Swift advances plc

[Doc2527]

Re: Swift advances plc

unfortunately these agreements were pretty much a black hole as far as consumer protection is concerned.

We were duped!!! Not one of us would have entered into such an agreement that didn't give us some sort of protection....I'm sure the greedy brokers, enticed by Swifts high commision rates, wouldn't have been interested in pointing out the "risk" of such a loan!!!! and where are the brokers...long since having gone bust.....!!!

I feel absolutely and particularily gutted for you Sparkie and the fall out it has for the rest of us .....What can we do? ...Who will listen?.....this needs to go really really Public....it's an absolute disgrace...

[Fred]

Re: Swift advances plc

I am with Meellis in this has wider implications, there are other cases coming on similar stuff with a different Judge I might add.

I think you need sight of that reprimand as surely it can only help.

http://en.wikipedia.org/wiki/Contra_proferentem

http://en.wikipedia.org/wiki/Estoppel_in_English_law


Is the above any good ?

[Sparkie1723]

Re: Swift advances plc

We were duped!!! Not one of us would have entered into such an agreement that didn't give us some sort of protection....I'm sure the greedy brokers, enticed by Swifts high commision rates, wouldn't have been interested in pointing out the "risk" of such a loan!!!! and where are the brokers...long since having gone bust.....!!!

I feel absolutely and particularily gutted for you Sparkie and the fall out it has for the rest of us .....What can we do? ...Who will listen?.....this needs to go really really Public....it's an absolute disgrace...

Thanks Doc ........that's why I'm going to try my hardest to make a video and post it on u tube...."Might" draw someones attention...by the way andy we have a first mortgage ..........that's why the L/R have confirmed Swifts charge is an equitable charge ( not that that makes much difference it appears....Doc as you say if in my very limited knowledge of the law back in 2007....don't know much more now.....but if I had have known we had no protection at all ......there is no way in hell we would have signed that agreement.....and also as you say neither would anyone else.....all that was concealed from all of us till now.

Judges take on that .............TOUGH!!!
Sparkie

[Guest]

Re: Swift advances plc

Thanks Doc ........that's why I'm going to try my hardest to make a video and post it on u tube...."Might" draw someones attention...by the way andy we have a first mortgage ..........that's why the L/R have confirmed Swifts charge is an equitable charge ( not that that makes much difference it appears....Doc as you say if in my very limited knowledge of the law back in 2007....don't know much more now.....but if I had have known we had no protection at all ......there is no way in hell we would have signed that agreement.....and also as you say neither would anyone else.....all that was concealed from all of us till now.

Judges take on that .............TOUGH!!!
Sparkie

Yes your first mortgage will be regulated unfortunately the second charge will not be.

[Guest]

Re: Swift advances plc

Incidentally second mortgages are not usually in equity only, generally they are charges b y way of mortgage, I would be surprised if yours was any different, although they can assign the equity elsewhere of course.

[meellis]

Re: Swift advances plc

In the cold light of day I can see why these might have been viewed as a bit of a black hole but that is why I got the impression CCA 06 had the unfairness rule put into, to try and address this a little. An agreement is an agreement though whether it is an agreement for money or a consideration it is between two parties (mainly but not solely) and it is expected that all parties should adhere to the agreement or it is fairly pointless having one.

[Sparkie1723]

Re: Swift advances plc

Incidentally second mortgages are not usually in equity only, generally they are charges b y way of mortgage, I would be surprised if yours was any different, although they can assign the equity elsewhere of course.

Absolutely without any doubt our Land Registry have confirmed as fact that it is an Equitable Charge only..now I can't get better a more reliable confirmation than that....... except by a Court interpretation of course
At least I don't think so.

Sparkie

[Guest]

Re: Swift advances plc

The problem is not the agreement the problem is the charge, this is what they will be enforcing, the agreement will not stop it unfortunatley

[Guest]

Re: Swift advances plc

Absolutely without any doubt our Land Registry have confirmed as fact that it is an Equitable Charge only..now I can't get better a more reliable confirmation than that....... except by a Court interpretation of course
At least I don't think so.

Sparkie

Sparkie do you have a copy of the conversation with the LR where they state that this is an equitable charge only ? Could I see it ?

[john 1963]

Re: Swift advances plc

sparkie you mention that it is bad news for those that borrowed +£25k, how does it affect me as you know I borrowed £3k?

[Sparkie1723]

Re: Swift advances plc

Sparkie do you have a copy of the conversation with the LR where they state that this is an equitable assignment only ? Could I see it ?

I think I have it in writing .but if I have lost it ...I will get it again........by the way not an equitable assignment ........an equitable charge only. You may have hit the wrong keys on your key pad.
Its easy to say the wrong word when you meant to say something else .....that is one fault I admit I do have ....saying one thing and meaning another
Sparkie

[Guest]

Re: Swift advances plc

I think I have it in writing .but if I have lost it ...I will get it again........by the way not an equitable assignment ..a equitable charge only. You may have hit the wrong keys on your key pad.
Its easy to say the wrong word when you meant to say something else .....that is one fault I admit I do have ....saying one thing and meaning another
Sparkie

Second charges which are in equity only are not usually recorded at the registry In my experience although they lender may seek to put a restriction on there stating taht there is another charge against the equity.

This kind of arrangement is usually entered into when the first charge lender refuses permission for an addition charge to be ;placed on the land/deed.

[Guest]

Re: Swift advances plc

I think I have it in writing .but if I have lost it ...I will get it again........by the way not an equitable assignment ........an equitable charge only. You may have hit the wrong keys on your key pad.
Its easy to say the wrong word when you meant to say something else .....that is one fault I admit I do have ....saying one thing and meaning another
Sparkie

yes I had already changed it to charge although you could say the charge was assigned i suppose.

[Sparkie1723]

Re: Swift advances plc

Second charges which are in equity only are not usually recorded at the registry In my experience although they lender may seek to put a restriction on there stating taht there is another charge against the equity.

This kind of arrangement is usually entered into when the first charge lender refuses permission for an addition charge to be ;placed on the land.

Swifts entry on our deeds with the L/R states that they have applied a restriction ........and that is all not for any money nor any mention of it being an equitable charge and that is why I believe the L/R interpret that as being construed as an equitable charge only......our first motgage charge mentions the restriction...... and .......all ....present .....and..... future monies loaned. I can post a copy of that document if it is helpful
Sparkie

[Guest]

Re: Swift advances plc

Swifts entry on our deeds with the L/R states that they have applied a restriction ........and that is all not for any money nor any mention of it being an equitable charge and that is why I believe the L/R interpret that as being construed as an equitable charge only......our first motgage charge mentions the restriction...... and .......all ....present .....and..... future monies loaned. I can post a copy of that document if it is helpful
Sparkie

I know i seem to be going on about this, but it is important, have you been onto the LR website and got a print out of your deed, it costs £3 it would be helpful if I could see exactly what it says on your record regarding the entry on your file and if it is a charge or just a restriction.

If you just had an equitable charge on your property it means taht your original lender did not agree to the charge this may be a problem for them when trying to enforce , especially if the original lender is happy with the ongoing relationship and refuses to release the land for sale and foreclosure.