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Hi
Just to let you know my situation. I had a loan with Swifts which is up to date and finishes in November with last payment on loan
What is left after the loan is paid is a rack of arrears charges & interest bring the balance still owing to £6K + just £4,000 less than the original loan.
So I wrote to Swifts & said these were unfair and unhappy with charges. They offered me £750 refund on charges plus £500 interest. Told them to stick it. I then e-mailed them and asked for statements etc. Arrived 2 days later in post!!!!!!!!!! Not happy with info as didn't show charges & interest so have now sent a request for an acturial statement so an accountant can go thru this (FOCas he's a Co Accountant). I am determined to have these charges cut but I'd just like some advice from anyone who has dealt with this issue.
a) Once loan is finished in Nov can I withold payment of arrears until they supply correct info I've requested?
b) Can I get a Court Order to force them to release info or would this be under a SAR's request?
c) I've read somewhere that they cannot profit from arrears/fees/charges so how do I find out how they calculate these charges and also if they are charging interest (compounded at 15.39%) is that not making profit?
Sorry to be a pain but just wanted some facts in case I decide to take this further. Thnks all
Just to let you know my situation. I had a loan with Swifts which is up to date and finishes in November with last payment on loan
What is left after the loan is paid is a rack of arrears charges & interest bring the balance still owing to £6K + just £4,000 less than the original loan.
So I wrote to Swifts & said these were unfair and unhappy with charges. They offered me £750 refund on charges plus £500 interest. Told them to stick it. I then e-mailed them and asked for statements etc. Arrived 2 days later in post!!!!!!!!!! Not happy with info as didn't show charges & interest so have now sent a request for an acturial statement so an accountant can go thru this (FOCas he's a Co Accountant). I am determined to have these charges cut but I'd just like some advice from anyone who has dealt with this issue.
a) Once loan is finished in Nov can I withold payment of arrears until they supply correct info I've requested?
b) Can I get a Court Order to force them to release info or would this be under a SAR's request?
c) I've read somewhere that they cannot profit from arrears/fees/charges so how do I find out how they calculate these charges and also if they are charging interest (compounded at 15.39%) is that not making profit?
Sorry to be a pain but just wanted some facts in case I decide to take this further. Thnks all
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