Swift Advance After Repo

[Sparkie1723]

Re: Swift Advance After Repo

Apologies to sofi I am going off at too much of a tangent....... must get this thread back on her track. She will be getting confused if I don't
Sparkie

[meellis]

Re: Swift Advance After Repo

You are right we are going off on a tangent, thing is I believe there are a load more sofi's about to enter this world. Companies like Swift based business more around long term loans so I believe more people are going to find they haven't cleared as much as the thought off of their loans now more will be coming to term. Fred will back this up probably with first plus victims. There will be a market for solutions so solutions need to be found.

[sofi3353]

Re: Swift Advance After Repo

Sofi, Pt can't do that he would be not only breaking the site rules but his position as a Legal Executive.............I can recommend a very good one but the firm is in Liverpool. There is also one in Leigh Lancashire
I can e.mail you their names if you would like me to.
Sparkie

yes plz sparkie

[Determined]

Re: Swift Advance After Repo

Hi Sofi

I submit this for your information as a discussion point with your representative

I have been taking a closer look at the costs and charges added to this account and would make these observations.

In general terms in Key Information within the Agreement the following charges are specifically mentioned

a) Arrears and default letters sent and received, phone calls with you & third parties 23.00

b) Account management- active management where arrears 70.00

c) Account management- monitored where payment arrangement 35.00

d) Unpaid direct debit, standing order or returned cheque 33.00

e) Building Insurance administration fees where you cancel cover 95.00

f) Administration charges for instructing solicitors 75.00

g) Dealing with legal action-review pre-action 100.00

h) Default administration fee where account 2 months in arrears for 1^st time 250.00

i) Default administration fee where account 2 months in arrears each sub time 110.00

j) Ground rent/service charge arrears –where leasehold 90.00

k) Visit to property for arrears or occupancy check 95.00

l) Instruct Solicitors for warrant 100.00

m) Dealing with eviction 100.00

n) Eviction cancellation 100.00

o) Possession taken 250.00

And very importantly the agreement states;

p) You may also be liable for any other reasonable costs, charges and expenses we incur or pay to a third party, including legal costs which arise out of your breach of the agreement.

All of the above attract interest if not paid ‘AT THAT DATE’ when Swift have to pay them or decide to charge them.


These are the charges, that I have identified, under the general banner LEGAL.

Date	Reason	Type	Amount	Disbursement	Contract	No of Days	Obvious	Interest
09/03/07	Letter before Action	Legal	75.00		f	3541		81.14
26/03/07	Issue	Legal	100.00		g	3524		107.67
30/03/07	Issue Fee	Legal	150.00	yes	y	3520		161.33
17/05/07	Solicitors Agents Fee	Legal	82.25		p	3472		87.25
23/07/07	W1 Letter sent	Legal	100.00		l	3405		104.04
23/07/07	Warrant Fee	Legal	95.00	yes	y	3405		98.83
05/09/07	Eviction cancelled	Legal	100.00		n	3361		102.69
10/09/07	Solicitors Agents Fee	Legal	82.50		p	3356		84.59
25/09/07	Cancelled repossession	Legal	117.50		z	3341		119.95
12/11/07	Solicitors Agents Fee	Legal	82.25		p	3293		82.76
29/11/07	Eviction cancelled	Legal	100.00		n	3276		100.09
06/12/07	Solicitors Agents Fee	Legal	82.50		p	3269		82.40
07/12/07	Cancelled repossession	Legal	117.50		z	3268		117.32
21/09/08	Litigation charges	Legal	1,721.40		p	2979		1,566.82
26/09/08	Litigation charges	Legal	381.90		p	2974		347.02
25/11/08	Litigation charges	Legal	211.50		p	2914		188.31
25/11/08	Warrant Issued	Legal	100.00		l	2914		89.03
26/11/08	Warrant Fee	Legal	95.00	yes	y	2913		84.55
27/01/09	Eviction cancelled	Legal	100.00		n	2851		87.11
30/01/09	Cancelled repossession	Legal	28.75		z	2848		25.02
04/03/13	Warrant Review	Legal	75.00		z	1354		31.03
16/08/13	Solicitors Fees	Legal	800.00		p	1189		290.63
30/09/13	Solicitors Fees	Legal	165.00		p	1144		57.67
22/04/16	Litigation charges	Legal	75.00		p	209		4.79
03/06/16	Solicitors Fees	Legal	27.00		p	167		1.38
12/07/16	Solicitors Fees	Legal	493.00		p	128		19.28
17/08/16	Solicitors Fees	Legal	144.00		p	92		4.05
26/08/16	Solicitors Fees	Legal	84.00		p	83		2.13
			5,786.05					4,128.90

Which of these costs would a lay person expect to have been paid.

