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Hello all swift advances

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  • Hello all swift advances

    I wonder could someone advise me to the best route to take against Swift Advances PLC
    In 1998 I borrowed £7000 secured against my home over a 10 yr term
    To date I have paid them £16,250.66 and they are saying I still owe £34,425.44
    I wrote to Swift recently asking how I still owe this ridicules amount they responded by saying they think the charges are fair but as a good will gesture they will reduce them by £1095.
    Any advise would be much appreciated.

    Brian
    Tags: None

  • #2
    Re: Hello all swift advances

    Could someone advise if I have put this on the wrong thread.

    Cheers Brian

    Comment


    • #3
      Re: Hello all swift advances

      Hello Brian

      Sorry for the delay in answering you..

      Welcome to Legal Beagles, atm we are having a Spam problem, so all new posters are having to post here, just helps the admins tidy them up quicker, if you have any probs in the future starting up threads please dont hesitate to PM me and let me know what kind of thread you need opening, I will ask an admin to move this to the right place for you so the swift advances experts can get stuck in

      TC and sorry you had to post twice

      P

      Comment


      • #4
        Re: Hello all swift advances

        Hi Brian and welcome,

        In the Swift bingo 7,000 up to 34,425 takes some beating.
        Tell us what stage you're at with understanding requesting details (Subject Access Requests) from them regarding this account then we won't blind you with science advising what to do next.

        Are you 'behind' with payments? Are they hassling you?

        The main thing is - don't panic.

        Comment


        • #5
          Re: Hello all swift advances

          Hi Shadowcat and thanks for your reply, firstly the loan hasn't went up to £34,425 but a staggering £50,669 as I have already paid them £16,419 and the balance of today is £34,419 and rising daily, BTW the loan term ended in Nov 2008.
          In Feb. of this year I rang Swift and complained about the excessive charges, they wrote back to me saying they didn't think the charges where excessive as I had paid somewhat sporaticly throughout the 10yr term but as a goodwill gesture they would knock £1095 off the balance plus interest "In full and final settlement of all and any complaints against Swift Advances or any of it's officers or employees in respect of my/our complaint regarding the level of fees and charges applied to the loan account"
          I choose to decline their offer and I have now sent a complaint off to OFT and The Financial Ombudsman. The OFT has since written to me saying the complaint has been noted and I am still awaiting a reply from the Financial Ombudsman.

          Cheers Brian

          Comment


          • #6
            Re: Hello all swift advances

            Hi brian77,

            Declining their offer was proper.......reporting them to the OFT was also a good move and proper......... send as much information to the OFT as possible and as often as possible ...always send them copies of the letters you receive from Swift ...........would it be possible for you to post a copy of your Loan agreement with all personal info removed on you thread..........as I believe your agreement will be a regulated one under the consumer credit act........and they have been known to make mistakes on these types of agreements.

            Sparkie

            Comment


            • #7
              Re: Hello all swift advances

              Hi Sparkie I'm afraid I no longer have the loan agreement as it was 14yrs ago

              Cheers Brian

              Comment


              • #8
                Re: Hello all swift advances

                Originally posted by brian77 View Post
                Hi Sparkie I'm afraid I no longer have the loan agreement as it was 14yrs ago

                Cheers Brian
                Hi Brian,

                Send what is called a CCA request for a copy of your agreement to Swift it will cost you £1.00..............I am sure that someone has the information and template letter to send them.....if no-one comes forward I will try and find it for you.........but I am involved in a big dispute with them myself ...but have no fear I will find time if no-one else steps forward............may be a day or so but ................."I'll be Back"..........
                Sparkie

                Comment


                • #9
                  Re: Hello all swift advances

                  Cheers Sparkie I was able to find a template letter online so I'll get that of to them asap with the £1.

                  In your original reply to me you never mentioned the Financial Ombudsman although you said the other two things I had done was good, do you think getting the FO involved was a bad idea?

                  Brian

                  Comment


                  • #10
                    Re: Hello all swift advances

                    Originally posted by brian77 View Post
                    Cheers Sparkie I was able to find a template letter online so I'll get that of to them asap with the £1.

                    In your original reply to me you never mentioned the Financial Ombudsman although you said the other two things I had done was good, do you think getting the FO involved was a bad idea?

                    Brian


                    No just forgot to mention the FOS...........could all help ypur cause as if one fails you the other avenue is open to you .......cause as many problems for Swift as possible...............they are not liking the pressure they are being put under at this moment in time.

                    Sparkie

                    Comment


                    • #11
                      Re: Hello all swift advances

                      Hi Sparkie I have sent off the CCA but looking through some old letters from them I have noticed

                      Amount of credit for loan : £6500
                      Amount of credit for PPP : £910

                      What is PPP IS THAT THE SAME AS PPI ?

                      Cheers Brian

                      Comment


                      • #12
                        Re: Hello all swift advances

                        £7000 going up to £50,000????

                        Were Swift actually the first PayDay lender? Unbelievable.

                        You need a CCA request sent off as well as a DPA subject access request to see how the hell they came to that calculation and what was charges.
                        "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 )

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                        Comment


                        • #13
                          Re: Hello all swift advances

                          As Celestine says, send of for all information relating to this loan when you can, it's referred to as an S.D.A.R., template letters are on the site.
                          Sorry to answer for Sparkie but PPP is payment protection premium which is the same as PPI in most cases - however, if it's a really low amount it is an insurance to cover the insurance, I know that doesn't make sense and shouldn't happen but this is Swift we are dealing with. When you get the CCA let us know the figures on the front page.

                          Comment


                          • #14
                            Re: Hello all swift advances

                            I received the original credit agreement from Swift has anyone any idea cheers brian

                            swift 9.jpg
                            Last edited by brian77; 30th May 2012, 08:35:AM.

                            Comment


                            • #15
                              Re: Hello all swift advances

                              That didn't seem to come out very well lol the figures are

                              Loan Facility including your brokers fee if any.......................£6500

                              Optional protected payment premium................................. £910

                              Total amount............................................ .......................£7410

                              Brokers fee............................................... .......................£ N/A

                              Monthly rate of interest.......................................... ............1.42%

                              which is the same as .................................................. .......18.46%

                              APR............................................... ...................................19.76

                              Number of payments.......................................... .................120

                              Monthly payment........................................... .....................£129.06

                              Legal and documentation fees.............................................. £292.50

                              At the top it says regulated by the Consumer Credit Act 1974

                              Cheers Brian

                              Comment

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