would show up on that?

There is a very interesting article in the Daily Express today about how banks are to repay back home owners 'millions' for unfair mortgage charges. Sorry not very good at this IT bit so I don't know how to post article up. Maybe some else will be able to, its on the front page.

[TUTTSI]

Re: Reclaiming Swift Advances arrears fees

Hi Ruby

Have you got a link or can you scan and copy the article as it may be of benefit to all mortgage payers.

I wonder what constitutes fair?

Thanks
Tuttsi

[Kafka]

Re: Reclaiming Swift Advances arrears fees

Express.co.uk - Home of the Daily and Sunday Express | UK News :: Home owners win mortgage refund

[TUTTSI]

Re: Reclaiming Swift Advances arrears fees

Thanks Kafka

i had found it and have posted it up in the Mortgage section in case anyone is interested. As I know I am (lol) Rooftops for one have thousands to refund to our mortgage account, let alone £45 they have been charging £75 and think that is OK.

Tutts

[andrew1]

Re: Reclaiming Swift Advances arrears fees

nelliewops -


LOL - Love the name Landy! LOL

Secret commissions are a problem, we all know that, it's just nailing these beggars to provide the proof in court. If they don't provide it, there is a problem proving it before a court and these sly beggars are getting wise to our questions..

I think it is the Unfair terms or misrepresentation act or some such recent guide which I am sure LB's will correct me on which states that companies ' Must not Mislead'

If a commission has been paid to a broker and you don't know about it, then it is unlawful.- Period.

[Ruby]

Re: Reclaiming Swift Advances arrears fees

Yes, I believe you are right in saying it is unlawful. Times like this I wish I studied law at uni. There must be a way to get them to 'open up' and show us what/if secret commissions were paid. I will be chipping away at this matter. In the meantime I feel their time will come when they will have to admit to this practice. Maybe bring this matter up with FSA?

[PAULA123]

Found my original agreement apparently mines regulated? Can I upload it on here?

[Amethyst]

Of course, just remember to redact your personal details off it first xxx