How could you possibly know about the cost of a 'Solicitor' unless it was expressly pointed out to you?

The sums in the column under Contract marked z are not mentioned in the key information so how could you be aware?

Would a lay person understand disbursements unless specifically told.? (Indicated by letter y)

Who decides what is reasonable, in relation to legal costs, if you are never in a position to challenge them?


I have some observations on Admin costs which will follow.

The chart that follows shows Management Charges. The figure that sits alongside the account balance is the monthly sum that would need to be paid in order to discharge the loan within the loan period. I have used the interest rate of 11.16% purely for demonstration purposes. I know the sum was higher. I have selected certain dates, a) when an agreement must have been in place because of the fee charged and b) anniversary dates at the turn of the year

Unless Swift were continually articulating the point and confirming on a monthly basis exactly what was happening these were not 'Management Charges' but simply another shovel full of soil designed to bury the borrower,

The figures are not penny perfect but are for illustration purposes. They will be but a few pence out.

Regards

[Determined]

Re: Swift Advance After Repo

Date	Reason	Amount	No of Days	Interest	Acc Bal	Pay at 11.16%
26/02/07	Management Charge	70.00	3552	75.97
26/03/07	Management Charge	70.00	3524	75.37
26/04/07	Management Charge	70.00	3493	74.71
29/05/07	Management Charge	70.00	3460	74.00
29/06/07	Management Charge	70.00	3429	73.34
30/07/07	Management Charge	70.00	3398	72.68
30/08/07	Management Charge	70.00	3367	72.01
02/10/07	Management Charge	70.00	3334	71.31
26/10/07	Management Charge	65.00	3310	65.74
02/11/07	Management Charge	70.00	3303	70.64
04/12/07	Management Charge	35.00	3271	34.98
27/05/08	Management Charge	35.00	3096	33.11
27/06/08	Management Charge	70.00	3065	65.55
28/07/08	Management Charge	70.00	3034	64.89
28/08/08	Management Charge	70.00	3003	64.23
29/09/08	Management Charge	70.00	2971	63.54
29/10/08	Management Charge	70.00	2941	62.90
02/12/08	Management Charge	70.00	2907	62.17
05/01/09	Management Charge	35.00	2873	30.72	19,262.15	325.98
05/02/09	Management Charge	35.00	2842	30.39	18,949.45	323.09
05/03/09	Management Charge	35.00	2814	30.09	18,909.04	324.87
26/10/09	Management Charge	35.00	2579	27.58
26/11/09	Management Charge	70.00	2548	54.50
29/12/09	Management Charge	70.00	2515	53.79
03/02/10	Management Charge	64.00	2479	48.48
03/03/10	Management Charge	64.00	2451	47.93
03/04/10	Management Charge	64.00	2420	47.32
03/05/10	Management Charge	64.00	2390	46.74
03/06/10	Management Charge	64.00	2359	46.13
03/07/10	Management Charge	64.00	2329	45.54
03/08/10	Management Charge	64.00	2298	44.94
03/09/10	Management Charge	64.00	2267	44.33
03/10/10	Management Charge	64.00	2237	43.74
03/11/10	Management Charge	64.00	2206	43.14
11/01/11	Management Charge	64.00	2137	41.79
11/02/11	Management Charge	64.00	2106	41.18
11/03/11	Management Charge	64.00	2078	40.63
11/04/11	Management Charge	64.00	2047	40.03
11/05/11	Management Charge	64.00	2017	39.44
11/06/11	Management Charge	64.00	1986	38.84
11/09/11	Management Charge	64.00	1894	37.04
11/12/11	Management Charge	64.00	1803	35.26
11/01/12	Management Charge	64.00	1772	34.65	23,822.94	591.03
11/02/12	Management Charge	64.00	1741	34.04
11/05/12	Management Charge	64.00	1651	32.28
11/06/12	Management Charge	64.00	1620	31.68
11/08/12	Management Charge	64.00	1559	30.49
11/11/12	Management Charge	64.00	1467	28.69
11/12/12	Management Charge	64.00	1437	28.10
11/01/13	Management Charge	64.00	1406	27.49	26,550.99	817.23
11/02/13	Management Charge	64.00	1375	26.89
11/03/13	Management Charge	64.00	1347	26.34
11/04/13	Management Charge	64.00	1316	25.73
11/05/13	Management Charge	64.00	1286	25.15
11/06/13	Management Charge	64.00	1255	24.54
11/07/13	Management Charge	64.00	1225	23.95
06/08/13	Management Charge	30.00	1199	10.99
11/11/13	Management Charge	64.00	1102	21.55
11/12/13	Management Charge	64.00	1072	20.96
11/01/14	Management Charge	64.00	1041	20.36	30,115.87	1,269.00
11/07/14	Management Charge	70.00	860	18.39
11/08/14	Management Charge	70.00	829	17.73
11/09/14	Management Charge	70.00	798	17.07
11/01/15	Management Charge	70.00	676	14.46	29,768.23	2,137.69
11/03/15	Management Charge	70.00	617	13.20
26/03/15	Management Charge Reversed		602	0.00
11/04/15	Management Charge	70.00	586	12.53
11/09/15	Management Charge	70.00	433	9.26
11/11/15	Management Charge	70.00	372	7.96
11/12/15	Management Charge	70.00	342	7.31
11/01/16	Management Charge	70.00	311	6.65
11/02/16	Management Charge	70.00	280	5.99
11/03/16	Management Charge	70.00	251	5.37
11/04/16	Management Charge	70.00	220	4.71
09/05/16	Management Charge Reversed		192	0.00
02/06/16	Management Charge Reversed		168	0.00
		4,645.00		2,791.21
		4,435.00		2,767.93

