Swift Advances - Where to start?

[Chrysalliss]

Hi all

 

I am looking for some basic information at this stage about how to handle swift finances. I don't have the exact figures in front of me but here is the background.

 

About 8 years ago I was very stupid and ran up a lot of unsecured debts. In my wisdom I decided to get a secure loan to clear these and this is what lead me to a deal with Swift Advances in the first place.

 

I struggled for years to make the payments till 2 years ago I was made redundant. I was off work for just under a year and fell very behind both with Swift and my main mortgage company. This all came to a head last November when my main mortgage company applied for a repossession hearing. I had at this time just started back at work, I attended court and succesfuly got a suspended possession order and have made every payment since. This feels under control.

 

At the same time, I was in a similar position with Swift. My original fixed payment to Swift was £505 a month. I explained to them my situation and since last November have made payments of £550 a month, so I am meeting my monthly obligations and clearing the arrears slightly. However, because of some £18,000 of charges Swift have added, the interest now means that Swift need a payment of £814 a month to keep the account in the clear. I can't meet this. Every 2 weeks at the moment Swift ring me and we discuss the account and go round in circles. For the past 2 months they are putting a lot of pressure on me to sell the property as they claim it's in my "best interests". The phone call today told me they'd have a valuation done and advise me to sell sooner rather than later, except their valuation is some £50k less than an independent one I had done last month out of interest.

Now, I have no intention of selling my home at the moment. It's my home. I have fought long and hard these past 3 years to get myself back on my feet and I think I'm starting to win. But the pressure from Swift is becoming and increasing burden and I'm actually starting to feel very frightened.

 

I am aware that discussing this with them on the phone may no longer be my best course of action. At the moment I have a month by month agreement with them for the £550 but today the girl that rang said they were unlikely to accept this any further and they refuse to discuss further options with me till I speak to my citizens advice bureau "who will likely advise me to sell also"???

 

What is my best action here, I want to keep paying as much as I can every month to clear the loan and it seems preposterous that the reason the loan is now so high is their so called charges. What written letters would be best to send at this point? Is the CAB likely to be able to help at all for either side? And I have seen others here recommend complaining to my MP? Is that a wise plan?

 

Any advice gladly received.. I feel like I don't know where to start to fight this but I am totally ready for a fight!

 

Thanks for reading!

[sequenci]

Hello there.

 

The CAB could be useful, as would Shelter: 0808 800 4444.

 

You should certainly look to reclaim all of the charges that they have added to the debt. If you're unsure on how to do this we can help.

I think it would be REALLY important to make a Subject Access Request under the DPA '98; this will cost £10 but they will have a legal obligation to supply you with the account information going back at least 6 years.

 

How much did you borrow originally?

 

For the record, the CAB will only tell you to sell if it is your only legitimate option.

[Sam12345]

They are treating me the same as you. I dont know what to do either? I do not like the way they talk to me. If you have any new information could you please let me know? Thanks.

[crustybread]

Hi - new to the forum.

 

I also was in a similar situation with Swift advances. Long story short, they agreed a loan with my mother who was not working at the time. House had to be sold and a £60k fee needed to be paid.

 

I believe the loan was misold, is there any official way of making a claim against these people?

 

Thanks in advance and Happy New Year

[John 1963]

the official route is through the FOS but don't build your hopes up

[crustybread]

Thank you, i'll contruct a letter to the FOS and report back if I get anywhere,

 

Cheers,

[thatone1967]

Evening all.

I was about a day away from being repossessed by Swift back in 2005. As a result I had to remortgage, and lost £28k in equity (which was massively more than I borrowed).

I would very much like to reclaim something, although I do not expect to get anything like what I lost back.

To be honest, I would just be happy to become a thorn in their side for a bit.

Is 2005 too far back for me to start digging things back up?

It's also worth noting that Swift do not sell property's to reclaim their debt, they retain them. Absolute ****.

I did read that there was a change in the law back in 2005 which means that their practices are being outlawed?

Could this be applied retrospectively?

[determindator]

Hi - new to the forum.

 

I also was in a similar situation with Swift advances. Long story short, they agreed a loan with my mother who was not working at the time. House had to be sold and a £60k fee needed to be paid.

 

I believe the loan was misold, is there any official way of making a claim against these people?

 

Thanks in advance and Happy New Year

 

This may be useful http://www.which.co.uk/consumer-rights/problem/i-think-ive-been-mis-sold-my-mortgage-what-can-i-do

 

FCA ref http://www.fca.org.uk/firms/firm-types/mortgage-brokers-and-home-finance-lenders/mcobs/scope-of-regulation click on the Q1 and Q2 for reply to question.

[Pejero]

Hi all I stupidly took a secured loan out 7 years ago with Swift advance for £8000.00 got into difficulty 4yrs ago due to serious illness which I informed them off so the payments were reduced from £140.08 to £100 per mouth never missed any of these payments only today I find out I have only actually paid of £285.12 of the loan and still owe £7714.88 which I find outrageous I can only presume that I have had a lot of charges applied to my account I am waiting now for my statements to be sent out to me Swift Advances are no better than loan sharks and all these pay day money lending company's and need to made accountable for their corrupt way of selling loans I have read some of the stories on here and I am shocked and horrified that the lengths this company will go to to get money out of people can we not go to the newspapers or somebody about them as they have to be stopped

[John 1963]

it's been done there is no interest

[determindator]

Hi all I stupidly took a secured loan out 7 years ago with Swift advance for £8000.00 got into difficulty 4yrs ago due to serious illness which I informed them off so the payments were reduced from £140.08 to £100 per mouth never missed any of these payments only today I find out I have only actually paid of £285.12 of the loan and still owe £7714.88 which I find outrageous I can only presume that I have had a lot of charges applied to my account I am waiting now for my statements to be sent out to me Swift Advances are no better than loan sharks and all these pay day money lending company's and need to made accountable for their corrupt way of selling loans I have read some of the stories on here and I am shocked and horrified that the lengths this company will go to to get money out of people can we not go to the newspapers or somebody about them as they have to be stopped

 

Hi Pejero,

 

Yes you are right, it's a scandal. These loans were sold as being 'helpful' even being endorsed by familiar faces on TV, one a well known mathematician. I presume they were duped as well. Thankfully, that advertising has ceased as far as I can see and I hear Swift are not selling these loans now so that says it all really. PayDay and others alike are being tackled and the next to bring into the fold should be this sector. You may have seen this in another thread but if not an interesting read all be it some time back

 

http://news.bbc.co.uk/1/hi/programmes/panorama/7034187.stm

 

http://news.bbc.co.uk/1/hi/programmes/panorama/7037933.stm

 

http://news.bbc.co.uk/1/hi/programmes/panorama/7034492.stm

 

There is a lot of interest but it's not apparent.