Swift Advances Plc?

Re: Swift Advances Plc?

Thanks sparkie just what I was looking for :tinysmile_kiss_t4:
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Maybe you are right Peter, but I believe that this is important information that SHOULD be on all secured loan agreements especially secured on land.

I mean every 1st charge mortgage agreement has this warning so why should a 2nd charge secured loan agreement not have this important and very serious warning on their agreements?

Yes the court may not find it unenforceable but what is the reason the lenders do leave this information out?

Problem is that when the agrement was signed there was no statutory reason why this information should be presented in the manner you say. As far as the court is concerned they did nothing wrong.
Peter

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

[jumper999]

Re: Swift Advances Plc?

Sorry Peter,

I absolutely disagree it does not comply with the 1983 Consumer Credit Regulations on the form and content of a regulated agreement and SECTION 60 (2) a & b of the CCA 1974
Especially the Warning that

YOUR HOME MAY BE REPOSSESSED should you fail to keep to this agreement and fail to make the payments on this agreement
This is an absolute MUST
...even on unregulated agreements


This is what the CCR's 1983 have to say about what a reguated agreement should be set
out as and CONTAIN the words I have highlighted.

(1) These Regulations may be cited as the Consumer Credit (Agreements) Regulations 1983 and shall come into

operation on 19th May 1985

[(c) under the heading "Key Financial Information", the financial and related particulars set out in paragraphs 6 to
8B, 11 to 14 and 15 to 17 of Schedule 1 to these Regulations;]
(d) under the heading "Other Financial Information", the financial and related particulars set out in paragraphs 3 to 5,
9, 10, 14A and 18 to 19A of Schedule 1 to these regulations;
(e) under the heading "Key Information"--
(i) the information set out in paragraphs 20 to 24 of Schedule 1 to these Regulations; and
(ii) the statements of protection and remedies set out in Schedule 2 to these Regulations; and
(f) the signature box and, where applicable, the separate box required by paragraph (7)(b) below;
and such information, statements of protection and remedies, signature and separate boxes shall be shown together as a whole and shall not be preceded by any information apart from trade names, logos or the reference number of the agreement or interspersed with any other information or wording apart from subtotals of total amounts and cross references to the terms of the agreement.

All types. MISSING PAYMENTS
Missing payments could have severe consequences and make obtaining credit more difficult.

3 All agreements which are secured on land.
YOUR HOME MAY BE REPOSSESSED
Your home may be repossessed if you do not keep up
repayments on a mortgage or other debt secured on it.


Swift completely changed the format of their agreements soon after you took your loan out Dave up untill 2004 they were owned by Patricia & John Myers........when Alchemy took over they changed all their agreements because they knew they were flawed and got rid of most of them.....but occasionally they used the old ones by mistake and some borrowers still have the old type up to about 2006

I also note that the big warning box at the end of the terms and conditions which are not signed ( they make you sign on their later agreements) sould be on the font page preceding your signature.
I can post a copy of these later ones if you wish and their new type agreement
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

Thanks sparkie just what I was looking for :tinysmile_kiss_t4:
------------------------------- merged -------------------------------

The agreement regulations you refer to are the ammended version and include the si 1442 si. On the later copies of the 1983/1553 regs they are include with the modifications in Square brackets.
As i said these did not come into effect until may 2005. THis i why everyone changed their format.
In any case a breach of this kind will not render an agreement unenforceable it would meerly need an order of the court to enforce which would ceratinly be issued.
Peter

Maybe you are right Peter, but I believe that this is important information that SHOULD be on all secured loan agreements especially secured on land.

I mean every 1st charge mortgage agreement has this warning so why should a 2nd charge secured loan agreement not have this important and very serious warning on their agreements?

Yes the court may not find it unenforceable but what is the reason the lenders do leave this information out?

Re: Swift Advances Plc?