Is this easy enough to follow? See Post 229.



Regards

[TINKEY2]

Re: Swift Advance After Repo

I would ask Swift for copies of invoices from the solicitors they used. When I was in court the judge asked the barrister how much he was charging £500.00 an hr!! Swift will add on what they want without explanation. They won't send them but it will be more ammunition for you in court.

TINKS XX

[meellis]

Re: Swift Advance After Repo

You know, to a silver tongued barrister the argument is as broad as it is long. The obvious charges you have marked z are easier to argue but I would really question the wording on the terms. "have to pay them or decide to charge them" reads very questionably if you dissect it. Have to pay them infers you know how much they are being charged and the exact date they will pay them which due to terms they could have could be any date between invoice date and terms set date (maybe up to 90days). Decide to charge them to me infers that even though you might know the cost of a management charge from the tariff for instance you do not know when or if they will decide to charge it which to me renders the Tariff worthless.

[Determined]

Re: Swift Advance After Repo

You know, to a silver tongued barrister the argument is as broad as it is long. The obvious charges you have marked z are easier to argue but I would really question the wording on the terms. "have to pay them or decide to charge them" reads very questionably if you dissect it. Have to pay them infers you know how much they are being charged and the exact date they will pay them which due to terms they could have could be any date between invoice date and terms set date (maybe up to 90days). Decide to charge them to me infers that even though you might know the cost of a management charge from the tariff for instance you do not know when or if they will decide to charge it which to me renders the Tariff worthless.

Meellis


I agree absolutely.

Regards

[meellis]

Re: Swift Advance After Repo

The other thing to consider is that even though there might not have been a requirement for swift to inform of costs/charges prior to 2008 through CCA they seem to have produced the requirement through their own T & C's.

[Determined]

Re: Swift Advance After Repo

The other thing to consider is that even though there might not have been a requirement for swift to inform of costs/charges prior to 2008 through CCA they seem to have produced the requirement through their own T & C's.

In absolute agreement

[sofi3353]

Re: Swift Advance After Repo

hi everyone

just a quick update........
just recieved SAR documents

also wanted to you wish you all a very happy merry christmas

[meellis]

Re: Swift Advance After Repo

Is there any news regarding this thread at all, everything is quiet yet the court date must have been passed.

[Diana M]

Re: Swift Advance After Repo

Is there any news regarding this thread at all, everything is quiet yet the court date must have been passed.

I agree. An update would be good and helpful to others in a similar situation.

Di

[sofi3353]

Re: Swift Advance After Repo

hi all

latest update is that the hearing didn't go ahead as Swift thought it was a waste of court time and money so the matter has gone to trial with agreement from both sides.

Swift also suggested that they case be stayed for a month in order to agree to a settlement but as of yet not heard anything

[Diana M]

Re: Swift Advance After Repo

latest update is that the hearing didn't go ahead as Swift thought it was a waste of court time and money so the matter has gone to trial with agreement from both sides.

Swift also suggested that they case be stayed for a month in order to agree to a settlement but as of yet not heard anything

This seems to be heading in the right direction considering Swift were trying to evict you from your home at the start of this thread.

I'm really please to see you fight back and get somewhere.

The tide has turned

Di