Realistically what are the chances

[DMC65]

Last year I sold my house paid a ridiculous settlement to Swift and rid myself of any debt I had.

 

While this has been a great weight off our shoulders and left us with some money behind us to buy again in a couple of years, I can't get rid of that feeling of injustice.

We fell into arrears and the charges being applied were exhorbitant, to say the least.

 

As a secured loan ( initial mortgage with NR ) what are the chances of realistically getting anything back from this bunch of crooks.

 

I seriously don't know whether to just draw a line under it and move on with the rest of my life, or try and nail this mob, and to stop them doing it to others.

[sweetjane]

Was this a Swift Advances second charge loan - roughly how much was it for? SJ

[DMC65]

Yes sweetjane, it was a second charge loan.

Off the top of my head, I think it was for around 9,000 over 5 years which we paid minus the arrears (which was just about 3 months ) for just about the whole 5 years. Then the settlement which was still about 8,000.

Every time we were in arrears, we always made it back up.

 

So without the paperwork, we roughly paid back 23,000.

It might be worse, I'll have to look out the paperwork.

[sweetjane]

Hi DMC65

 

When you have the paperwork check whether PPI was part of the loan. You can certainly claim for that. You will have to make a complaint to the broker who sold that originally. If they don't respond, go to the FOS with a complaint. If the broker has gone out of business the complaint will be forwarded to the FSCS (Financial Services Compensation Scheme). If you had unfair charges added to your loan, you can go to Swift and complain - ask for anything over a monthly arrears management charge to be redressed together with the contractual interest and 8% compensation. If they do not redress - go to the FOS. We made 3 complaints to the FOS - one regarding PPI against the broker (redressed by FSCS) one regarding unfair charges (redressed by Swift) and one regarding the Insurance company which had failed to cancel the PPI policy when asked (they had to stump up the balance of PPI not covered by FSCS which covers 95% pver £2k). So ultimately DMC65 the chances are good in my opinion. We had nearly £8k redressed in all. This doesn't of course cover the excessive interest, high litigation costs and unfair final settlement calculations but it's a start!

 

This does all take time so you need to be patient. Some people prefer to go to court to reclaim charges but the problem with that is that if you lose (Swift engage some very expensive barristers) the costs plus compound interest get added to your loan (if it is still outstanding). I certainly wouldn't go to a claims company to get the PPI back - you'll end up giving them a big percentage.

 

Good luck - get those documents out. SJ