Swift Advances Plc?

[Dougal16T]

Morning all

Here is my thought for the day! :

If a company - a plc to be exact- did not exist as a legal entity until 6th October 2010, does that make any agreements made by consumers with the entity:

(a) unenforceable by that entity?

(b) null and void and capable of full rescission?

Answers on a postcard......??

Best wishes

Dougal

ps : There are no prizes for guessing who I am talking about!! :beagle:

[Albierose26]

Re: Swift Advances Plc?

Hi

I noticed earlier on that omeone (I think it was good ole Sparkie) that he'd been told his rate was dictated by the Libor rate? Well not according to my letter from Swifts which says;

Nov 2012

Dear....................

Agreement No .....

We refer to your recent correspondence on the operation of the London Interbank Offered Rate ("LIBOR")

Your loan is subject to a variable rate of interest

The rate of interest is set by Swift Advances PLC. It is not a tracker linked to any reference point or base rate linked loan and does not, therefore, incur an automatic interest rate or payment adjustment when there is movement in LIBOR, the Bank of England or other Bank's base lending rate.

Swift Advances plc sets the interest rate applied to your loan

The interest rte is applied is based on a number of factors but, for the avoidance of doubt, your loan's interest ate is not automatically adjusted in line with the interest rate reference points mentioned above.

Swift is not a member of the British Bankers association and has no role in the setting of LIBOR.

Yours faithfully etc etc.

If anyone has correspondence that is different I'd love to see a copy etc as they seem to keep changing their minds!!

Pam56

[yorkie-dave]

Re: Swift Advances Plc?

any idea where we go from here peter?

swift just keep saying the agreement is correct and i should keep paying.

were looking at being able to continue paying for about another 2 months before we run out of money and end up defaulting,we dont want to lose our home.

[yorkie-dave]

Re: Swift Advances Plc?

hi peter

no im not trying to wrangle out of paying

it was what you mentioned about the interest not being a perscribed term or something when you looked at my agreement,saying that something was wrong with it.

i have no intention of trying to wangle out of the money borrowed but if i dont have to pay the interest because they broke the law..

Re: Swift Advances Plc?

HI

Please dont take this personally . If there is an error in your agreement that shows the creditor has defrauded you out of your money then by all means persue it and get your money back , i will help you. If you are having financial difficulty and your creditor is being unhelpful i will help you use that loophole against them.

However i will not help if you are just trying to get out of paying a legitimate debt bedause times are hard, if you are having problems my advice is to contact the creditor and if you get no joy use the free credit advisory services, trying to avoid payment by showing the agreement to be unenforceable is a last resort, to me anyway. Not that it isnt an intersting excercise.

I hope you can regard these commens in they are meant and not as any sort of critisism.
Persuing unenforceablity on an agreement is a risky business these days and not to be undertaken unless you have to.

Peter

[yorkie-dave]

Re: Swift Advances Plc?

hi peter

well money is getting tight,christmas has hit us hard and money just seems to be draining away,i guess rather sooner than later i guess?

im pretty clueless when it comes to these things and wouldnt know where to begin and the help so far has been much appreciated.

thanks
dave

Re: Swift Advances Plc?

any idea what we do next peter please?

HI

You look up the case they use as authority. Then you identify what distinguishes your case from thiers,
Then you right to the creditor to inform them why the case they quoted does not aply to your claim. Then they either admit it or they right back and say "oh yes it does" and then if you default you have to prove it in front of a judge.

Are you in a position where you need to go to those lengths ?

Peter

[yorkie-dave]

Re: Swift Advances Plc?

any idea what we do next peter please?

[yorkie-dave]

Re: Swift Advances Plc?

hi peter

well its not urgent no,but if im paying for something i shouldnt be then the sooner the better its sorted hehe

just sort yourself out and then have a look and see what you can come up with.

cheers

Re: Swift Advances Plc?

Hi

I was aware of the Southern Pacific ruling but i think the particulars of that case are significantly different to yours.

I did half expect them to bring it up though. If this is not too urgent i will get back to you ASAP, i have anumber of things going at the moment.

You must remember that we are talking about unenforceabiity of the agreement here they are not going to make this easy, if you are paying the agreement and they are not treating you unfairly i would cary on doing the same, it is intersting to explore the technicalities and have the optopns available should you need them of course.


Peter

[yorkie-dave]

Re: Swift Advances Plc?

hi peter

well money is tight but we are paying it,not missed any payments yet
g

Re: Swift Advances Plc?

but what exactly am i claiming for??

i think peter was the one who told me to write to them regards the matter but i dont know where i stand on the matter...

Hi

Apparently they have responde by saying that the interst on charges is not applicable, and siting Southern Pacific as authority. This was expected, what has to be done now is to distinguish your claim from the case they mention.

I believe that this can be done.

Are you in difficulty with this loan at the moment?

Pete

[yorkie-dave]

Re: Swift Advances Plc?

but what exactly am i claiming for??

i think peter was the one who told me to write to them regards the matter but i dont know where i stand on the matter...

[Sparkie1723]

Re: Swift Advances Plc?

Sorry all help has stopped Yorkie.......the angle that you were thinking of chasing is not quite my speciality ...........I am pursuing them under different circumstances.....Swift are so clever at handling charge reclaims they have had so much practice ........I am pursuing them in a way they have never encountered before..........what I can say is Swift have a habit of ignoring you ........when you are too close for comfort for them they go into their protective shell of silence.........hower that shell is set to crumble.
keep cool matey.

What bit of advice on th issue of reclaiming the charges is tell them that you will be claiming interest at contract rate compounded on a daily basis exactly as they do.....PLUS County Court rate interest of 8% on top, advise tem that the longer they delay paymant the more interest they will eventually be liable for......use the words they use against you. They won't like that one bit

Sparkie

[yorkie-dave]

Re: Swift Advances Plc?

hi douglas

it was regards post 179 2 pages back,then peter and sparky told me to write to swift regarding the interest as a prescribed term which i did..then its all gone quiet and no one replies