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Swift Finance - secured loan

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  • #1

    Swift Finance - secured loan

    Hello everyone, it has been a while since I was last on this forum

    Swift Finance bought my Welcome Finance account last year. I recently requested a SAR and received a lot of paper work this morning. There was a lot of stuff but only a one sided page of what was supposed to be a credit agreement. No T & C's .

    Could someone please remind me what is needed to make a secured loan enforceable?

    I strongly believe that if they could have enforced the loan they would have done so a very time ago,

    The loan was taken out in 2005 sold to Coast when Welcome went bust and now is with Swift.

    Many thanks TIA
    Tags: None
  • #2
    Bump please. Swift are now getting sticky and threatening legal action

    Comment

    • #3
      Can you provide more details on the type of loan?

      (I know it's a secured loan)

      Comment

      • #4
        What communication have you had with Swift over the years? Have you replied to letters? Please give us an idea of timescales since last emailed/called them.
        12yrs limitation, On secured loans but they are largely unregulated so cannot rely on CCA 1974 etc if the debt is over 25k(?) I think - haven't checked in a while...
        @pt2537
        "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

        I am proud to have co-founded LegalBeagles in 2007

        If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page
        If you wish to book an appointment with me to discuss your credit agreement, please email kate@legalbeaglesgroup. com

        Comment

        • #5
          In April 2023 Swift bought over the loan from Coast Financial Solutions. The secured loan was originally taken out in 2008 with welcome Finance for £17000. I requested a SAR towards the end of last year . The Agreement that was received in return is headed Fixed-Sum loan agreement regulated by the Consumer Credit Act 1974. It is a single sided sheet of paper with another single sided sheet of paper with T & C.s.
          I have kept all communication in writing and have only recently started communications with the company,
          .Here is their response ......

          Firstly while your Agreement was at origination , regulated under the CCA Act 1974 following the introduction of the Mortgage Credit Directive, the definition of a regulated mortgage contract (RMC) changed in 21 March 2016 to include all legal mortgages secured on land.

          As your agreement falls under the new definition, it is no longer a regulated consumer credit agreement but is an RMC under the Financial Conduct Authorities Mortgage Conduct of Business Rules (MCOB rules).
          Because your agreement is no longer regulated by the CCA section(s) 77 no longer applies.
          Further the requirement of S77 was to 'give the debtor a copy of the executed agreement (if any) and of any other document referred to in it'.
          We have provided you with a copy of the Credit Agreement and Standard Security that we were provided with following us taking over this loan, within the information provided in response to your Data Subject Access Request, both of which are legible. Therefore, where S77 were still applicable, which it is not, it has been complied with.

          My argument is that I was never informed of any changes to the T & C's of the loan and nothing has been sent to us to that effect over the years or was enclosed in the DSAR. The Credit Agreement itself that has been sent to us is a single sided sheet of paper with very little detail and hand scored out corrections with regard to the address.

          A letter was received this morning headed 'Notice of Intention to Commence Legal Proceedings'.

          Advice on this matter would be much appreciated, thank you

          Comment

          • #6
            I'll do some digging and try again to tag the best person I know on Swift, Paul -
            pt2537
            "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

            I am proud to have co-founded LegalBeagles in 2007

            If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page
            If you wish to book an appointment with me to discuss your credit agreement, please email kate@legalbeaglesgroup. com
            • 1 thank

            Comment

            • #7
              Hi there ( Hi Kate)

              Ok so we have a 2005 loan secured on land? couple of points here, they are right about the Mortgage Credit Directive in 2016, however, Welcome were notorious for making mistakes with their loans, and more importantly, if the loan agreement was non complaint with the 1974 Act, then assuming it was a prescribed term that was misstated that would be fatal to the agreement, and the MCD couldn't save that.

              Now a couple of questions , did you use a broker when you took out the loan? if so, did you pay the broker a fee to arrange the loan? and did the broker or lender tell you a commission could be paid?

              id really need to see the agreement to be able to tell if the agreement complied with the 1974 Act and if you can let us know about commissions re the broker etc that would be helpful
              I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

              If you need to contact me please email me on Pt@roachpittis.co.uk .

              I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

              You can also follow my blog on consumer credit here.
              • 2 likes

              Comment

              • #8
                Thank you for your quick response, much appreciated. Can I email you directly the Loan Agreement for you to have a look at? Unfortunately so much time has passed I cannot remember if we used a broker or not.

                Comment

                • #9
                  Hi - yes you can. Please email it to admin@legalbeaglesgroup.com and I will share it with pt2537
                  "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

                  I am proud to have co-founded LegalBeagles in 2007

                  If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page
                  If you wish to book an appointment with me to discuss your credit agreement, please email kate@legalbeaglesgroup. com
                  • 1 thank

                  Comment

                  • #10
                    Originally posted by Celestine View Post
                    Hi - yes you can. Please email it to admin@legalbeaglesgroup.com and I will share it with pt2537
                    I've email him directly, thanks

                    Comment

                    • #11
                      Perfect - Best of luck!
                      "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

                      I am proud to have co-founded LegalBeagles in 2007

                      If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page
                      If you wish to book an appointment with me to discuss your credit agreement, please email kate@legalbeaglesgroup. com

                      Comment

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