Help and/or advice on Swift Advances Plc

[Jessie1950]

Hi,

I foolishly took out an unregulated credit agreement secured on my home with Swift back in October 2007, the loan has recently been repaid as I have sold my house, but, I have complained to Swift regarding their extortionate fees and charges, they have come back to me offering a "gesture of goodwill" of less than £600.00 my argument is that the agreement I signed stated that broker's fees, admin fees etc would be deducted from the total loan but, mine were actually added which I have been paying interest back on for the last 11 years.

If anyone can offer help/advice I would be most grateful.

[Amethyst]

If the response from Swift is their final answer you can take complaints regarding unregulated agreements to the financial ombudsman.

If you have a chat with them first they should be able to guide you https://www.financial-ombudsman.org....act/index.html

If you have a copy of the agreement showing the brokers fees etc being added to the loan, and where it states they should be removed, that would help to look at it. Is the £600 the same amount as those fees would have been, or have they recalculated the loan so it is in the position it would have been if the fees had been dealt with correctly at the beginning ?

[Jessie1950]

Amethyst,

My most sincere apologies for not responding to you, unfortunately, my father passed suddenly, which has taken me away from everything for some considerable time.

Now back firing on all cylinders it is time to revisit this mess with Swift, I will be getting all paperwork together over the next week and will be back in touch. Being a bit of a squirrel I have kept everything they ever sent me.

The brokers fee from memory was over £1100.00.

[meellis]

Jessie, I have to tell you that the issue have with Swift is one of the ones the majority of there customers/victims have. What you will find is that it was added to the loan before you had it and then taken straight back off. I will keep the figures simple for an example, say you asked to borrow £15,000 and the fees were £1000 your broker actually filed for a loan of £16,000 (15,000 + 1,000) and you received £15,000 but signed for a loan of £16,000. If it had been as you have a complaint about then you would have had a loan of £15,000 but only received £14,000. Believe me I am not questioning whether you are right or wrong I just know from being one of there victims that it is an argument that me and many others have had and that it will be answered with the fact that you had all the money you asked for on the loan not the money you asked for minus the fees.

[Jessie1950]

Hi Meellis, Thank you for this, you are most probably correct these swift people are some sneaky sorts. I have requested all of my paperwork from them and they appear to have misplaced the original loan application - strange that! so I am not sure until I dig out everything I had from them where I would go if I can't find a copy of the actual one but, once I have everything together I will try and see what's what.