update on Swift

[brian77]

I posted some weeks ago on the welcome board regarding Swift advance plc

I wonder could someone advise me to the best route to take against Swift Advances PLC
In 1998 I borrowed £7000 secured against my home over a 10 yr term
To date I have paid them £16,250.66 and they are saying I still owe £34,425.44
I wrote to Swift recently asking how I still owe this ridicules amount they responded by saying they think the charges are fair but as a good will gesture they will reduce them by £1095.
Any advise would be much appreciated.

Brian

I was advised to show a copy of the original credit agreement which I now have see below


Any advise would be much appreciated Cheers Brian

[Sparkie1723]

Re: update on Swift

IMO your loan agreement is unenforceable .....it does not comply with the Consumer Credit Act and the Consumer Credit Regulations.

It is well worth you getting an hrs free advice from a solicitor that offers such service if you can locate one

Sparkie

[brian77]

Re: update on Swift

Sparkie, thanks for your prompt reply, in what way does it not comply with the Consumer Credit Act and the Consumer Credit Regulations ?

Cheers Brian

[Sparkie1723]

Re: update on Swift

Sparkie, thanks for your prompt reply, in what way does it not comply with the Consumer Credit Act and the Consumer Credit Regulations ?

Cheers Brian

HI Brian,

I will post what I consider your arguments to be......but it may not be straight away ......as I too am involved in a MASSIVE dispute with them....mean time I have asked other Swifties to help

Sparkie

[acaldin]

Re: update on Swift

Dear Brian

i have the same sort of problem with swift and my mortgage you should speak to xxxxxxxxxxxxxxxxx or email him xxxxxxxxxxxxxxxxxxxxxxxthey offered me a service on a now win no fee aggrement you have nothing to loose in letting them have a look at your complaint good luck Andrew

[brian77]

Re: update on Swift

Thanks Andrew I will try to give them a ring tomorrow I just fear ending up with another bill which I can't afford.

Cheers Brian

[brian77]

Re: update on Swift

Hi Sparkie did you ever find the time to have a look at my agreement and why it is unenforceable ?

Thanks Brian

[Sparkie1723]

Re: update on Swift

Hi Brian
This is what I think but its only my opinion
1...The PPI should be set out and shown howm much per month it is costing

2...The Legal fees are not stated what they are i.e a further loan .....or a charge for credit

3...THe APR is incorrect.

I would contact the solicitor acaldin is using and getv a proper legal opinion

Sparkie

[brian77]

Re: update on Swift

Hi Brian
3...THe APR is incorrect.

Sparkie

Yes I see that now the apr is really 22.89

Cheers Brian

[brian77]

Re: update on Swift

Contacted Ultimate Law but they can't help as Swift holds 2nd charge on my home they can only handle 1st charge mortgages due to insurance for the fees, really don't know where to turn now.

Cheers Brian

[brian77]

Re: update on Swift

Bump

[john 1963]

Re: update on Swift

any further reports brian?

[brian77]

Re: update on Swift

No they haven't contacted me so I haven't contacted them gonna try to hid for 6 years Lol
Cheers Brian

[katinwales1966]

Re: update on Swift

Hi everyone, I'm new to this site, was recommended by BBC. Having read some of these posts, it seems we have fallen into the same old trap, in Feb 2004 took out a £42,000 loan secured on my home, when signed the agreement the interest rate was being quoted as being monthly rate of interest variable 0.97% which on the agreement we signed was said to be the same as a mortgage rate of 11.64%. At the time wasnt concerned as we were paying 9% on our primary Halifax mortgage.

As most of you will probably identify with, we were not aware of any problems.....until that is the credit crunch and interests fell.....but not with Swift Advances, who continued to increase their interest rates until it reached 13.68% pa in Dec 2007 and has so far remained at that level since. It was then that I started looking into this company and what it was we had actually signed with them....thanks to Norton Finance, we were in a UNREGULATED AGREEMENT!

My ex and I tried to re-finance this loan without much success, it was pointed out to us that we were paying interest rates more appropriate with an unsecured loan! Everyone who has seen this agreement, all agree with one thing....Swift Advances is taking the p***.

We have tried the CAB whose special legal team could not offer us any assistance other than confirming that the loan and rates were unfair.
I worked out that by May 2011 we had already paid back £42,000 we had originally borrowed, and if we carried on paying until the end term of the agreement...1) we would have paid them back a whopping £132,000 and 2) it was likely at the end of the loan period as per the agreement we had signed, we would probably still owe them some money due to the fees they were charging us to contact our 1st mortgage company regularly to ensure we were meeting all our contractual requirements on our house....and then the cheeky buggers were charging us to file the letter they received in reply from the Halifax confirming we were uptodate with our repayments. This of course has been stopped and some of the charges were refunded but not all.

At the moment my ex and I are trying to sell the house. Recently we thought we had a buyer for our home and when we requested a redemption figure, they still want us to pay them another whopping £37,000.

I expect this is a similar story to many of you on here. I'm frustrated with the whole situation and although we were not successful getting the CAB to fight this company, I have this morning been to see my local MP to see if he can help. We had found out from the CAB back in May 2011 that 2 years after we signed this agreement the law was changed to stop these type of unfair agreements being available. Unfortunately that only helps new borrowers and not the ones like all of us that were signed before that time as any law wasnt retrospective to current agreements.

Now I am very bitter that this company is making millions out of those who cant afford, especially at a time when everyone else is cutting back. My worry now is if interest rates start to rise again....even Halifax have recently increased its interest rate for the 1st time since the crunch....these rip-off cowboys will use it as an excuse to raise their rates even higher.

I'm hoping my MP will bring this company and others like it to the attention of Government....and hope someone can put an end to their antics and help the rest of us sleep easy.

Thanks for listening

Regards

Kat

[brian77]

Re: update on Swift

I am still fighting with Swift and I have found some errors on the agreement also made out by Norton the apr is 13 times the monthly interest instead of twelve also the date at the bottom of the agreement has been changed and not initialed by myself or my wife, just wondering if these technicalities would make the agreement unenforcable.

Cheers Brian