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Swift Advances PLC

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  • Swift Advances PLC

    So ive just had an update from Counsel on a case which involves Swift Advances PLC, the issues in the case were Unfair Terms and Unfair Relationship per s140A Consumer Credit Act 1974. There was also an issue over interest rate variation, which it seems the Judge wasnt with us on. Im told that the […]


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    I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

    If you need to contact me please email me on Pt@roachpittis.co.uk .

    I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

    You can also follow my blog on consumer credit here.
    Tags: None

  • #2
    Re: Swift Advances PLC

    Nice one Paul & Tom.

    Comment


    • #3
      Re: Swift Advances PLC

      Good on you Paul & Tom
      I reckon that one or two of these " Guests" that are viewing will be from Arcadia House.
      Hope your young one is OK Matey
      Sparkie

      Comment


      • #4
        Re: Swift Advances PLC

        Originally posted by EXC View Post
        Nice one Paul & Tom.
        Indeed, this is going to be very important for quite a few of us (not just Swift) If I may dare to imagine.

        Comment


        • #5
          Re: Swift Advances PLC

          You star, I just wish I'd been there...

          I understand you might be needing this or is it too late?: Their rate never ever went down, just up....
          Attached Files
          Seek your own legal advice, I am not trained in legal matters, just give my opinion from my own personal experience.

          I am an original Cabot Fan Club member and proud of it.

          Comment


          • #6
            Re: Swift Advances PLC

            Originally posted by andrew1 View Post
            You star, I just wish I'd been there...

            I understand you might be needing this or is it too late?: Their rate never ever went down, just up....
            You can see why Mr White confirmed under oath that the cost of their funding was governed by the LIBOR rate they made more money from this than they would have if it was linked to the BOE rate.

            Sparkie

            Comment


            • #7
              Re: Swift Advances PLC

              Originally posted by Sparkie1723 View Post
              You can see why Mr White confirmed under oath that the cost of their funding was governed by the LIBOR rate they made more money from this than they would have if it was linked to the BOE rate.

              Sparkie
              Well I've got 2 letters from them telling me my interest rate increased due to the rise in B of E rate....so what's going on there?
              Seek your own legal advice, I am not trained in legal matters, just give my opinion from my own personal experience.

              I am an original Cabot Fan Club member and proud of it.

              Comment


              • #8
                Re: Swift Advances PLC

                Originally posted by andrew1 View Post
                Well I've got 2 letters from them telling me my interest rate increased due to the rise in B of E rate....so what's going on there?
                Can you let me know what the core term interest rate clause reads please.

                Comment


                • #9
                  Re: Swift Advances PLC

                  Bloody well done both.....made my day

                  TINKS XX

                  Comment


                  • #10
                    Re: Swift Advances PLC

                    Maybe Paul can use this little bit of info might be useful might not. When I received my first notice of a rise in interest rate in May 2007 I noted Swifts rate had gone up by 0.35% and the BOE by 0.25% I wrote and asked Swift why. I was told then that their rate was linked to LIBOR and not the BOE I had assumed that it was linked to the BOE because 1. I had never heard of LIBOR before then and 2. our agreement didn't mention what rate it was linked to.
                    If we had known that the rate would only go up and never come down. we would never have signed that agreement in the first place ......even I'm not that stupid...........no mention of this type of it wasn't unreasonable to think it was the BOE.
                    I'm shutting up now I have my own thread that has all the info about Swift for anyone to see.................and the mess I made of trying to expose them.

                    Sparkie

                    Comment


                    • #11
                      Re: Swift Advances PLC

                      Originally posted by Fred View Post
                      Can you let me know what the core term interest rate clause reads please.
                      These are the agreement terms which applied to my loan Fred if that helps?
                      Attached Files
                      Seek your own legal advice, I am not trained in legal matters, just give my opinion from my own personal experience.

                      I am an original Cabot Fan Club member and proud of it.