The agreement regulations you refer to are the ammended version and include the si 1442 si. On the later copies of the 1983/1553 regs they are include with the modifications in Square brackets.
As i said these did not come into effect until may 2005. THis i why everyone changed their format.
In any case a breach of this kind will not render an agreement unenforceable it would meerly need an order of the court to enforce which would ceratinly be issued.
Peter

[yorkie-dave]

Re: Swift Advances Plc?

well if you two can sort out between you where i stand etc then it would be much appreciated,as you said sparkie it may be worth speaking to a solicitor,can you recommend anyone or can you speak to them online,email etc?

bit of background info:

we took our mortgage out in early 2000

in august 2000 i was involved in a car accident as a passenger and it buggered my back up
i have spinal and neck problems ever since and had many epidurals,lumber injections and facet joint injections ever since and im on DLA,not being able to work since,im on constant medication(diasapam,solpodol,diclofenac and recently lyrica to help with spasms) and in pain every day,walking is do'able as long as im steady away and dont rush things,lifting is a no no and public transport painful,i cant drive anymore as when back spasms come on i cant move or breathe properly.


in 2003 we had used all of our savings and were struggling to pay back a previous loan we got when i was working,to install double glazing,central heating and do the house up in general..we were struggling bad and had no choice really but to take another loan out or lose the house so we did that with swift..silly yes i know.

and that kinda brings us to where we are now,we manage just about to pay the loan and mortgage shortfall out of our DLA,our mortgage is thankfully small at £30k and its £230 a month,social pays about £100 a month of that and we pay the shortfall,we get about £680 a month for both of us(my wife is disabled)so doesnt leave much if anything left over and what comes in goes out..

so back to the point,travelling to see a solicitor is going to be hard because i very very rarely manage to get out so any help is very much appreciated,if we can get interest back due to the loan being wrong then great,if not then so be it and we struggle on until its paid off..it was our choice to take the loan and we have to live with it.

btw we were both not working at the time as stated in my first bit of this post when we got the loan with swift.

[Sparkie1723]

Re: Swift Advances Plc?

APR Calculator

Loan Amount (C): £ 14,935
Extra Cost (E): £ 808.38
Interest Rate % (R): 15.4
No. of Months (N): 120

APR:
16.8200 %

The above is what I believe the APR should be shown as on your agreement...............this is not my calculations but by one of the best APR calculators there is available

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?

Sorry Peter,

I absolutely disagree it does not comply with the 1983 Consumer Credit Regulations on the form and content of a regulated agreement and SECTION 60 (2) a & b of the CCA 1974
Especially the Warning that

YOUR HOME MAY BE REPOSSESSED should you fail to keep to this agreement and fail to make the payments on this agreement
This is an absolute MUST
...even on unregulated agreements


This is what the CCR's 1983 have to say about what a reguated agreement should be set
out as and CONTAIN the words I have highlighted.

(1) These Regulations may be cited as the Consumer Credit (Agreements) Regulations 1983 and shall come into

operation on 19th May 1985

[(c) under the heading "Key Financial Information", the financial and related particulars set out in paragraphs 6 to
8B, 11 to 14 and 15 to 17 of Schedule 1 to these Regulations;]
(d) under the heading "Other Financial Information", the financial and related particulars set out in paragraphs 3 to 5,
9, 10, 14A and 18 to 19A of Schedule 1 to these regulations;
(e) under the heading "Key Information"--
(i) the information set out in paragraphs 20 to 24 of Schedule 1 to these Regulations; and
(ii) the statements of protection and remedies set out in Schedule 2 to these Regulations; and
(f) the signature box and, where applicable, the separate box required by paragraph (7)(b) below;
and such information, statements of protection and remedies, signature and separate boxes shall be shown together as a whole and shall not be preceded by any information apart from trade names, logos or the reference number of the agreement or interspersed with any other information or wording apart from subtotals of total amounts and cross references to the terms of the agreement.

All types. MISSING PAYMENTS
Missing payments could have severe consequences and make obtaining credit more difficult.

3 All agreements which are secured on land.
YOUR HOME MAY BE REPOSSESSED
Your home may be repossessed if you do not keep up
repayments on a mortgage or other debt secured on it.


Swift completely changed the format of their agreements soon after you took your loan out Dave up untill 2004 they were owned by Patricia & John Myers........when Alchemy took over they changed all their agreements because they knew they were flawed and got rid of most of them.....but occasionally they used the old ones by mistake and some borrowers still have the old type up to about 2006

I also note that the big warning box at the end of the terms and conditions which are not signed ( they make you sign on their later agreements) sould be on the font page preceding your signature.
I can post a copy of these later ones if you wish and their new type agreement
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 peter

ok thankyou for that,i have lost nothing really i guess as i didn't initially come on here looking for anything back,just to post some info regards brokers fees.

as they say,if you havent had it you dont miss it lol

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.

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

[yorkie-dave]

Re: Swift Advances Plc?

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

[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

[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?

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

[yorkie-dave]

Re: Swift Advances Plc?

portfield financial services ltd

[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