Swift Advances Plc?

[jumper999]

Re: Swift Advances Plc?

If I were Mr Webster or Mr White I would be packing my bags and looking to leave this world as soon as I could. I cannot see how they are going to get out of this sparkie...............

[Sparkie1723]

Re: Swift Advances Plc?

Hi sparkie so you are now sure that commission was paid? I know that Blemain paid Ocean a commission after requesting this info such a long time they finally admitted they did but Ocean said in their phone call data log and sent me a CD recording that they were to receive a % of the loan as commission. My voice shows that I said ok...........the amount of the commission was not stated so I cannot use that as a big argument in my case.

However on Ocean's call log there is reference made that Ocean recieved more commission...3.4% & 5.6%. That I believe is extra payments that Blemain paid to Ocean..................but time is short and I wanted to know how I could find out how much these were? I was never sent the Underwriting Sheet I just found it in the data request they sent me.

If I could prove Blemain did pay more than they admit that would be more powerful.

That is another reason to put to the Judge to grant a stay on the proceedings and ask the JUdge to oder full disclosure on the subject of this commissionn make sure that you include the transcript of the recording and your latest discovery in your written submission or present it orally, if time is short for written pleading.

regards

Sparkie

Remember everyone I have no legal training and my views are not to taken as legal advice.........I am a dumb 74 year old senile auto spark

[jumper999]

Re: Swift Advances Plc?

Thanks sparkie this latest discovery was discovered some time ago LOL, but you know as well as I do trying to get an answer from these lenders is trying to grow hair on the palm of your hands.

I will do as you say, I am making a list on all the bullet points for the stay and each one of them hopefully will be enough to grant it.

Thanks so much xxxxxx

[jumper999]

Re: Swift Advances Plc?

That is another reason to put to the Judge to grant a stay on the proceedings and ask the JUdge to oder full disclosure on the subject of this commissionn make sure that you include the transcript of the recording and your latest discovery in your written submission or present it orally, if time is short for written pleading.

regards

Sparkie

Remember everyone I have no legal training and my views are not to taken as legal advice.........I am a dumb 74 year old senile auto spark

Your 74 and senile, and I'm not too far behind you sparkie at the age of 40

[jumper999]

Re: Swift Advances Plc?

saprkie you will see on the entry made on 20/08/2007 where they refer to commission as COMM 1.4 + 3.8/5.6.

Both Ocean and Blemain have admitted to the 1.4% but not the 3.8 and 5.6.........unless these refer to something else, but there is a plus sign next to 1.4

[Sparkie1723]

Re: Swift Advances Plc?

LBA to Swift Advances Plc gone by E-mail ..........recorded delivery tomorrow. Small Claims...............BUT heavy heavy stuff

Sparkie

[Sparkie1723]

Re: Swift Advances Plc?

Just sending this to Swift Advances plc re the redacted Underwriting sheets they send out.

I'm informing them that that below is the only info on their Underwriting sheets they should consider only as their “commercially sensitive” information and “redact” it…..the rest should be shown, and there is a lot of other info they block out that is our personal information, also sending this to the ICO.

Sparkie


Resrict Band Max…………amount?????
Equity cut by %?????
Equity Excluding PPP ?????
Equity Including PPP??????

Total Demerit Points……(Maximum 99)


LOAN AMOUNT OUT OF TERMS
Written out of terms? N/Y??
DNBC prediction in 18 months time ( or what ever)
Equity Exposure in % ????
DNBC Max.Loan Facil ?????
DNBC ratio ?????
Max.Equity (including PPP) Limit Exceeded or not???

Wording such as……….Semi Status Type Case. “You may want to allow the DNBC to Burst To ???%

[Sparkie1723]

Re: Swift Advances Plc?

I found the FISA Leaflet by searching the Net as we never got one this is what it says about certain things


FISA Brokers must conduct all business in an honest and ethical manner.

This is a list of FISA member Brokers

* Mark Cooke (Bright Finance)
* Ian Guy (Relax Finance)
* Jeremy Masding (Central Trust)
* Paul Newey (Ocean Finance)
* John Webb (Magic Mortgages)
* Tim Wheeldon (Fluent Money)


Promise Finance & Solutions Ltd were/are not members of the FISA that’s why we never got the FISA booklet.


Promise Solutions Ltd state that they are registered on their official business letters .......check out the one posted on the Promise Finace thread..............it strongly appears that they are not a registered member of the FISA from the list above and they are misreprepresenting the fact that they are on that list of registered menbers.


Leaflet says;
There are a number of factors you need to consider when comparing one loan with another. These may include; speed or availability, repayment periods and the monthly repayment. An important factor to consider when comparing loans is the APR (the Annual Percentage Rate of charge). The APR reflects the true cost of the loan. The APR includes all the interest together with anyother charges. This makes it easier for you tocompare the true cost of borrowing.


APRVariable
The APR may be described as “variable”. This generally means that the interest rate may go up or down during the lifetime of the loan. It does not mean that the ratewill automatically go up and down with Bank of England base rates – or anyother base lending rate unless the loan agreement specifically states it is linked to a base rate.

Many loan contracts permit the rate to be varied when the lender, for valid reasons, thinks it is appropriate or prudent to do so, regardless of base rate movements. If the interest rate does increase, this would normally require you to increase your monthly payments. Failure to do so may cause the loan balance to increase.
Always read the loan agreement. This will tell you if the APR is variable and if the interest rate is linked to any other rate or factor.
1 COMMISSION IS PAID BY THE LENDING COMPANY
This is very common. Many lending companies pay the broker a commission for introducing the customer to them. The commission is usually a percentage of the loan amount and may include an element of commission in respect of any insurance product sold with the loan. In many circumstances the percentage will be linked to the APR applied to the loan. If your broker is FISA Registered you can assume this is how he will be paid for arranging your loan. The broker may also receive additional periodic commission in respect of business introduced to any individual lending company during any calendar period. The amount of commission may vary but ordinarily would relate to the total or continuing amount of business introduced to the lender. He will tell you if he is to be paid in any other way.


