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Hi,
apologies if this is in the wrong place but i'm after some advice.
My partners parents have a 2nd charge on their house with Swift Advances and they are nearing the end of their mortgage term. We have asked for a redemption figure and have received a statement of account in the post.
The original loan was for £33k, interest levied is £25k and payment total £27k leaving a sub total before charges of £31.5K.
My main worries though are regarding the charges incurred. I know they have not had a great record of making payments and are clearly not in a good situation. But some of the charges seem strange. Over £2k for lost default collection charges, the very vague Other fees and charges at over £1k, and the one i'd like to ask peoples opinion on the most, Interest levied on charges incurred at over £3k. In total charges come to over £9k.
I know there is an element of irresponsible borrowing here, but this lending seem as irresponsible. To let this run for 7 years and continue to heap charge after charge to the point where the redemption figure is just under £7k more than the original amount borrowed just seem shocking to me.
I heard someone describe Swift as predatory lenders, which seems somewhat appropriate.
Has anyone had any experience of dealing with them, or can anyone spot anything in there that i might be able to challenge. I have a mind to tell my partners parents to go to a financial ombudsman but i don't know whether they are wasting their time.
Any advice at all would be great.
apologies if this is in the wrong place but i'm after some advice.
My partners parents have a 2nd charge on their house with Swift Advances and they are nearing the end of their mortgage term. We have asked for a redemption figure and have received a statement of account in the post.
The original loan was for £33k, interest levied is £25k and payment total £27k leaving a sub total before charges of £31.5K.
My main worries though are regarding the charges incurred. I know they have not had a great record of making payments and are clearly not in a good situation. But some of the charges seem strange. Over £2k for lost default collection charges, the very vague Other fees and charges at over £1k, and the one i'd like to ask peoples opinion on the most, Interest levied on charges incurred at over £3k. In total charges come to over £9k.
I know there is an element of irresponsible borrowing here, but this lending seem as irresponsible. To let this run for 7 years and continue to heap charge after charge to the point where the redemption figure is just under £7k more than the original amount borrowed just seem shocking to me.
I heard someone describe Swift as predatory lenders, which seems somewhat appropriate.
Has anyone had any experience of dealing with them, or can anyone spot anything in there that i might be able to challenge. I have a mind to tell my partners parents to go to a financial ombudsman but i don't know whether they are wasting their time.
Any advice at all would be great.
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