Swift Reclaim Charges and PPI

[Sparkie1723]

All I can say to everyone is that Swift Advances Plc to call them by their one and only correct legal name are in such a mess that they are now making so many mistakes ......and these will be brought to the attention of the HIgh Court VERY soon April 13th to be precise and there WILL be a precendent set have no fear ...they are going to be given not the 3rd degree but the 10th degree questioning.The two cases involved contain all the arguments that have been shown on this thread and other threads

 

Up till now they were using a tactic that other subprime lenders could not use...... and that was the covert false transfers and sales to third parties that do not officially exist.... i.e The Kestrel Loans Ltd companies.... as none of them are licenced business entities, .....they are gong to have to explain their existence and what they exactly do to the HIgh Court, it will be proved that the only reason for them to exist and that is to borrow money for Swift Advances Plc and Swift First/1st?? Ltd .......

Their companies accounts say that the reason and purpose of selling/transferring these loans was for extra funding, which was borrowed by the Kestrel companies.

Now if this extra funding was perfectly legitimate .....one of the questions that will be asked is... Why didn't Swift Advances borrow it under their own name? Why even resurrect one of these comapnies to borrow the money and once borred return it to a dormant state with the loan/mortgage till outstanding on their books.

 

These Kestrel companies, do not do what their company accounts say they do "their principle business activity is providing loans to the domestic market"............ they have not got one single loan agreement in existence in their own name ...........and yet one says it has a "loan book" of over £50 million and the other a "loan book" of £21 million.

THey have bought these loans on borrowed money so they cannot be considered an asset as they are claimed in their accounts because they owe the bank the money they borrowed off ...to buy them!

 

IT is also Impossible to have loan books if you do not lend money;)

 

With regard to the trading styles they use........ investigations into about 30 companies who use trading styles and names have revealed that every one who uses them, have these trading styles on their CC licence issued by the OFT,........ not ONE SINGLE trading style or name used by Swift Advances Plcis is on their licence ..........there is just Swift Advances Plc!!!

sparkie

Edited March 22, 2010 by Sparkie1723

[Sparkie1723]

Here's something for all to read...this is what the OFT will be using in their investigaton into Swift Advances Plc and Swift 1st Ltd, and as I have said they have been moitoring Swift since 2007 ...but Swift did not that.

 

sparkie

Factors relevant to fitness

• evidence that raises doubts about the personal integrity of individuals running or controlling a licensed business, and business activities that because of either their nature or past association with high levels of complaint have a greater potential for consumer detriment.

• any breach of the rules or principles of the Financial Services Authority (FSA)

• criminal offences committed by you or your associates,

particularly offences involving violence, fraud or dishonesty, whether or not they lead to prosecution or a conviction

• any legitimate complaints about the business whether or not the activity in question is regulated under the CCA, including evidence of persistent breaches of contract with consumers

• evidence of business practices that appear to the OFT to be deceitful or oppressive, or otherwise unfair or improper2, whether unlawful or not and whether arising in relation to thel icensedbusiness or otherwise, and with particular regard to any breaches of OFT guidance.3 This could include evidence of irresponsible lending.

2.7 All licensed businesses are expected to be competent to carry out the regulated activities for which they hold a licence. The levels of competence required and the corresponding type and degree of information we will seek from you will differ according to the categories of credit activity you engage in or propose to engage in. As noted above,the OFT considers that some business activities pose greater potential risks to consumers than others

Credit Risk Profile

2.12 We will ask you for additional factual information about your business model and activities5 through a Credit Risk Profile ('CRP'). We will ask you for this if you engage in or are applying to engage in other types of high risk credit activities with potential for serious consumer detriment.

We or LATSS may visit you on site if we have asked you to submit a CRP to clarify information you have supplied or to seek further information.

2.13 Business activities for which we are likely to require a CRP includesecured sub-prime lending and lending in the home. One of the OFT's main regulatory interests in these areas will be to ensure that lending takes place responsibly. 'Irresponsible lending' is now cited specifically in the fitness test as a business practice that we may consider deceitful or oppressive or unfair or improper. Lending irresponsibly will therefore call into question your fitness to be licensed. When considering your fitness, we may ask you to explain the policies and practices that you.