This means that the argument that Swift Advances plc use claiming that everything is/was explained to them by their broker and in the FISA booket/leaflet they were supplied with has more holes in it than a sieve.....the above was never explained to us and I would imagine nearly every other "Swift" customer....we certainly were not and we did not get such a booklet.

This would appear to defeat Swift Advances plc statement that they only use "Acredited brokers"

If anyone took a loan out with Swift Advances plc with a broker that claimed they were a registerd member of the FISA
and they are not on the list above .....then I would suggest they were/are telling you "porkys"


Sparkie

[Sparkie1723]

Re: Swift Advances Plc?

You can see from below the customer confirmation form that Swift Advances fill in when they call you for security check before the loan is granted.


Note the box where they were supposed to ask if you had been sent a copy of this FISA booklet…… it is not circled either yes or no .......because they did not ask us that question .....and they did not send us one of those booklets neither did the Broker……….and yet in the letter posted they try and say it was all explained in this booklet.............

Sparkie

[jumper999]

Re: Swift Advances Plc?

does your agreement state what interest rate it is linked to sparkie? mine is a variable rate loan and despite requesting how Blemain track their rate and what it is linked to, they have never supplied this info?

I would have thought the guidelines state that the rate and how it is tracked should be stated on teh agreement?

[Sparkie1723]

Re: Swift Advances Plc?

does your agreement state what interest rate it is linked to sparkie? mine is a variable rate loan and despite requesting how Blemain track their rate and what it is linked to have never supplied this info?

I would have thought teh guidelines state that the rate and how it is tracked should be stated on teh agreement?

Does not say its an APR....which it should do ....that's what this booklet "Swift" keep referring to says it should....the one we did not get..........and no it does not what rate its linked to which again it should do............you will see that not one of these FISA sub prime registered members follow their guidelines...... because its a voluntary association that has no teeth at all....so they do what they like.

"SWift" only tell you that theirs is linked to LIBOR ........AFTER you have signed the agreement and only then when you ask questions about their interest going up when the BOE went down.

All the latest info I've posted has gone off to the OFT


One of the favourite arguments these lenders use when you challenge the interest rate increase and Swift increased their rates every 3 month at least is ………….the clause in their agreement that says………… if the cost of their borrowing goes up they will increase their rate.

But I say in my own bumbling way:
“Swift” borrowed their money at a fixed “CAPPED” rate ( their Audited accounts submitted to Companies House state this clearly……….ie once it has reached that “capped rate” the rate at which they borrowed……… it does not increase any more.

I agree any new borrowings that they do to lend out again could have a higher rate ….BUT not the money they borrowed to lend you..

Sparkie



Sparkie

[jumper999]

Re: Swift Advances Plc?

Well sparkie at least swift told you although after you took out your loan that they tracked their interest rate by LIBOR.............Blemain up until today have not answered what method they use despite requesting this info 3 times. Below is their reply.........again more mumbo jumbo legal jargon............


http://i450.photobucket.com/albums/q...estrate1-2.jpg

http://s450.photobucket.com/albums/qq223/sophiak_bucket/?action=view&current=BFresponsetointerestrate2-2.jpg

[Sparkie1723]

Re: Swift Advances Plc?

Well sparkie at least swift told you although after you took out your loan that they tracked their interest rate by LIBOR.............Blemain up until today have not answered what method they use despite requesting this info 3 times. Below is their reply.........again more mumbo jumbo legal jargon............


http://i450.photobucket.com/albums/q...estrate1-2.jpg

http://s450.photobucket.com/albums/qq223/sophiak_bucket/?action=view&current=BFresponsetointerestrate2-2.jpg

Both the FISA & OFT gudelines on sub-prime lending state that the rate agreements are linked to must be made clear to the borrower before the loan is entered into.
Not telling you could be construed as unfair and far from being transparent in their dealings with you.
Sparkie
Remember everyone I have no legal training and my views are not to taken as legal advice.........I am a dumb 74 year old senile auto spark

[jumper999]

Re: Swift Advances Plc?

Both the FISA & OFT gudelines on sub-prime lending state that the rate agreements are linked to must be made clear to the borrower before the loan is entered into.
Not telling you could be construed as unfair and far from being transparent in their dealings with you.
Sparkie

Sparkie you and I agree that there are a lot of things in our loan agreements that are construed as unfair, many beaches have been made too by these lenders.

I cannot understand why it is taking so long and it is so hard that these regulatory bodies take some kind of tough action. What is the point of writing all these acts and breaches in the first place if nothing is done to these companies when they break them?

I am so peeeed off with the everyone at the moment............

[Dougal16T]

Re: Swift Advances Plc?

Good evening all,

You may not know that my claim against Swift Advances for repayment of commission failed recently, however I have been given leave to apply for permission to Appeal by the Circuit Judge. I have lodged my Skeleton statements at the Court and also lodged a copy with Swift.

In accordance with her Directions I am acquiring the trascripts of the hearing and will hopefully be going to Appeal in September (this year....

Exactly the same has happened with GE Money, and they too will be 'dealt with' later this year (September springs to mind!!)

In the meantime I too have been in touch with my local CID office.........

Keep the faith,

Best wishes to all

Dougal