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
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
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