Problems with Swift Advances

[waynefrombristol]

Hi Everyone

I'm new to this site, but joined because i have heard you have had a lot of experience with Swift Advances.

A friend of mine took out a secured loan with this company for just under £15k 15 years ago. Despite repaying over £40k in repayments, and with only 2 months remaining, she has been told she still owes £19k. As the lady is in her mid 60's, and her only income is from working part time as a seamstress, it is very unlikely any bank or building society would provide her with a loan to clear the debt.

However, she has been told that if the funds are not paid, that Swift will repossess her home.

In 2012 she received a statement and complained about the high level of charges. At that time Swift agreed to refund her £484.00 ( Four Hundred & Eighty Four Pounds ), if she signed an acceptance form that this was a full and final settlement of any and all claims against the company, its officers and employees.

On the assumption that this meant she was up to date, she signed and accepted. However, it seems it only applied to some of the late charges.

I have been trying to negotiate on her behalf with Swift, but they make everything difficult. All correspondence has to be original hard copy and authorised by the lady. In trying to speed up requests I asked if they would fax or email, but apparently, despite having this modern technology, they do not use it.

Can anyone advise me what is the best thing to do. Should we go to Citizens Advice or request written breakdown of the repayments?

As this seems an exceptionally expensive deal it was clearly not written in the best interests of the client. However, Swift seem to have an arsenal of expensive lawyers totally geared up to fight their case.

Please help if you can.

Thanks..

Wayne

[meellis]

Re: Problems with Swift Advances

Unfortunately your plight seems to be to common with this company. The best thing to do would be to keep gathering info and keep an eye on the forums, there isn't a clear cut answer with these people at the moment. Keep pestering them for info, maybe find out how to make a SAR to them using a template on here and request all the info because they have a habit of leaving the important stuff out. You have already found out about their expensive lawyers who unfortunately run rings around the like of CAB or shelter but I would suggest your friend contacts these organisations because the court would like to see you have done so before it gets to court, if it does.

[waynefrombristol]

Re: Problems with Swift Advances

Hi Meelis

Thanks for that. I'll do as you suggest.
Seems England has the best laws that money can buy!
Problem is, most people can't afford the price.

Wayne

[meellis]

Re: Problems with Swift Advances

While you are getting info from swift I would also suggest doing the same with the broker because they sometimes include things that swift conveniently forget. Even though it is Swift placing all the charges on the account and doing all the dirty deeds like most of these companies they will say it is a mis-selling issue that the broker should take responsibility for.

[waynefrombristol]

Re: Problems with Swift Advances

Hi Meellis

The broker has long since ceased trading, so we will get no joy there. However, anyone can see that these types of deals are clearly not written with the clients interests at heart. Moral no. Legal yes!.
From the vast amount of people in similar situations, this seems like another mis-selling problem that eventually will blow up. Just seems unfair that the people who made vast amounts from this racket walk away again with their wealth intact.

Can you confirm what a SAR is. I've tried to find it on the site but had no joy.

Thanks again.

Wayne

[Guest]

Re: Problems with Swift Advances

HI Wayne

This was second charge and under 25k , so regulated ?

Does she still have an agreement ?

[Amethyst]

Re: Problems with Swift Advances

Do you recall the name of the broker ? Broker Ridge / Fair & Square ?



SAR ( Subject Access Request ) information here >> http://ico.org.uk/for_the_public/personal_information


Example letter

Dear Sir/Madam




ACCOUNT NUMBER(s): xxxxxxxxx (or multiple numbers if more than one account)

I formally request that you forward me a true record of any Data held by your organisation relating to myself for the complete term of the account(s).

I am also aware this request should include any Data held for more than 6 years as under the Data Protection Act there is no time limit for information requested.

If you do not hold Data for a period longer than 6 years I also request confirmation of this in writing along with your methods used for disposal of such information to comply with the Data Protection Act stating the name and contact information of your registered Data Controller and Code Compliance Officer.

Additionally, where there has been any event in my account history over this period which has required manual intervention by any member of your staff, or any other person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention, or other evidence of that manual intervention in relation to my business with you.If you are unable to supply this data because there has been no such manual intervention, then please be so kind as to confirm this in your writing.

I enclose the statutory maximum fee of £10. You have 40 days from receipt of this request in which to return to me the information requested , securely and in legible condition.


Yours faithfully,


(signature)


(name)

[Guest]

Re: Problems with Swift Advances

If this is regulated it may be an idea to send of a CCA request under section 77 also.

[meellis]

Re: Problems with Swift Advances

Wayne you are correct that these deals are not written with the clients interest but you will also find that the courts judge from case to case in singular form. This means that we can see the same complaints about the same things from the same companies all the time but the courts don't they just see the one case in front of them. Companies like swift like brokers because they use them as the whipping boys and pass the buck onto them even though it isn't them who set the terms, charge the charges or cause the accounts to run on. Your friend is one of many who find themselves in this position and they have probably been a little late with payments at times, or it will say so on the account, so the courts will automatically believe that it is all the fault of the dirty debtor and if they had kept there account in order they wouldn't be in this position. The thing is a lot of the companies like swift dealt in a lot of long term loans and I am of the belief that a lot of these will be coming to term now and a lot more people will find out the position they are in. I am unsure which is the most unfair the charges or the way they let them accrue without contacting the victim and talk about higher repayments but usually most people find out when the charges and interest have got to a very high point.