Swift Advances Plc?

[yorkie-dave]

Re: Swift Advances Plc?

ah right,sorry dont know much about this legal stuff lol.
let me know if you can see the pic ok.

[Sparkie1723]

Re: Swift Advances Plc?

ah right,sorry dont know much about this legal stuff lol.
let me know if you can see the pic ok.

Hi yorkie-dave
Can you post the other side of the agreement that contains the terms and conditions.

There are quite a lot of discrepancies with this agreement in my opinion ...will post what I see wrong with it when you post the terms and conditions.

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

[yorkie-dave]

Re: Swift Advances Plc?

[Sparkie1723]

Re: Swift Advances Plc?

In my humble opinion your agreement is seriously flawed....the Consumer Credit Regulations 1983 which govern your agreement specifically state what the form and content of a regulated agreement should contain. just a few are;

1 There should be a box headed Key Financial Information. which should contain the specific information so presecribed in said Regulations
.
Your agreement does not contain this

2 There should be a box headed Key Information which should contain the specific information so presecribed in said Regulations

Your agreement does not contain this

3 There should be a warning in a prominent position shown before the signature boxes that says something similar to

YOUR HOME MAY BE REPOSSESSED should you fail to keep to this agreement and fail to make the payments on this agreement

Your agreement does not contain any of these laid down requirements.

There are many terms and conditions that could well be considered Unfair Terms under the Unfair Terms in Consumer Credit Contracts.

Your agreement is challengable under section 140 of the CCA 1974..........I would strongly advise that you take proper legal advice from a solicitor who is fully conversant in consumer law.

It could well be unenforceable.

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

[yorkie-dave]

Re: Swift Advances Plc?

hi sparkie
oh ok thanks.

i wasn't trying to wangle out of paying or getting it written off,it was just when you brought this thread up about brokers fees and i dug our agreement out and saw it had brokers fees on it and thought it might be of some use to you

touch wood we havent had any problems with swift,altho we have not missed any payments,it is annoying that the interest rates have gone up 4 times at least since we've had the loan and not dropped even tho the rates are rock bottom at moment.

dave

[Sparkie1723]

Re: Swift Advances Plc?

hi sparkie
oh ok thanks.

i wasn't trying to wangle out of paying or getting it written off,it was just when you brought this thread up about brokers fees and i dug our agreement out and saw it had brokers fees on it and thought it might be of some use to you

touch wood we havent had any problems with swift,altho we have not missed any payments,it is annoying that the interest rates have gone up 4 times at least since we've had the loan and not dropped even tho the rates are rock bottom at moment.

dave

Hi Dave,

The point is Swift operate without any feeling or compassion what so ever.....and the fact of the matter is you do stand a good chance of having your agreement rescinded which would mean that although you would stillbe resposible for the money you borrowed ...£14,935 but you would be legally entitled to all monies paid over this amount back plus interestt at contract rate or at least County court rate of 8%.

Make no bones about it Dave if you were unable to keep the payments up even now you have nearly repaid it............. Swift would be merciless with you
They would repossess your home without hesitation.
This is my opinion, but again I would suggest that you get that legal advice matey

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

[yorkie-dave]

Re: Swift Advances Plc?

ok thanks sparkie.

if i was to pursue this what would be my first step?
im pretty clueless where to start and wouldnt want to 'rock the boat' so to speak if it all isnt worth it or should go wrong.

i have 2 copies of our agreement(both identical) and various letters from swift about interest rates going up and from portfield finance when we got our loan...thank god the missus is hoarder lol

what are the things i should be looking at regards the loan being recinded?

if im jumping on your thread please say so as this want my intention and will make another thread if need be?


dave

[Sparkie1723]

Re: Swift Advances Plc?

ok thanks sparkie.

if i was to pursue this what would be my first step?
im pretty clueless where to start and wouldnt want to 'rock the boat' so to speak if it all isnt worth it or should go wrong.

i have 2 copies of our agreement(both identical) and various letters from swift about interest rates going up and from portfield finance when we got our loan...thank god the missus is hoarder lol

what are the things i should be looking at regards the loan being recinded?

if im jumping on your thread please say so as this want my intention and will make another thread if need be?


dave

First off Dave..this isn't my thread its a Swift Advances plc thread open to all Swift Customers.
Second as I said have a word with a solicitors firstly with points I made .....most solicitors will give you an hours free advice .....do go and see one and get assistance or even the CAB they would advise you..........but honestly I do think you should do something about it.