 

This is the claim in our case we were 70 when they lent us our money

Positive factors relevant to fitness

• a record of fair dealing over a significant period, for example evidence of no serious consumer complaints or enforcement action taken against your business, and an active policy of addressing consumer complaints

Swift Advances Plc nor Swift 1st Ltd can say there is anything positive about their operations

4.1 The OFT encourages businesses to comply with consumer protection law by making extensive use of guidance setting out how we interpret the law and exercise our various powers. We are committed to the fair, effective and proportionate enforcement of consumer law. In practice

this means that we will decide on the appropriate enforcement mechanism in the light of the facts and circumstances of the individual case, especially the risk of detriment to consumers. Where concerns about conduct are serious, or there are concerns about your integrity,

we may conclude that you are not fit to hold a licence and will act to refuse or revoke a licence.

Non-status lending

• Inducing consumers to borrow on excessive or oppressive terms against the security of their homes without regard to their ability to repay the loan.

• Offers of inappropriate loans that fail to take into account the consumer's ability to repay, sometimes with catastrophic results.

 

Refusing or revoking a licence

5.3 If we have sufficient doubts about your integrity as an applicant or licensee or the risk you pose to consumers, we may decide that you are unfit to be licensed and refuse to grant you the licence applied for, or revoke your licence

[Sparkie1723]

ooops double posting!!!!!

Edited March 23, 2010 by Sparkie1723

[jacqui_o]

have jsut noticed that the letter heading on my sar is Swift Firt, now it was nto them I asked!!! lol.....

 

also going through the paper work bit by bit.....april04-oct 05 2 interst changes. no amount given...

octo 05-aug 08 6 again no amount and aug 08 mar 10 not one.....

 

there are also some really odd legal things going on ......

 

Litigation charges L&D adjustments a request for info from mrtge... seek a redemption figure....mort litigation charges...

 

I didnot ask for the underwriting sheet in my sar...... but am going to ask for it in my next letter, pointing out all the things they have missed out of the sar. and also questing all the anomolies...and for a breakdown of the letters they have besdie each transaction...

[jacqui_o]

just looking at the photo copy of the original agreeement, there is a line running through it just under oh name and it isnot entirely straight....like on the wok if you knwo what I mean, dont think it should be should it?

[jacqui_o]

can I ask how would I know if Swift sold my loan? and should we have been informed....

 

if they have then doe sthismean that the suspended possesion order is invalid?....should we contact the court tomake them aware of the fact that swift do not own the loan...

 

where would I find the details to confirm one of mine has been sold........

 

between Aug 08 and Sep 08 there are L&D Adjustments requests from mortgage RCD ( what ever that is fromt 1st mortgage seek a redemption fee and nearly 900 in litigation charges.

 

and justnoticed the letter is swift first... but all the other paperwork is swift advances...

[jacqui_o]

can anyone answer ?

[jacqui_o]

Is there anyone onthe site who can answer?

[lesterlass]

Hi Jacqui,

Have you read Swift Advances secured loan charges? I dont think anyone has the correct answer yet....read the other thread after the court case today..... hopefully there will be the answer you want then. If not sure ask again.

 

LL

[jacqui_o]

ok thanks lesterlass...... amnot sure I have seenthat thread....

[lesterlass]

The thread directly under your thread - here is the link anyway.

http://www.consumeractiongroup.co.uk/forum/swift-advances/153362-swift-advances-secured-loan.html

LL

[jacqui_o]

How long do I given them to answer the discrepencies in the figures? and what should be my next move.......

 

also have written twice asking them to confirm that thay have complied with the SAR but again no reply......

 

I was wondering is it worth going for the 31.16?

 

I am fed up with all the toing and froing and want to now start a court claim....

 

All adive would ebmost helpful......

 

do I charge the interest they have onthe loan agreement for the PPI . the monthlay rate was 1.02 the anual rate is 13.01 and hte variable APR is 14.8 which one do I apply....

 

and as they have done this over the 300 months I take it that is what I reclaim?

 

Also can someone tell me why there is a difference between the loan facility amount and the amount of credit.....and am I right in thinking they are charging the interst onthat for 300 months......

[jacqui_o]

Is there anyone who can give any help at all?

[jacqui_o]

is there anyone who can offer any pointers???? orhas the site closed?

[jacqui_o]

Ok guess all those who were helping with ppi have left.... is there anyone who is going to claim ppi reading this?.... we might be able to help each other?

[landy_alert]

Hi Jacqui:)

 

Unfortunately so many people, myself included are caught up dealing with other issues that sometimes it does take rather a long time for posts to get answered - but please don't feel ignored, someone usually does come along eventually!

 

On the PPI front, I had my claim for mis-sold PPI on my Swift mortgage/loan upheld by the FOS.

