Swift Advances Plc?

[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

[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?

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?

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?

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?

[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?

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?

hi all,only just joined but have been following the swift threads with interest over the last few months on the quiet

we got a 2nd mortgage loan with swift in 2004 over 10yrs,just looking at our paperwork and it says brokers fee and legal documentation fee,the broker looks like it was portfield finance.

since mr white said they dont pay brokers fee's can this be claimed back?

if they dont pay commision to brokers then would the courts look at this as 'bribe' by swift to encourage brokers to accept 'less than favorable' applicants for loans?

i can scan and post our agreement and omit personal details of course if it helps anyone?

Hi yorkie-dave,

Just to clarify the point re Brokers fees .........the brokers are declared .....commission is a separate issue .....it is this commission Mr White declared they do not pay......it is this you can claim back.

Post up your agreement And the terms and conditions lets have a look at it.....remove all pesonal details of course.
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 all,only just joined but have been following the swift threads with interest over the last few months on the quiet

we got a 2nd mortgage loan with swift in 2004 over 10yrs,just looking at our paperwork and it says brokers fee and legal documentation fee,the broker looks like it was portfield finance.

since mr white said they dont pay brokers fee's can this be claimed back?

if they dont pay commision to brokers then would the courts look at this as 'bribe' by swift to encourage brokers to accept 'less than favorable' applicants for loans?

i can scan and post our agreement and omit personal details of course if it helps anyone?

[jumper999]

Re: Swift Advances Plc?

Great find sparkie, I think I could use that in my case especially the part "CONFLICT OF DUTY" as I know that my broker had a lot to gain for finding a loan for us with our Lender.

[Sparkie1723]

Re: Swift Advances Plc?

This is the last Paragraph of that Supreme Court Ruling.....pretty damming.

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

Imageview Management Ltd v Jack [2009] EWCA Civ 63 (13 February 2009)
65. Only one regret, and that is that it is still necessary, in the 21st century, to remind agents of what was said by the greatest of all the judges, Bowen LJ in Boston Deep Sea Fishing at pages 362-363, about conflicts of duty and interest and the necessity for transparency in the dealings of agents, if confidence in them is to continue. In our age it is more important than it ever was for the courts to hold the precise and firm line drawn between payments openly, and therefore honestly, received by agents, and undeclared payments received by agents secretly, and therefore justly liable to all the legal consequences flowing from breaches of an agent's fiduciary obligations.

[Sparkie1723]

Re: Swift Advances Plc?

Good evening,

Hi Dougal
There is another case that is stronger than Hurstanger and just adds much more weight to the Hurstanger ruling ...and that is the Kelvin Jack case

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




The answer is no - the reason is Wilson - v - Hurstanger in the Court of Appeal [2007], the decision in essence in that case was that the exact amount of the commission must be disclosed OR the exact method of calculation of that commission must be disclosed by the Lender and/or Broker prior to the inception of the agreement.

It is worth a read, and Lord Justice Tuckey set out his decision very clearly.

Best wishes to all

Dougal

Heres something for folks to think about with refernece to this "over ride payment" if you read the letter from Swift Advances on Post 135, you will note they say this is paid "out of their own funds".......now if this £1400 or so is taken as the average.......Swift have about 20,000 loans out that would mean they paid out some

[Dougal16T]

Re: Swift Advances Plc?

Hi sparkie, can swift not argue that in their terms and conditions they state that the broker will receive additional commissions for arranging this loan?

Good evening,

The answer is no - the reason is Wilson - v - Hurstanger in the Court of Appeal [2007], the decision in essence in that case was that the exact amount of the commission must be disclosed OR the exact method of calculation of that commission must be disclosed by the Lender and/or Broker prior to the inception of the agreement.

It is worth a read, and Lord Justice Tuckey set out his decision very clearly.

Best wishes to all

Dougal

[Sparkie1723]

Re: Swift Advances Plc?

Heres something for folks to think about with reference to this "over ride payment" ......if you read the letter from Swift Advances on Post 135, you will note they say this is paid "out of their own funds".......now if this £1400 or so is taken as the average.......Swift have about 20,000 loans out that would mean they paid out some...........£28,000,000..........OUT of their own funds?????:nono:

I don't think they are that generous???????

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