Just signed up

[superglens]

Just signed up to this great looking site Hello to everyone involved. I am looking to get some help on a company called swift advances if anyone can point me in the right direction, thanks in advance

[charitynjw]

Re: Just signed up

Hi superglens,

I will ask our resident experts on that firm to give you a reply.

Hang on a mo........
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......they're not logged on at the moment, so I have messaged them.

[Shadowcat]

Re: Just signed up

Hello and welcome superglens,

Can we have a brief history - when loan taken out, any defaults and/or CCJ's, repossession hearings, have you got current issues going on with Swift.

[Celestine]

Re: Just signed up

Welcome Superglens

:beagle:

Cel x

[bluebottle]

Re: Just signed up

Hi Superglens and welcome to Legal Beagles.

[Sparkie1723]

Re: Just signed up

Hello and welcome superglens,

Can we have a brief history - when loan taken out, any defaults and/or CCJ's, repossession hearings, have you got current issues going on with Swift.

HI superglens, welcome to L/B as Shadowcat says give us some details........how much was your loan for who was your broker......can you post a copy of yor agreement up with all personal details removed or blocked out of course..it helps just to see the format of your agreement and other contents,

Sparkie

[superglens]

Re: Just signed up

Thanks everyone for your kind welcome. I took a loan out with Swift Advances about three years ago for £5000 and all was goin well until myself and wife ran into some financial trouble. We tried our best to pay as much as we could when we could but fell very badly in arrears keeping in touch with Swift and keeping them up to date about our troubles. Recently we have sorted out most of our troubles but for swift. I spoke to swift recently and agreed to pay £45 a week only to be told that they had been charging us a "compound interest" that was putting £130 a month onto our account so only about £50 a month was coming off our balance. Can somebody point me in the right direction of what to do next, any help would be grateful.

One other thing that I must add is no matter were I look on credit searches I cannot find Swift Advances on my Credit search and I don't know what this means

Thanks in advance
superglens

[Shadowcat]

Re: Just signed up

Hi superglens

I can only apeak from my experience but I have never found Swift to be particularly helpful at the times you need them to be.

The Banking Code is specifically for all financial institutions to adhere to and therefore you need to let them know in writing that you are still struggling financially although wanting to pay your debts. Inform them that you believe the The Banking Code hardship rules apply to you and that you would like your case to be given priority. You can then offer them an affordable amount.

The Consumer Credit Act 2006 says that the debtor shall only be liable to pay interest in connection with the default sum if the interest is simple interest so you should also say you feel attaching compound interest is unfair and that you will be claiming back unfair and excessive interest and charges.

They may try to blind you with masses of pretty irrelevant information if and when they reply. We had four letters on the same day, none of which answered the points we were asking.

Try to stay focussed on the specific points you put to them and don't get sidetracked, this information is relevant to you. Keep your letters as brief as possible, this makes it more difficult not to answer and only deal with them in writing as you need have a record of everything they say regarding your points.

They may scatter their letters with threats but stay calm and maintain your position of offering them a reasonable sum.

Finally, you can do a separate letter to ask for an S.A.R. from them, this is a request for all details relating to your account be provided to you. This is essential if you want to do a charges reclaim because otherwise you will not know what to claim and should also tell you what you need to know about any credit search. Incidentally, when you've done credit searches have you printed them and saved them?

If you need help drafting a Subject Access Request letter just shout - these details are your right to have.
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P.S. Going from memory I think they may use Equifax but Sparkie knows more about this than me and if and when he gets time he'll no doubt have a look at your post but meanwhile, I think what I've said should be OK for now.

[superglens]

Re: Just signed up

Thanks Shadowcat the info you gave me is very easy to follow and I will get on it straight away
Thanks again

[Shadowcat]

Re: Just signed up

One more thing, the Subject Data Access Request (yours by right under The Freedom of Information Act) levies a £10 reasonable charge. Enclose a postal order with the letter (like I said, people on the site can help you with that if you need to know what to put) and cease signing any letters you send to them, your typewritten name is sufficient.

[Shadowcat]

Re: Just signed up

I keep thinking of things. You are also at liberty to copy the Office of Fair Trading into any correspondence you send Swift. The OFT cannot act on your behalf but do a covering letter each time heading it :

Re: Swift Advances,

then just say 'I enclose a copy of a letter sent to Swift Advances for your information'.

It all helps.