 

I sent a standard PPI reclaim letter as found here on the forums to my broker who looked into my complaint and responded that they didn't believe it was mis-sold, citing various reasons.

 

After receiving their final response I took my complaint to the FOS. They investigated and upheld my complaint and I am now awaiting the refund to be processed.

 

So it is possible to achieve success against these people!

 

Don't give up - however tempting it might be!

 

Good Luck,

 

Landy x

[jacqui_o]

Thanks landy. sadly the broker is no longer in business. so not sure what to do there........

 

in my sar. they did nto send anything relating to the ppi at all......

 

it appears the cover was only for 5 years......yet has been added to the loan total.....

 

so really do not know which period to reclain the interest for.......

 

willthe loan have to be readjusted......... given that amount has been added and interest is being paind on the total loan amount?

 

you see how I really need some help with this....

[landy_alert]

Hi Jacqui:)

 

If the broker is no longer operating can you not go to the Financial Services Compensation Scheme (FSCS)?

 

Unfortunately this is where our situations differ as my loan has been paid off, but I would guess that they would have to re-adjust your loan without the PPI.

 

However, I have seen instances on the PPI forum where loan repayments have stayed the same after PPI has been cancelled (and refunded) and the repayments stay the same but the loan term is reduced so you will repay the same amount each month but over a shorter term. I'm not sure if this is they are supposed to do this though...........

 

It might be a good idea if you start a new thread specifically relating to your PPI in the PPI forum and also for you to have a read of the 'stickies' at the top of that forum page. There is lots of useful info in there regarding making a mis-sold PPI claim and whilst there aren't that many Swift reclaimers there, others may be able to offer advice and support!

 

With mis-sold PPI you would need to reclaim 8% simple interest on all the premiums you have paid from the date each one was paid up to the date of your claim............so for example say your first premium was paid on 1/1/05 -

 

1/1/05 - premium £*** + 8% simple interest from 1/1/05 to 11/6/10 (today) = £***

 

You then do the same calculation for each subsequent month that you paid a PPI premium.

 

You would need to use an online interest calculator for this and enter your figures on a spreadsheet - but there are people on the PPI forum who can assist you with this!

 

Hope this helps,

 

Landy x

[jacqui_o]

Hi Landy,

 

Thanks you very much for your two posts, it has been greatly appreciated.

 

It was a single payment one off payment, and earlier in this post I did try to contact them but they no longer trade, and you did tellme to contact the FSCS, telephoned them and the young man told me there was nothing they coudl do....Willt ry again in writing this time..

 

Thanks will look for the PPI forum, perhaps it because Swift are so difficult to deal with....

 

I have written to them again asking for confirmation that they have supplied everything with regards the SAR request, but sadly they have still not replied......

 

Now will look for the PPI thread...

 

Thanks again for your help, it has been greatly appreciated...

 

Jacqui

[jacqui_o]

Took out a loan with Swfit in April 2004/ The one off PPI payment of 1577.80...

 

We were nto given any option it was a requirement of the loan, the broker is no longer in business..

 

I wish to reclaim everythign that I can and would appreciate all and any help and advice that you can offer...

 

Thanks in anticip[ation

[maroondevo52]

Hi,

 

This link should help, also have a look at the stickies at the top of this Forum.

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/61081-ppi-some-notes-claimants.html

 

Regards.

 

Scott.

[landy_alert]

Hi jacqui:)

 

I know you said on the Swift thread that you had tried calling the FSCS in relation to this and that they said they couldn't help you - I don't have any experience of situations where the broker is no longer trading, but maybe someone else with that kind of experience will be able to suggest your next move.............

 

Landy x

[sweetjane]

Hi Jacqui O

We have just had PPI rebate via FSCS. It is 90% of the loss above £2000 per person. The PPI cover was for 3 years of a 15 year loan. The rebate was for the premium and interest charged and a nominal compensation - not 8% - "the rate of return applied by FSCS is the one-month LIBOR, less 2% and basic rate tax". No, I don't understand either but quite honestly we're just glad to get back most of what was paid out. Swift must have records of who your broker were and documentation. If they are witholding information from your SAR, you must complain to the ico Complaints - Access to Information and Personal Information Rights - Information Commissioner's Office (ICO)

 

good luck

sj

[42man]

So they actually stated 'Libor' in their correspondence ??

[sweetjane]

Hi 42man

That's correspondence from the FSCS not Swift!

SJ