A Swift one for the road

[penquinabuser]

Hi, glad to see that Swift Advances now have their own section with all threads drawn together!

These pirates made our lives a misery, magically netting 52K from us over 32 months for an initial loan of 32K.

The loan was taken out in early 2004 and repaid in 2007.

PPI of £2560 was added to the 32K requested giving a total of £34560. A monthly rate 0.82% is shown and claimed to be equivalent to a mortgage rate of 9.84%. our monthly payments are given as £368.01 to pay off over 180 months.

I have received information requested through an SAR letter and have a spreadsheet prepared of charges, admin fees etc which I intend to claim for in the same manner as bank charges.

I have a couple of questions if someone can help -

Firstly, is this loan now regulated under the new legislation?

Secondly, are Swift's figures for the monthly repayments correct - can't get them to work out to 368.01?

Hope someone can get back to me and help knife these lowlives.

[Sparkie1723]

Hi, glad to see that Swift Advances now have their own section with all threads drawn together!

These pirates made our lives a misery, magically netting 52K from us over 32 months for an initial loan of 32K.

The loan was taken out in early 2004 and repaid in 2007.

PPI of £2560 was added to the 32K requested giving a total of £34560. A monthly rate 0.82% is shown and claimed to be equivalent to a mortgage rate of 9.84%. our monthly payments are given as £368.01 to pay off over 180 months.

I have received information requested through an SAR letter and have a spreadsheet prepared of charges, admin fees etc which I intend to claim for in the same manner as bank charges.

I have a couple of questions if someone can help -

Firstly, is this loan now regulated under the new legislation?

Secondly, are Swift's figures for the monthly repayments correct - can't get them to work out to 368.01?

Hope someone can get back to me and help knife these lowlives.

 

HI you say they added the PPI to the toatal loan ...that is a BIG No NO!! that will be a big problem for them they cannot do that under any circumstances what so ever.

 

It is £60 over the limit for a regulated agreement I have seen quite a few judges have allowed a discretion on agreements such a these and allowd them to be considered regulated agreements uner the 1974 Act6 ...that is why Swift added the PPI to raise the amount well above the limit in the hoipe they could get away with it....you have a good case here .

 

 

 

sparkie

[penquinabuser]

Do you mean i have a good case for considering the agreement regulated under the act or a good case for getting the ppi back?

[Sparkie1723]

Do you mean i have a good case for considering the agreement regulated under the act or a good case for getting the ppi back?

 

Yes I do believe you do, possibly having the agreement declared unenforceable and getting all your money back....It is worth you getting an hrs free advice off a solicitor who knows a bit about Consumer Credit agreements, but I think in your case what Swift have done is deliberately added the PPI to the loan total to ensure it "appears" to be an unregulated loan............I would say that section 140 of the New Consumer Credit Act applies here as well as the Consumer Credit Agreement Regulations.

 

sparkie