help and advice needed!!

[Cvsc]

Sorry, someone will correct me if I'm wrong, I didn't think a second charge/mortgage could move for Repo?

Deffo Wrong as this happened to me a couple of years ago by the same company.

[ccrl14]

How did you go on trucker2920031 ?

[Cvsc]

I unfortunately gave up the fight to early and lost my property to Swift Advances, tis only on reflection that i have found out the extent of charges plus interest they levied onto my account which makes in nigh on impossible to clear and account on time once charges are added.

[ccrl14]

I didnt realise the charges and interest either....it was meant to be a short term fix.....wish I'd listened to my head before I signed for it!

[sweetjane]

A few additional thoughts (although you are very lucky to have Ellen looking out for you):

 

Did you take out the loan through a broker? Was it sold as a short term solution? Swift loans are never short term solutions. Their redemption calculations incorporate full term expectation of loan repayment plus interest which would have been charged over the full term of the loan so if your "friend financial adviser" recommended Swift as a short term solution, he/she has not been helpful.

 

Was PPI sold with it? If so you can claim that back through the broker - they would be responsible for the mis-selling. If they have gone out of business, go to the FSCS.

 

I believe Swift always want to get to court as fast as possible. They make money out of the court process, borrowers end up paying for Swift's lawyers and all the litigation charges PLUS interest. They have had to tighten up their act recently but they are still fast to litigate and start adding additional charges with interest. This is how borrowers' debts add up and people end up paying them so much either over the term or when houses are repossessed. The debt always increases because of additional arrears and litigation charges plus interest.

 

It's profitable for a lender to make unaffordable second charge loans that go into arrears quickly - you say they did not make proper checks - they have been warned about this. Make sure Sam Bragg at the OFT gets to hear how they are treating you 'sam.bragg@oft.gsi.gov.uk' . The OFT cannot get involved in individual cases but they are responsible for giving Swift a credit license. A sub-prime lender will always make a profit if there is enough potential equity in a property.

 

If you are suffering from depression, are on medication and are in financial hardship, Swift need to be told all that and they have a duty to treat you fairly and reasonably. Good luck - Ellen is fantastic and well respected on this site. SJ

[ccrl14]

Hi Sweetjane, I took the loan out through my IFA who was a friend! It was a short term fix to pay off credit card debts, took out over 25yrs but he said he'd asked them if we could pay it back after a year when we would remortgage my house. I was tied in at the time. But I just got even more into debt struggling to pay back the loan each month and my credit rating fell. I have asked Swift for a SAR...they have cashed the cheque! Havent heard anything from them as yet. I am worried about this court paper thing, what to put on it, I had a witness statement paper from RoslynKing yesterday, their solicitors.

[Ell-enn]

Hi, I can help you with a witness statement for court but it will have to be later today. Are you able to take it into the court tomorrow ?

[ccrl14]

Thankyou, yes, I can do. I have got post office receipt for the letter to Swift I sent but the one to the solictors RoslynKing says its still in the system...they havent signed for it and it was posted last saturday! I have sent £142 to Swift by standing order yesterday and £120 was sent on 2nd July.

[Ell-enn]

OK, I'll catch up with you this afternoon and we'll try to get the statment finished as I'm not able to be on line tonight.

[ccrl14]

Just recieved a letter from Swift, Special Delivery, they want a complete months statement for June 2012? Are they allowed to ask for this?

[Ell-enn]

They can ask - but they're not entitled to that information - you will submit a budget sheet to court and yu have already sent them one. Is this in response to the letter you sent them ?

[willerby20]

Hi everyone,

We were victims of swift too. Our home was repossessed. I have just compiled a claim for all the charges that they added to the loan, as sweetjane describes. All the charges have been inputted into the spreadsheet from here (CI) along with a three page letter. OFT and FSA are aware of my case.

The PPI is being dealt seperately, purposely until I know for sure where to direct it. The was a broker involved, - am i right to direct to these? Swift have previously denied ownership.

Just to note our loan was for 300 months and only reached 26 months to repossession (painful experience that was). The ppi represented 12.28% of the total monthly loan payment, therefore i have calculated a compound interest just for the 26 month period. Interesting in the t+c's it quotes that any remaining premium "may" be credited back to the account. The SAR never shown any credit!!! - so therefore we are going to claim the whole lot back.

thanks

willerby20

[ccrl14]

I have attached the letter from them. They have had payslips, I really do not want to disclose other personal information to them!

[Ell-enn]

Hi sorry, it's too small for me to read. When did you send them payslips? Do not send them bank statements - you have sent them a budget sheet with your letter and that will be sufficient for court.

[ccrl14]

I sent them a few months ago and they said they have kept a copy on record. The letter says...

"In order to complete a review of your income and expenditure,please contact our offices on 08450760878 within the next seven days.

Please also arrange for the following documents to be sent to us within the next seven days-

1. A complete month's bank statement for June 2012 for all accounts held. "

[Ell-enn]

You did send the budget sheet with the letter?

[ccrl14]

yes, i sent it to swift and roslyn king,

[Ell-enn]

Right, that's all they need, if it's good enough for court then it's good enough for them. I'll start to draft a statement for you shortly.

[Ell-enn]

Hi, is the mortgage in your name only?

[ccrl14]

yes it is

[Ell-enn]

OK, statement affixed - you need to enter the info where there are XXX's at the top of the page (remove the xxx's), the info you need will be on the court forms.

 

Print out the statement and sign. On the letter and budget sheet you sent to them write Appendix 1 on the top left hand corner and the Claim number on the top right hand corner and on the copy of the letter you received from them today write Appendix 2 and the Claim number in the same way.

 

Now assemble as follows:

Statement - signed

Your letter and budget sheet - Appendix 1

Their letter - Appendix 2.

 

This forms the pack to take to court - make sure you staple it securely together before handing it in. Also, take a copy of it all for yourself so you have a set to refer to in court.

ccrl14 Statement for court.doc

[ccrl14]

Thankyou so much....again!

[ccrl14]

do I fill in this form N11M defence form as well?

[Ell-enn]

Hi, no need to fill in the N11M - you have all the information you need in the statements and attachments. Just hand it in to the court and ask for it to be put in the file for your hearing. Don't forget to keep a copy of everything for yourself to refer to in the hearing.

[ccrl14]

What about Swifts letter, do I respond to them directly?