HELP Swift Arrears and Default Notice 2nd Mortgage

[archieL]

Hi There,

I'm new here and thus confused. I have a second mortgage with Swift advances and have missed two months payments. I have now been sent a default notice. The week prior to this I received a letter where they were offering to help by...............

1) Accepting reduced paymeents for a short time.

2) allowed to pay interest only.

3) Extend the period of the loan.

4) Help to arrange refinance.

When we phoned them the first three options were completely unavailable and they put me onto a refinance company who couldn't help. They also said they wouldn't talk to us direct which is strange as it is not what the letter stated. PHONE US NOW

 

So in short I'm confused! Any help,advice or enlightenment would be most apprecaited. I'm in Scotland so appreciate that the law is different here.

[remus]

Bump

[midge61]

hi

Is there any chance that you can find the money clear the arrears thus stopping the default notice?

 

Also I would write by recorded delivery and ask for a copy of their complaints procedure and put in a complaint about their letter and then not helping.

 

You could try phoning the FOS and explain to them and see what they say about it.

 

This is wrong and totally unfair.

 

You could also go to CAB and see if they can help.

[archieL]

Midge61,

 

Thanks for this. I have spoken with the national debt helpline about this. I will try and pay as much as possible before the end of the month but cannot realistically clear the arrears especially as another payment is due on 1/6/08! This is a second mortgage and my priority is with the main mortgage.

 

Swift just seem to be so aggressive and closed to negotiation. I have sent a letter with proposal, recorded delivery, but will just have to wait and see what they say

 

I will try FSO tomorrow and see what they say. Thanks again for the advice.

[midge61]

Hi

 

When you speak to the FOS make sure you emphasise the fact that they sent you a letter with options and then refused to talk to you.

 

good luck and keep us posted.

[archieL]

Hi Midge61,

 

Just a quick update - I spoke to FOS yesterday and yes they agreed that this seemed a tad bizarre. They also agreed it was a basis for them to put a complaint into Swift. The FOS pointed out that Swift had a duty to treat me 'sympathically' at this time and he will be asking them to come to a reasonable payment plan with me. I have already put a proposal to them last week but haven't had a response as yet.

 

Apparently they have 8 weeks to respond to the FOS complaint - in which time they may have decided to take legal action! I have also written to them to request a copy of their complaints procedure.

 

I will pay as much as possible to the arrears but will not be able to clear them this month. Even if I can get back to just one months arrears I have another payment due on the 1st which will bring me back to - 2 mths arrears - so the default will stand.

 

I will keep you posted and thx.

[midge61]

hi

 

If you make a payment within the timeframe of the default notice then I am sure that to default you again they have to issue a new default notice.

A default is issued for a specific breach of contract and so if you remedy this it becomes void.

 

That is what CAB told me when A&L tried it on.

 

I would write and state that you have complained to FOS and they have agreed to investigate and are therefore you would like to come to some arragement and remind them of their duty to treat you sympathetically.

 

If FOS investgate then it will charge Swift £400 for doing so.

 

Should Swift ignore your letters (make sure you send them recorded) and continue with their threat of legal action I am sure that any judge will accept that you have tried everything possible to remedy the situation and will not find in their favour.

 

Also I think that you will find that they charge you a month in advance so although they insist on payment by the 1st you are NOT actually in arrears until AFTER the last day of the month.

 

Good luck

[archieL]

Hi Midge,

Thanks again I really appreciate your input with this. I have just had the mail through and as I suspected they have outright dismissed my proposal to pay monthly in full and pay 10% towards arrears for next few months.

 

The bit that has me laughing or is it screaming is they finish their letter by asking me to contact them at my earliest opportunity to discuss an arrangement. I'm tempted to call but they will just refuse to discuss it arhhhhhhhhhhhhhhhhhhhhh! I suspect I'm going to need the paper trail here anyway. Is it all just a game I ask myself?

 

Drowning not Waving

[midge61]

hi

Don't give up you can beat them!

 

I would send a copy of this letter to the FOS and explain that they ask you to call but so far keep refusing to come to an arrangement............this must come under false representation or something.

 

Keep at them. They bank on people not doing so and not knowing their rights.

[midge61]

Hi

Is this the address that you deal with:

Arcadia House, The Warley Hill Business Park, The Drive, Brentwood, Essex, CM13 3BE

 

If so they are members of the council of mortgage lenders and should therefore abide by the mortgage code

[midge61]

scrap the bit about the mortgage code have just checked and read this:

 

The Mortgage Code

We introduced and sponsored the Mortgage Code which existed from 1997 to 31 October 2004. The Code no longer exists, as The Financial Services Authority has been responsible for regulating mortgage lending on a statutory (legal) basis since 31 October 2004 (taking over from us when we sponsored the Mortgage Code from 1997-2004). Complaints about breaches of the code relating to events before 31 October may nevertheless be eligible for consideration by the Financial Ombudsman Service.

[midge61]

Right got the right info now (sorry)

 

The FSA are now responsible for mortgage companies and they have to follow th Mortgage Code of Business (MCOB)

 

http://www.fsa.gov.uk/pubs/hb-releases/rel64/rel64mcob.pdf

 

Section 13 covers arrears etc.

[HideBehindthesofa]

Hi,

 

I have a loan with Swift Advances and when I had my operation I informed Swift who gave me the option of A) Try a make a repayment on the loan(I was 2 months in arrears), B)they will repossess my home.

I informed Swift that prior to my operation and will be using insurance to cover the cost of the loan, however the day after my operation Swift sent a repo order for my property because they recieved no payment.

What happened was my Insurance company had written to Swift before my op requesting all the paperwork be filled in and sent back to them, however Swift failed to send the paperwork back thus delaying any payments to them.

In the meantime they sent a repo order(again) and this time I spoke to them and they told me "no payments have been made & no paperwork from my insurance company has arrived"..........but get this my insurance company sent the paperwork recorded delivery and they had proof of delivery, so I informed Swift about this and guess what..... they admitted it was a clerical error and all payments were now being dealt with by my insurance company.

Finally I thought, but no a week later another letter from Swift stating that due to previous reminders the account is still in arrears and they have no option but to repossess my home and a date for the courts had been set.

My actions were to apply to the court and apply for a time order to be granted(which it was) anyway we went to Court eventually,(Swift were not giving up).

So picture this me sat in the court room facing Swifts Finest Legal team I am there and what happened was the Judge looked at all the letters copies of emails, recorded delivery evidence, a log of all phone calls to SWIFT Etc.

Anyway we had a 5 min break so the judge could decide on the verdict, I went for a coffee and 1 of the legal team approached me telling me " You might as well give me the keys now", I walked away and informed the Judge what happened, we went back into the chambers and sat down and the Judge made The legal team stand up and hit them with what it seemed like a million questions.

Then it was my turn for Q/A so I said my piece, cue another break,we went back in and the Judge ruled in my favour stating that Swift Advances had broken legal requirements in trying to obtain my property and by trying to bully me in a Goverment building is strictly frowned upon.

I let out a loud sigh of relief and for some reason none of the legal team would shake hands with me(WHY!).

The Judge told SWIFT if they try that trick again or send any letters whilst I am off work the consequences would not be worth thinking about.