Swift Advances Plc?

[Sparkie1723]

Re: Swift Advances Plc?

The calculator I use....uses this formulaThis calculator first calculates the monthly payment using C+E as the total loan amount:

where r is the adjusted equivalent interest rate applied to the total loan amount C+E

The APR is essentially the actual interest rate applied to the intended loan amount C and can be calculated iteratively by solving the following equation using the Newton-Raphson method:

The annual percentage rate A is calculated using the following formula:

Sparkie

[yorkie-dave]

Re: Swift Advances Plc?

sorry for some reason i thought they charged if they had to send a letter to you.

we have had 3 yearly statements from swift,the last one dated jun 2010 to june 2011

it says:

opening balance 7th june 2010 £8,633.09p
closing balance 6th june 2011 £6,885.57p

the rates of interest applicable to your mortgage during the period of this statement were: 8 june 2010 15.00%

[Sparkie1723]

Re: Swift Advances Plc?

The APR is correct, on the agreement although you are getting nearer. What is the 15.4 next to interest rate? it is not the interest rate in this contract is it?
Honestly Sparky i used to do this for a living.
I can show you how it is calculated if you like.

Peter

Exactly Peter that's how and why I am learning this side of operations off you

Having read it properly the Interest rate is within the tolerances so my previous calculations were done wrong........and I hold my hands up ....the mistake will not bemade again ....once taught I never forget...............THANK YOU :yield:

The correct APR is ............15.2315 as you have said........I was wrong and first to admit it

Sparkie

[Sparkie1723]

Re: Swift Advances Plc?

No why should they, you are simply making an inquiry.

It will put the wind up them though, it will be interesting to see what they have to say.

meanwhie have a look here i did this a few years ago may help you understand the issues.

http://www.legalbeagles.info/forums/...ad.php?t=23763

Peter
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THe APR is just an indication of the credit bargain it is not a prescribed term. Wilson , etc were all won because one of the prescribed terms was wrong, in your case either the total credit or the interest.
They are both iterdependant.

Peter

Hi again Peter,

As the interest rate is a prescribed term......and its incorrect .....then this would mean that as the loan is a secured loan section 106 of the CCA would apply.......which is absolutely brilliant for Dave if thats correct please check it out for him and give your view.

Sparkie

[yorkie-dave]

Re: Swift Advances Plc?

poor peter...

[Guest]

Re: Swift Advances Plc?

Hi again Peter,

As the interest rate is a prescribed term......and its incorrect .....then this would mean that as the loan is a secured loan section 106 of the CCA would apply.......which is absolutely brilliant for Dave if thats correct please check it out for him and give your view.

Sparkie

Yes it would via 105.

Peter

[Guest]

Re: Swift Advances Plc?

[quote]=yorkie-dave;221980]poor peter... []

Why?

Peter

[Guest]

Re: Swift Advances Plc?

The calculator I use....uses this formulaThis calculator first calculates the monthly payment using C+E as the total loan amount:

where r is the adjusted equivalent interest rate applied to the total loan amount C+E

The APR is essentially the actual interest rate applied to the intended loan amount C and can be calculated iteratively by solving the following equation using the Newton-Raphson method:

The annual percentage rate A is calculated using the following formula:

Sparkie

This formual is none compliant. It will give an approximation but may mislead if irregualr intervals or payment amounts are made. The correct formula is contained within the Total charge for credit regulations 1980 or the OFT 144 Guide although these to are slightly out of date as the the requirment for the definition of the sample period has changed in the recent statutory ammendments to comply with the European Consumer Credit Directive implemented in Feb this year.

Peter

[yorkie-dave]

Re: Swift Advances Plc?

Regarding the APR this is as i said correct. I have noticed however that this is a variable rate agreemnt, which means that the Interst is a prescribed term.
Therefore i would suggest you send this and see what happens.

Dear Sir
On examination of the agreement I notice that the figure given for the APR quoted indicates that the Brokers fees and other charges are contained within the total charge for Credit. This is of course compliant with section 20 of the Consumer Credit Act.
Upon further investigation however it appears that the monthly interest (1.08%) is being applied to the Total amount Payable (£14935), which includes these fees and charges.
I am sure you realise that the rate of interest is a prescribed term under Schedule 6(4b) “A term states the rate of any interest on the credit to be provided under the agreement.”
It would seem that the rate quoted is applied to the total credit + charges which as you can see is none compliant.
I am sure you realise the seriousness of this, in that the rate of interest is a prescribed term on this type of agreement and none compliance with section 6 would render the agreement unenforceable via section 65 and 127(3) of the act.
Until a satisfactory explanation is received from you pointing out any error in my calculations I therefore consider this agreement unenforceable in law.
Peter

hi peter

i have copied your letter out and all ready to print and send to swift today.

since the agreement is a joint one with me and my partner will her name need to be printed on the bottom of the letter too or just mine?

how long do i have to wait for a reply to this letter too?,do i need to give them a timescale on the letter etc or just do it exactly as you have said?

thanks and sorry for all the questions,but if your gonna do anything,do it right and do it once:amen:

[Sparkie1723]

Re: Swift Advances Plc?

