swift advances litigation

[Joolz21]

I just wanted some advice on my current situation. I took out a £20,000 loan with Swift in 2007 at the advice of a dubious mortgage broker to clear some credit card debts I had. Added to the loan was £3,877 PPI which I have since claimed back. As a result of some arrears of approx £800 I am now being taken to court by Swift. I have paid back £25k but still owe £30k. I feel the litigation is unnecessary for a relatively small amount and another means of Swift charging me to keep this loan going indefinitely. The original term of the loan was 180 @ £254/ month. I have payment records which details the payments which have been made and the majority are overpayments in an attempt to pay off my debts but despite my best efforts the loan does not appear to be decreasing. Any advice would be gratefully received.

[Sparkie1723]

Re: swift advances litigation

I just wanted some advice on my current situation. I took out a £20,000 loan with Swift in 2007 at the advice of a dubious mortgage broker to clear some credit card debts I had. Added to the loan was £3,877 PPI which I have since claimed back. As a result of some arrears of approx £800 I am now being taken to court by Swift. I have paid back £25k but still owe £30k. I feel the litigation is unnecessary for a relatively small amount and another means of Swift charging me to keep this loan going indefinitely. The original term of the loan was 180 @ £254/ month. I have payment records which details the payments which have been made and the majority are overpayments in an attempt to pay off my debts but despite my best efforts the loan does not appear to be decreasing. Any advice would be gratefully received.

Have you sent Swift an Subject Data Access Request .....if not send one ASAP. Make sure that you ask for a full and proper statement of account that FULLY complies with the New Consumer Credit Act amendments.2006 This particular section came into force October 2008
Sparkie

[Joolz21]

Re: swift advances litigation

Have you sent Swift an Subject Data Access Request .....if not send one ASAP. Make sure that you ask for a full and proper statement of account that FULLY complies with the New Consumer Credit Act amendments.2006 This particular section came into force October 2008
Sparkie

Hi Sparky,
Thanks for your response. I will request another as the statement of account I have is over a year out of date. I have also just found out that the the possession order I had, expired yesterday after 6 years. I resubmitted an income & expenditure form outlining my proposal to pay £50 on top of my monthly instalments. I am hoping that this will prevent them taking me to court again. If you need information from the statement of acconnt I currently have in the meantime, please let me know.

[Sparkie1723]

Re: swift advances litigation

Hi Sparky,
Thanks for your response. I will request another as the statement of account I have is over a year out of date. I have also just found out that the the possession order I had, expired yesterday after 6 years. I resubmitted an income & expenditure form outlining my proposal to pay £50 on top of my monthly instalments. I am hoping that this will prevent them taking me to court again. If you need information from the statement of acconnt I currently have in the meantime, please let me know.

Under an SDAR they are obliged to send a statement of account....plus you may find other information that could be very helpful to you.
Once you have this info as your agreement is regulated by the CCA you can make a complaint to the FOS and ask the FOS to investigate their fees and charges.

Spakie

[Fred]

Re: swift advances litigation

http://www.ombudsman-decisions.org.uk/

If indeed you are interested you can search the FOS decisions data base by typing in the company in question under banking & credit, there may be something similar to your circumstance to read.

[Kafka]

Re: swift advances litigation

Why would they take you to court if they already hold a Possession Order? You need to clarify the history of this account with a dated timeline in a list.

[meellis]

Re: swift advances litigation

I really feel there are a lot more people to come out of the woodwork finding themselves in the same position, as Sparkie says do a full SDAR and make sure you specify an actuarial account statement. Swift have a habit of giving a little as possible under request and their statement of accounts don't really give that much in the way of info.

[Joolz21]

Re: swift advances litigation

Thanks Fred, this is indeed useful information. I feel a bit relieved knowing that they don't completely get away with their unscrupulous practices, especially with people already in financial difficulties.

[Fred]

Re: swift advances litigation

Thanks Fred, this is indeed useful information. I feel a bit relieved knowing that they don't completely get away with their unscrupulous practices, especially with people already in financial difficulties.

No worries, I know it makes for distasteful reading but you may find something you can relate to positively.

[Joolz21]

Re: swift advances litigation

Just for the record, Swift did not take me to court after all. Once they realised I was asking for information about my account, they became a little less hostile. I still intend to take details of my account to the FOS as I feel their charges have been excessive. Thanks again for all the responses, I've felt so much better equipped to deal with them.