Worried sick!

[Rosie500]

Re: Worried sick!

Rosie, I don't know if you can post up a copy of your agreement with all the personal details covered. The two interest rates could be the same but quoted in a different way, complicated. Have you searched online for the sale price of the property, a lot of sights will show the history of house prices sold in an area so if you looked for houses for sale in the same street you might find the price yours was sold for. The problem we all face is not that things don't add up or we feel they are wrong it is actually producing the evidence to back up the suspicions. I believe there is something inherent with the way they apply the interest to the accounts but trying to find the evidence of what they are doing and how it contradicts the agreement signed is the key.

Hi meelis I only have an iPad if I had room for my desk top I could scan it but unfortunately my desk top has a virus. I will have another look and see if I can find the sale price of my property. The last time I looked a couldn't find it but mind you that was a while ago. I really don't know how else I could post a copy of the loan agreement. Rosie

[Rosie500]

Re: Worried sick!

Hi meelis I only have an iPad if I had room for my desk top I could scan it but unfortunately my desk top has a virus. I will have another look and see if I can find the sale price of my property. The last time I looked a couldn't find it but mind you that was a while ago. I really don't know how else I could post a copy of the loan agreement. Rosie

Hi hi meelis I can give you the information but not set out in table form.

Amount of credit: £22,500
amount of monthly repayment. £283.40
number of repayments to be made: 300 15.8%(variable)
25 years

interest: £59,875.00
broker fee: 2,250.00
loan administration fee: £395.00
total charge for credit: £62,520.00
rate of interest: 12.99%pa variable

Whatever way it is "dressed up" the payments are wrong. Swift added on £4.75 per month which comes out at £57 per year extra. That over twenty five years is £1,425.00 on top!

It it is not as I would like to have done but I hope it let's you see what Swift have done.

Rosie

[meellis]

Re: Worried sick!

OK, just to be quick you have borrowed £25145.00 at 12.99%. This made up of amount of credit £22500 + broker fee £2250.00 + loan admin fee £395 = £25,145 and I guess that like the rest of us you thought you had borrowed £22500 including the fees. This is a trick we have all fallen for unfortunately and shouldn't have been allowed to happen and also because of the amount borrowed is over the £25,000 mark it wouldn't be covered by CCA. Was this the amount you requested or were you encouraged to borrow more maybe because the broker knew it would get the loan as un-regulated? The interest rates quoted are probably 12.99% flat rate which is used to calculate the repayments and 15.8% AER or APR to indicate the true interest charged due to the effects of how it is applied to your account.

[Rosie500]

Re: Worried sick!

OK, just to be quick you have borrowed £25145.00 at 12.99%. This made up of amount of credit £22500 + broker fee £2250.00 + loan admin fee £395 = £25,145 and I guess that like the rest of us you thought you had borrowed £22500 including the fees. This is a trick we have all fallen for unfortunately and shouldn't have been allowed to happen and also because of the amount borrowed is over the £25,000 mark it wouldn't be covered by CCA. Was this the amount you requested or were you encouraged to borrow more maybe because the broker knew it would get the loan as un-regulated? The interest rates quoted are probably 12.99% flat rate which is used to calculate the repayments and 15.8% AER or APR to indicate the true interest charged due to the effects of how it is applied to your account.

Hi hi meellis the amount I requested was £22,500 not £25,145.00! When I saw the loan agreement I thought that was what I would be paying for. I had no idea that the broker costs etc were not included in the amount of credit. Swift really are devious. I am going to draft a letter this weekend to the ombudsman to make sure I get my point across. I looked for the sale price of my property but had no luck. I noticed the particulars of my property have been archived. I did contact the estate agents, Swift's solicitors but got no reply from either of them. I wrote a letter to the estate agents and received an email denying any knowledge of my letter or what my property had been sold for. They are all as bad as one another. Will keep you posted. Rosie

[Fred]

Re: Worried sick!

Hi hi meellis the amount I requested was £22,500 not £25,145.00! When I saw the loan agreement I thought that was what I would be paying for. I had no idea that the broker costs etc were not included in the amount of credit. Swift really are devious. I am going to draft a letter this weekend to the ombudsman to make sure I get my point across. I looked for the sale price of my property but had no luck. I noticed the particulars of my property have been archived. I did contact the estate agents, Swift's solicitors but got no reply from either of them. I wrote a letter to the estate agents and received an email denying any knowledge of my letter or what my property had been sold for. They are all as bad as one another. Will keep you posted. Rosie

"Broker fee" this was not explained/made available to to you at loan inception ?

[Rosie500]

Re: Worried sick!

"Broker fee" this was not explained/made available to to you at loan inception ?

Hi Fred no the broker fee was not explained at loan inception. I thought I had just borrowed £22,500 instead I find out I had actually borrowed £25,140. That to me says everything about Swift as to how devious they are.

