Swift Advances Plc?

[jumper999]

Re: Swift Advances Plc?

Thanks sparkie, that will one of the things I will be asking for.......

ta

[Sparkie1723]

Re: Swift Advances Plc?

The reason I ask this is that I know that my broker received commissions more than they have admitted. They admit receiving 1.4% but I know on my brokers call log there is refernce next to the 1.4 of + 3.6 and 5.8 meaning that they recieved two more sets of commissions.

But reading the terms and conditions of my loan agreement it states:

"THE LENDER MAY ALSO MAKE ADDITIONAL PAYMENTS TO THE BROKER IN RESPECT OF THE VOLUME OF BUSINESS PLACED BY THE BROKER WITH THE LENDER. THE LENDER HAS NO OBJECTION TO THE BORROWER ASKING THE BROKER FOR DETAILS OF ANY COMMISSION PAYABLE"

Now how would I find out what extra commissions the broker received? would I need to contact the broker?

Is there a template that I could use to ask my broker specifically how much more commission they received and what the two extra sums were for of 3.6 and 5.8?

Hullo jumper.

There is no mention of anything like this in Swifts terms & conditions................the only way you will find this out in your case is by asking the Court to Order full disclosure on this issue.

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?

The reason I ask this is that I know that my broker received commissions more than they have admitted. They admit receiving 1.4% but I know on my brokers call log there is refernce next to the 1.4 of + 3.6 and 5.8 meaning that they recieved two more sets of commissions.

But reading the terms and conditions of my loan agreement it states:

"THE LENDER MAY ALSO MAKE ADDITIONAL PAYMENTS TO THE BROKER IN RESPECT OF THE VOLUME OF BUSINESS PLACED BY THE BROKER WITH THE LENDER. THE LENDER HAS NO OBJECTION TO THE BORROWER ASKING THE BROKER FOR DETAILS OF ANY COMMISSION PAYABLE"

Now how would I find out what extra commissions the broker received? would I need to contact the broker?

Is there a template that I could use to ask my broker specifically how much more commission they received and what the two extra sums were for of 3.6 and 5.8?

[jumper999]

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?

[Sparkie1723]

Re: Swift Advances Plc?

I know that both "Promise Solutions" & "Swift" will fight our claim against them so I have already begun drafting our POC which will be precise and clear backed up with the documents that will be difficult to defend against.
Small Claims Court of course.

Sparkie

[Sparkie1723]

Re: Swift Advances Plc?

Swift also cannot use the argument that we were aware of this payment as both Promise and Swift try to say that it was stated in the FISA booklet we recived.................if you look at the document posted on post 159 ...our security check .....you will see that the question about this booklet was never asked .....note our answer is not ringed Yes or... No showing quite clearly we were never asked that question and is the reason we never saw one until I found it on the net a few days ago.

Another reason we never received this booklet from Promise Finance Ltd is ....they were not on the list of Brokers of the FISA.........they weren't members of the FISA so more likely than not did not have these alleged booklets.

I've posted a list of brokers who are members of the FISA.................Promise are not on that list

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?

I kow some folks might think I'm going on too much abot this secret commission ......but if I win on this issue............every Swift customer can win also......they have at last admitted that this "over ride commission" is/was paid to all brokers/agents.
This my argument against what they will attempt to say in Court, that it is not commission.

For almost 3 years “Swift” have denied paying any commission whatsoever, and for 2 years “Promise” have denied receiving this commission.
Now that it has been forced out of “Promise” that they received commission.
“Swift” have now been forced to admit they did pay it.
Now they have been caught out you must notice in the letter received from “Promise” (posted on the thread about them”) they try to cover the fact by saying it is “an over ride commission” in attempt to avoid the word “ bribe”…undisclosed commission

In “Swift’s” letter they call it an “over ride payment” and try to say it is not commission.
In any event it is a secret payment of undisclosed amount…….. until now, they even blocked it all out on our underwriting sheet.

This is the same scenario as person who is charged by someone in that ......“ Your dog bit my child and caused her terrible injuries”………..the person charged says in his Defence “ I haven’t got a dog I’ve got a Pit Bull” …............a Pit Bull is a dog………simple fact.

This over ride payment/commission despite any attempts to call it different ……..is commission, it is a bribe...
It was not disclosed and therefore secret.
I can’t see any defence to that, and would ask anyone and everyone to please argue against me so that I have every angle covered

Sparkie

Dougal ....you can also claim in your oral submissions in your appeal that this new evidence has come to light where Swift will more likely than not have paid this further over ride commission on your loan also .
As Swift have now admitted at such a late stage that they pay it to all brokers, you now require that amount to be disclosed as you are entitled to this back also plus interest.

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?

[quote=Dougal16T;221265]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[/quote

Hi Dougal,

What I can say to peeps is there is one thing that is as certain as water freezes their account with Swift is being or was being accounted for (double accounted for) by one of the Kestrel Loans companies....it is just that they make sure you are not supplied with the documents they supplied me by complete mistake.
Everyone should ask their local police to obtain these records from Swift .....only the police will be able to obtain them and prove what I say is absolute fact.
Forgot ....The inland revenue is another way

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

[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

[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............

[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?

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?

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?

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?

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