swift Advances possible repossession

[ssarah30]

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.

[nemesis45]

Re: 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.

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

[ssarah30]

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

[nemesis45]

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

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

[ssarah30]

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

[nemesis45]

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

Good evening SSarah,

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

Nem