The he payment amount quoted on the loan agreement was less than the amount I was paying. The amount on the loan agreement is £283.40 I was charged £288.15! Which works out at £57 per year! Swift are definitely out of order. Rosie

[Fred]

Re: Worried sick!

Hi Fred no the broker fee was not explained at loan inception. I thought I had just borrowed £22,500 instead I find out I had actually borrowed £25,140. That to me says everything about Swift as to how devious they are.

The he payment amount quoted on the loan agreement was less than the amount I was paying. The amount on the loan agreement is £283.40 I was charged £288.15! Which works out at £57 per year! Swift are definitely out of order. Rosie

"Wow" can you please ensure this is part of your FOS complaint as it is something they will deal with constructively, as opposed to "fair terms" in contracts.

[Rosie500]

Re: Worried sick!

"Wow" can you please ensure this is part of your FOS complaint as it is something they will deal with constructively, as opposed to "fair terms" in contracts.

Hi Fred yes I will make sure this is part of my FOS complaint. I will make sure I make myself clear. This whole scenario just confirms what I think of Swift that they are not reputable lenders, but cowboys! Will keep you posted Rosie

[Fred]

Re: Worried sick!

Hi Fred yes I will make sure this is part of my FOS complaint. I will make sure I make myself clear. This whole scenario just confirms what I think of Swift that they are not reputable lenders, but cowboys! Will keep you posted Rosie

On the above alleged "secret commission"

You feel you have been treated unfairly &/or are/was involved in an "unfair relationship" with regards to the CCA 1974 140a/b.............that should put them on the scent :beagle:

[Rosie500]

Re: Worried sick!

On the above alleged "secret commission"

You feel you have been treated unfairly &/or are/was involved in an "unfair relationship" with regards to the CCA 1974 140a/b.............that should put them on the scent :beagle:

Thanks for that Fred I will put that in my letter to the FOS. Swift certainly deserve the book "thrown" at them. They are not exactly what you would call reputable lenders. Will keep you posted. Rosie :beagle2222:

[meellis]

Re: Worried sick!

Just got back in from work, when you complain to Swift they will point out that in the small print it states that the amount borrowed is the amount of credit plus the fees. In legal speak you have signed the agreement to confirm that you have read all the terms and are agreeing to them so Swift are covered. Truth is I am aware of this like most of their victims because we all fell in to this trap like you have noted they are devious. Make the FOS aware of it, they have been informed of it like all the other relevant authorities by many victims but they act on a case at a time and don't have the intelligence to say crikey this is 100th person who has made the same complaint. If you want to make them aware of secret commission then the brokers get more that isn't covered on the agreements but up till now nobody has been interested but they won't get interested if people don't get on at them.

[Rosie500]

Re: Worried sick!

Just got back in from work, when you complain to Swift they will point out that in the small print it states that the amount borrowed is the amount of credit plus the fees. In legal speak you have signed the agreement to confirm that you have read all the terms and are agreeing to them so Swift are covered. Truth is I am aware of this like most of their victims because we all fell in to this trap like you have noted they are devious. Make the FOS aware of it, they have been informed of it like all the other relevant authorities by many victims but they act on a case at a time and don't have the intelligence to say crikey this is 100th person who has made the same complaint. If you want to make them aware of secret commission then the brokers get more that isn't covered on the agreements but up till now nobody has been interested but they won't get interested if people don't get on at them.

Hi meellis I will make a point of telling the FOS in my letter. I certainly won't mince my words, I intend to make myself clear. However it is "dressed" up the payments are wrong! Apart from being devious I have found that Swift have a very "cavalier" attitude which is not at all professional. They keep saying that they like to give a high level of customer service!! whoever said that is delusional! The simple fact is they could not give a monkeys! Will keep you posted. Rosie

[meellis]

Re: Worried sick!

They have a cavalier attitude because they are devious enough to have everything covered that they are doing. There aren't that many regulations covering your agreement so in some respects they are seen to be doing more than they are required to. its only because regulations and attitudes are changing that they have to. Like I said what you have been caught out on is covered deep in the terms so when you complain the people you have complained to are made aware that it is there and that you have read it. Some of the things I believe they are truly up to are really difficult to prove especially when you are no expert and your up against experts, but that still isn't a reason to give up.

[Esio Trot]

Re: Worried sick!

If you go onto the HM Land Registry site, for a mere £3 you can download a pdf copy of the current title deed - which will show the new owner and how much they paid.

[Rosie500]

Re: Worried sick!

If you go onto the HM Land Registry site, for a mere £3 you can download a pdf copy of the current title deed - which will show the new owner and how much they paid.

Hi thanks for that, I will do that. I am concerned that Swift have refused to let me see ny paperwork from the sale of my property, I feel strongly they are hiding something. Why refuse if they have nothing to hide.

Will keep you posted Rosie