Just to let folks know I'm still around ...........been giving "Swift" and "Promise Solutions" some more serious problems via the OFT and ICO.

I'll update things later.

Sparkie
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hi peter

i have copied your letter out and all ready to print and send to swift today.

since the agreement is a joint one with me and my partner will her name need to be printed on the bottom of the letter too or just mine?

how long do i have to wait for a reply to this letter too?,do i need to give them a timescale on the letter etc or just do it exactly as you have said?

thanks and sorry for all the questions,but if your gonna do anything,do it right and do it once:amen:

Hi Dave,

All you need to do is write it and sign
like this

Mr Dave "Yorkie"????
also for and on behalf of ....and add partners name



Sparkie

[Guest]

Re: Swift Advances Plc?

Hi
Sorry for the delay in replying for some reason i didnt get the notification.

Yes by all means send it. Just a point though, if you are currently upto date and can afford to maintain the loan for goodness sake you must not stop paying on the strength of this.

I am sure you know but unenforceability does not mean that you do not owe the money just that the cannot pursue you for it through the court. They can still wreck your credit rating and tnstruct DCAs etc.

It is however handy to know that the agreement is unennforceable if things become difficult financially, and creditors are much friendlier and more accommodating i find if you have them by the b*lls

Peter

[Sparkie1723]

Re: Swift Advances Plc?

Swift are not accomodating in any way even if you have them by the short and curlys..........that I can state emphatically...

I have sent 8 e-mails requesting transcripts of the last 4 telephone converstaions I had with certain individuals that contain damming satements made by them........they refuse to acknowlegde the e-mails and have not supplied these recordings.

In one of these conversations I was told that the only things they will discuss with me are .............payments on our loan and ..........our agreement,

I was advised that as our underwriting sheet in its proper format did not concern the two issues above ,they will not be suplying it...........I said the underwriting sheet does form part of our agreement as that is how & what the agreement and the loan is decided on ...They said "No it does not".......I was asked if they would put it in writing that it did not conceren our loan.....and in that conversation I was told..... "No we will not put that in writing".

That is why I want these recordings........they have failed to supply them..

That's how accomodating "Swift" are.

Sparkie

[Guest]

Re: Swift Advances Plc?

Swift are not accomodating in any way even if you have them by the short and curlys..........that I can state emphatically...

I have sent 8 e-mails requesting transcripts of the last 4 telephone converstaions I had with certain individuals that contain damming satements made by them........they refuse to acknowlegde the e-mails and have not supplied these recordings.

In one of these conversations I was told that the only things they will discuss with me are .............payments on our loan and ..........our agreement,

I was advised that as our underwriting sheet in its proper format did not concern the two issues above ,they will not be suplying it...........I said the underwriting sheet does form part of our agreement as that is how & what the agreement and the loan is decided on ...They said "No it does not".......I was asked if they would put it in writing that it did not conceren our loan.....and in that conversation I was told..... "No we will not put that in writing".

That is why I want these recordings........they have failed to supply them..

That's how accomodating "Swift" are.

Sparkie

Fortunately Daves case does enequivically concerne the agreement.

It is a prescribed term issue.

Peter

[Sparkie1723]

Re: Swift Advances Plc?

HI Peter,
So does the selling of our loan agreement to Kestrel Loans No 1 Ltd 14 days after we had signed the agreement ......................and the double accounting of all payments on the agreement being carried out by both companies at the same time...........makes prescribed terms issue a bit dull ...don't you think??

They are not fanciful claims I have the prima fascia evidence of it all........do the Courts take any notice of that.................Answer....NO!!!!


Sparkie

[Guest]

Re: Swift Advances Plc?

HI Peter,
So does the selling of our loan agreement to Kestrel Loans No 1 Ltd 14 days after we had signed the agreement ......................and the double accounting of all payments on the agreement being carried out by both companies at the same time...........makes prescribed terms issue a bit dull ...don't you think??

They are not fanciful claims I have the prima fascia evidence of it all........do the Courts take any notice of that.................Answer....NO!!!!


Sparkie

Dull maybe but proven in numerous cases to be effective, courts have no option but to take notice in a pescribed term violation, they do not have the power to enforce.

Peter