Swift Advances

[bentara]

Hi - I have a Swift Loan of £40,000 taken out in 2004 and due to end in 2019. Because of past arrears (now repaid) Swift say I will still owe £18,000. I can understand that interest on charges (£3000) and period of missed payments will mean something extra needs to be paid but this seems excessive.

Have queried with Swift who say charges are correct but as a gesture of goodwill have knocked off £500 - I presume that this will have some affect on the outstanding amount in 2019 but guessing not much and I'll still need to find a considerable sum to pay them off in 2019 or be tied to making further payments to them for years to come. Is there anything else I can do to fight this?

Many Thanks

[Kati]

Re: Swift Advances

[MENTION=48934]Debt Camel[/MENTION]??

[Diana M]

Re: Swift Advances

I have a Swift Loan of £40,000 taken out in 2004 and due to end in 2019. Because of past arrears (now repaid) Swift say I will still owe £18,000. I can understand that interest on charges (£3000) and period of missed payments will mean something extra needs to be paid but this seems excessive.

Is this a secured loan?

If so were there any possession proceedings brought (but stayed or a Suspended Possession Order) during the period of the arrears?

Were solicitors involved in collection of the arrears or was everything handled in-house?

Was there PPI on the loan, possibly front-loaded?

How was the loan taken out (i.e. through a broker)?

Do you have the original loan agreement detailing the Terms & Conditions (you'll need that).

Di

[bentara]

Re: Swift Advances

Hi Thanks for your response. In answer to your questions;

It is a secured loan.

Possession proceedings were brought and suspended

It was all dealt with in-house

PPI was included, front loaded. I have tried to claim mis-selling but got nowhere. The Financial Ombudsman couldn't intervene as loan was taken out in 2004 so wasn't regulated.

The loan was arranged through Norton Finance

I have the original loan agreement

Thank you

[Diana M]

Re: Swift Advances

In answer to your questions;

It is a secured loan.

Possession proceedings were brought and suspended

It was all dealt with in-house

PPI was included, front loaded. I have tried to claim mis-selling but got nowhere. The Financial Ombudsman couldn't intervene as loan was taken out in 2004 so wasn't regulated.

The loan was arranged through Norton Finance

I have the original loan agreement

Your answers to my questions are exactly what I expected them to be (which is why I asked them).

Can you first clarify whether the possession proceedings were stayed (no legal conclusion ordered by the court but possibly ‘live’ albeit no longer necessary) or was/is there a Suspended Possession Order, and if so have you kept to the terms of the Order or have they been breached although you imply that subsequently the arrears were eventually paid?

I’m simply looking ahead to worse case scenario (so that you can plan to avoid it) if you are unable to pay what they demand in full at the end of next year when you say the loan term expires.

Di

[bentara]

Re: Swift Advances

Hi - It was a suspended possession order, all payments have been maintained since then and the arrears were cleared a year or so ago.

Thanks

[bentara]

Re: Swift Advances

Hi - don't want to appear impatient but wondering what happens next after the providing the additional information requested last week - is it just a case of waiting for a further reply or do I need to do something else to trigger a answer?

Many Thanks