                      Comment


                      • #12
                        Re: Swift Advances PLC

                        "J. We have the power tochange the rate of interest we charge under this agreement to reflect a changein the cost of our funds. We may use that power by giving you at least 14 days'notice in writing by first-class post. The change will apply from the dateshown in the
                        notice, which will also tell you why the cost of our funds has changed"

                        The only reason ever given as to why the cost of their funds was the rise in the interest rate their lender charged them on their borrowing (which was Barclays) who as we know manipulated the LIBOR rate ,which as White said was the ONLY cost of their funding.
                        Basically every Swift borrower was hit by Barclays wrong doings. Swift knew about this manipulation all the time .....the amount of movement of staff and personel between Swift and Barclays,......... Barclays and Alchemy ........( SWifts ultimate owners)........ Alchemy to Swift was a lot.
                        Sorry PT for still posting on YOUR thread..................but the name of Swift winds me up so easy. )
                        Sparkie


                        Last edited by Sparkie1723; 14th April 2016, 07:59:AM.

                        Comment


                        • #13
                          Re: Swift Advances PLC

                          Originally posted by Sparkie1723 View Post
                          "J. We have the power tochange the rate of interest we charge under this agreement to reflect a changein the cost of our funds. We may use that power by giving you at least 14 days'notice in writing by first-class post. The change will apply from the dateshown in the
                          notice, which will also tell you why the cost of our funds has changed"

                          The only reason ever given as to why the cost of their funds was the rise in the interest rate their lender charged them on their borrowing (which was Barclays) who as we know manipulated the LIBOR rate ,which as White said was the ONLY cost of their funding.
                          Basically every Swift borrower was hit by Barclays wrong doings. Swift knew about this manipulation all the time .....the amount of movement of staff and personel between Swift and Barclays,......... Barclays and Alchemy ........( SWifts ultimate owners)........ Alchemy to Swift was a lot.
                          Sorry PT for still posting on YOUR thread..................but the name of Swift winds me up so easy. )
                          Sparkie


                          http://news.sky.com/story/1657936/li...get-jail-terms

                          http://www.dailymail.co.uk/news/arti...bor-rates.html
                          CAVEAT LECTOR

                          This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

                          You and I do not see things as they are. We see things as we are.
                          Cohen, Herb


                          There is danger when a man throws his tongue into high gear before he
                          gets his brain a-going.
                          Phelps, C. C.


                          "They couldn't hit an elephant at this distance!"
                          The last words of John Sedgwick

                          Comment


                          • #14
                            Re: Swift Advances PLC

                            Originally posted by Sparkie1723 View Post
                            "J. We have the power tochange the rate of interest we charge under this agreement to reflect a changein the cost of our funds. We may use that power by giving you at least 14 days'notice in writing by first-class post. The change will apply from the dateshown in the
                            notice, which will also tell you why the cost of our funds has changed"

                            The only reason ever given as to why the cost of their funds was the rise in the interest rate their lender charged them on their borrowing (which was Barclays) who as we know manipulated the LIBOR rate ,which as White said was the ONLY cost of their funding.
                            Basically every Swift borrower was hit by Barclays wrong doings. Swift knew about this manipulation all the time .....the amount of movement of staff and personel between Swift and Barclays,......... Barclays and Alchemy ........( SWifts ultimate owners)........ Alchemy to Swift was a lot.
                            Sorry PT for still posting on YOUR thread..................but the name of Swift winds me up so easy. )
                            Sparkie



                            Thats the term
                            I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

                            If you need to contact me please email me on Pt@roachpittis.co.uk .

                            I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

                            You can also follow my blog on consumer credit here.

                            Comment


                            • #15
                              Re: Swift Advances PLC

                              That term says THEY have the power ...............and use that power to increase the interest to reflect the cost of their funds........OK.......but as the ONLY cost of their funds was the LIBOR.....when it went down and down...........they did not use that power to lower it because it was to their disadvantage....................the term would be fair if they had used it fairly and reduced the interest as they had the power to do so..........using it in the way they did was grossly unfair our rate should have reduced downwards by some 3.5 % at least from August2007 to date.
                              If this was applied fairly we would have more likely than not fell in to such heavy arrears, I'm not saying we would not have fell into arrears.....but not as much.

                              Sparkie the moaner

                              Comment

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