Hello all swift advances

[brian77]

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

[brian77]

Re: Hello all swift advances

Could someone advise if I have put this on the wrong thread.

Cheers Brian

[Hurricane Puffrose]

Re: Hello all swift advances

Hello Brian

Sorry for the delay in answering you..

Welcome to Legal Beagles, atm we are having a Spam problem, so all new posters are having to post here, just helps the admins tidy them up quicker, if you have any probs in the future starting up threads please dont hesitate to PM me and let me know what kind of thread you need opening, I will ask an admin to move this to the right place for you so the swift advances experts can get stuck in

TC and sorry you had to post twice

P

[Shadowcat]

Re: Hello all swift advances

Hi Brian and welcome,

In the Swift bingo 7,000 up to 34,425 takes some beating.
Tell us what stage you're at with understanding requesting details (Subject Access Requests) from them regarding this account then we won't blind you with science advising what to do next.

Are you 'behind' with payments? Are they hassling you?

The main thing is - don't panic.

[brian77]

Re: Hello all swift advances

Hi Shadowcat and thanks for your reply, firstly the loan hasn't went up to £34,425 but a staggering £50,669 as I have already paid them £16,419 and the balance of today is £34,419 and rising daily, BTW the loan term ended in Nov 2008.
In Feb. of this year I rang Swift and complained about the excessive charges, they wrote back to me saying they didn't think the charges where excessive as I had paid somewhat sporaticly throughout the 10yr term but as a goodwill gesture they would knock £1095 off the balance plus interest "In full and final settlement of all and any complaints against Swift Advances or any of it's officers or employees in respect of my/our complaint regarding the level of fees and charges applied to the loan account"
I choose to decline their offer and I have now sent a complaint off to OFT and The Financial Ombudsman. The OFT has since written to me saying the complaint has been noted and I am still awaiting a reply from the Financial Ombudsman.

Cheers Brian

[Sparkie1723]

Re: Hello all swift advances

Hi brian77,

Declining their offer was proper.......reporting them to the OFT was also a good move and proper......... send as much information to the OFT as possible and as often as possible ...always send them copies of the letters you receive from Swift ...........would it be possible for you to post a copy of your Loan agreement with all personal info removed on you thread..........as I believe your agreement will be a regulated one under the consumer credit act........and they have been known to make mistakes on these types of agreements.

Sparkie

[brian77]

Re: Hello all swift advances

Hi Sparkie I'm afraid I no longer have the loan agreement as it was 14yrs ago

Cheers Brian

[Sparkie1723]

Re: Hello all swift advances

Hi Sparkie I'm afraid I no longer have the loan agreement as it was 14yrs ago

Cheers Brian

Hi Brian,

Send what is called a CCA request for a copy of your agreement to Swift it will cost you £1.00..............I am sure that someone has the information and template letter to send them.....if no-one comes forward I will try and find it for you.........but I am involved in a big dispute with them myself ...but have no fear I will find time if no-one else steps forward............may be a day or so but ................."I'll be Back"..........
Sparkie

[brian77]

Re: Hello all swift advances

Cheers Sparkie I was able to find a template letter online so I'll get that of to them asap with the £1.

In your original reply to me you never mentioned the Financial Ombudsman although you said the other two things I had done was good, do you think getting the FO involved was a bad idea?

Brian

[Sparkie1723]

Re: Hello all swift advances

Cheers Sparkie I was able to find a template letter online so I'll get that of to them asap with the £1.

In your original reply to me you never mentioned the Financial Ombudsman although you said the other two things I had done was good, do you think getting the FO involved was a bad idea?

Brian

No just forgot to mention the FOS...........could all help ypur cause as if one fails you the other avenue is open to you .......cause as many problems for Swift as possible...............they are not liking the pressure they are being put under at this moment in time.

Sparkie

[brian77]

Re: Hello all swift advances

Hi Sparkie I have sent off the CCA but looking through some old letters from them I have noticed

Amount of credit for loan : £6500
Amount of credit for PPP : £910

What is PPP IS THAT THE SAME AS PPI ?

Cheers Brian

[Celestine]

Re: Hello all swift advances

£7000 going up to £50,000????

Were Swift actually the first PayDay lender? Unbelievable.

You need a CCA request sent off as well as a DPA subject access request to see how the hell they came to that calculation and what was charges.

[Shadowcat]

Re: Hello all swift advances

As Celestine says, send of for all information relating to this loan when you can, it's referred to as an S.D.A.R., template letters are on the site.
Sorry to answer for Sparkie but PPP is payment protection premium which is the same as PPI in most cases - however, if it's a really low amount it is an insurance to cover the insurance, I know that doesn't make sense and shouldn't happen but this is Swift we are dealing with. When you get the CCA let us know the figures on the front page.

[brian77]

Re: Hello all swift advances

I received the original credit agreement from Swift has anyone any idea cheers brian

swift 9.jpg

[brian77]

Re: Hello all swift advances

That didn't seem to come out very well lol the figures are

Loan Facility including your brokers fee if any.......................£6500

Optional protected payment premium................................. £910

Total amount............................................ .......................£7410

Brokers fee............................................... .......................£ N/A

Monthly rate of interest.......................................... ............1.42%

which is the same as .................................................. .......18.46%

APR............................................... ...................................19.76

Number of payments.......................................... .................120

Monthly payment........................................... .....................£129.06

Legal and documentation fees.............................................. £292.50

At the top it says regulated by the Consumer Credit Act 1974

Cheers Brian