Swift Advances repossession

singlehoop

In April this year my home was repossessed by Swift Advances. Before i go on i should say that they were pretty patient and in the end there was no alternative, i accept that.

However, my problem is the amount i was charged in interest and charges for selling the house.

Before the repossession i tried to get Swift to allow me to sell the house myself. I got quotes from a local estate agent and put together a financial plan to try and prove there was enough equity in the house to sell it and cover all the charges and main debt. It was going to be close but i worked out that if the house sold within 3 months there should be at least 20k in equity. Swift and the court rejected the plan and the house was repossessed. Again, i have no complaints about that decision, i owed the money and couldn't pay it.

The house was put up for £275,000 which all our neighbours thought was about £25,000 less than what it was worth. It sold a few weeks later for £280,000.

Swift have now sent me through the final costs and surprise surprise there was a shortfall of £700. It really seems that they have charged me just enough to swallow all the equity and leave me with nothing and them with everything.

The final debt was £250,583.60 and the sale price was £279,995. I was then charged for the repossession and house sale. That consisted of....

Estate agent £6,873.63
Court fees £435
Building insurance £181.23
Tradesmen invoices £536.35
Valuation fees £235.75
Legal fees £2,385.04
Post default collection charges £1,807.02
Administration Fee £928.25
Solicitors charge to attend court hearing £245
(actually Swift didnt attend, they sent a fax)
Eastern Councelling Agency default charge £360
Other fees and charges £2,017.00
Interest levied on charges incurred £1,227.27
Solicitors conveyancing fees £293.75
Add: Redemption administration fee £150
Early settlement interest charged £12,529.18

Total 30,204.47

So with the outstanding mortgage figure of £250,583.60 added to the charges above that gives a £280,788.07 total debt. With the house being sold for £279,995 i am left with a debt of £793.07

My problem is the charges listed above especially the estate agent fees. Coincidentally the estate agent i phoned when making up a financial plan were the same ones that Swift employed to sell the house. They had told me their charges would be 1.25% + vat. As the house sold for £280,000 that works out at about £4,100, but when they were selling it for Swift they charged £6,873.63.

Does this look right or have i been overcharged?

Many thanks in advance (no pun intended)

Simon

Thrugelmir

singlehoop wrote: »

My problem is the charges listed above especially the estate agent fees. Coincidentally the estate agent i phoned when making up a financial plan were the same ones that Swift employed to sell the house. They had told me their charges would be 1.25% + vat. As the house sold for £280,000 that works out at about £4,100, but when they were selling it for Swift they charged £6,873.63.

And what's their dual agency rate, i.e not sole?

Also was the property auctioned as this would incur a different rate altogether ?

singlehoop

Thanks for replying. I'm not sure what dual agency rate is i'm afraid. If you could guide me in the right direction i'll find out. The house was sold normally, ie not auctioned.

FraudBuster

A Google search makes interesting reading.

TINKEY2

Hi Complain to the FSA OFT Trading Standards also speak to the Financial Compensation Scheme.

Eastern Councilling is not on there license and cannot use it that is an illegal charge. :mad:

Also have a look on CAG (consumer action group) web site, there is alot of help on there.

TT