Swift advances

[Ghiro-ghiro]

Hello there,
First of all,
Thank you for all the legal pearls freely dispersed through the forum, the advice and expertise here, reassures even the beginner.

I'm here for advice regarding a secured loan with Swift Advances, previously Swift 1st.
They have breached many fiduciary laws, along side misrepresenting first time borrowers, through loanlink, their broker. Is this a civil fraud case? Where would be the best place to start?

[DE DOGS]

Well first of all you need to offer a lot of information. Explain in detail what the fundamental problems are.

[Ghiro-ghiro]

Secured Loan, lender Swift advances then Swift 1st

given by shark broker loans.co.uk (now MBNA)


Original amount approved : £10.000 ,

broker put in forth 11.200, to take his 1000 fee

Original time: 2008 - 2015 (7 year term)


Amount paid to date: £24.940 (as of 06.03.24)

Amount they are still perusing : £21.878

Time ongoing: 15 years


Age of borrowers when contract signed: 19 and 24

They took advantage of the situation and explained very little to the first time borrowers. It was meant to be a guarantor backed up loan, instead got backed up on property.


Civil fraud by misrepresentation -

Swift advances used a broker (gone bust) to target first time borrowers, without any affordability checks.

Manipulated salaries


Improper control- they coerced my partner many times to sell property or borrow further who has been going through mental disabilities


FD9 - not freezing/reducing, "compromised" to only interest (2012), as a consequence debt grew


FD10/FD3 - lack clear communication/ lack of compassion.


CV3 they were made aware of customer being vulnerable, in 2009, 2011, 2018 via phone, then march 2024 through court/ yet over 5 evictions.


FD11 unfair charges, arrears fees: legal cost: field agents visits: letters: eviction cancellations, solicitor fees.