I also note that they have added the fees and charges to your loan I'm pretty certain that is also not permitted, they are supposed to be included in the charges for credit.

By doing this they have breached the CCA 1974 and the Consumer Regs.

By failing to comply with the CCA ct and the regulations means that it is an impropery executed credit agreement, and is unenforceable unless by order of the Court and I doubt very much if the Court would enforce it......... it could possibly means that the charge on your property is unlawfull and you could force the removal of it.

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

[Sparkie1723]

Re: Swift Advances Plc?

Dave,

Can you tell me if your broker was Portland Finance....or.. Portland Finance Co..............this could be very important!! I know he was a sole trader...but which trading name from the two above did he use, setting up your loan?

Sparkie

[yorkie-dave]

Re: Swift Advances Plc?

portfield financial services ltd

[Sparkie1723]

Re: Swift Advances Plc?

portfield financial services ltd

That's a shame Dave they have gone bust makes it harder to find out about commission...........you would have to force it out of Swift and they do not like disclosing the commission

Sparkie

[Ihaterbs]

Re: Swift Advances Plc?

In my humble opinion your agreement is seriously flawed....the Consumer Credit Regulations 1983 which govern your agreement specifically state what the form and content of a regulated agreement should contain. just a few are;

1 There should be a box headed Key Financial Information. which should contain the specific information so presecribed in said Regulations
.
Your agreement does not contain this

2 There should be a box headed Key Information which should contain the specific information so presecribed in said Regulations

Your agreement does not contain this

3 There should be a warning in a prominent position shown before the signature boxes that says something similar to

YOUR HOME MAY BE REPOSSESSED should you fail to keep to this agreement and fail to make the payments on this agreement

Your agreement does not contain any of these laid down requirements.

There are many terms and conditions that could well be considered Unfair Terms under the Unfair Terms in Consumer Credit Contracts.

Your agreement is challengable under section 140 of the CCA 1974..........I would strongly advise that you take proper legal advice from a solicitor who is fully conversant in consumer law.

It could well be unenforceable.

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

Clause K is a joke.

[Sparkie1723]

Re: Swift Advances Plc?

Clause K is a joke.

You are dead right there Ihaterbs
A bigger joke than what people realise

When Swift lend money they draw it from the fundaccount they borrow to lend out ....these funds are set at a fixed capped rate if their rate goes up they can increase the rate they charge but only by what their rate has gone up by.......once it reaches that capped rate the cost of their funds on this particular NEVER go up again.

Therefore their so called costs do not increase.

Clause V is another joke

Sparkie

[yorkie-dave]

Re: Swift Advances Plc?

so is my credit agreement like everyone else's then,or have they changed them over the years?

[Guest]

Re: Swift Advances Plc?

ah right,sorry dont know much about this legal stuff lol.
let me know if you can see the pic ok.

Hi
I have looked over the agreement posted earlier in the thread; it gives me no pleasure to tell you that it is completely compliant. All the prescribed terms are there.
All the charges for credit are in their correct places, the broker fee and the others are not being used as part of the total credit because the APR calculation tells us it is not.
APR15.40tap26733.6tc14126.63tcc 12606.97 payments222.78term120
The format issues you mention are not required on agreements before May 2005(they were introduced in the (2004/1482) amendment regs SI)
I agree that these are a bunch of thieving scumbags, but f you claim unenforceability on this you will just play into their hands
Best regards
Peter