Swift Advances PPI reclaim

win1_2

I want to escape from the clutches of Swift. Firstly I want a refund of the PPI of £3500. The amount was added, to the loan up front and expired after five years, in 2008. The complaint has to go to the FOS as Swift unregulated. Do I have to calculate the amount I am owed or is the protocol for the FOS to make the company do the calculations? The loan rate is variable, was iro 9% now iro 13%! payable over 25 years. If I stayed the full term I would pay 5 times the amount borrowed!! Obviously this could escalate if they continue to raise the interest rate. They want thousands as a redemption figure even though the principal is now paid. BTW the brokers fees were added into loan so still paying for that.

Thanks for all in put.

dunstonh

Do I have to calculate the amount I am owed or is the protocol for the FOS to make the company do the calculations?

The company do the calculations.

roonaldo

win1 wrote: »

The complaint has to go to the FOS as Swift unregulated.

FOS would not deal with unregulated sales.

Also, you said that broker fee's were added. This would indicate that Swift did not sell it to you, so you would have to complain to the broker that did.

win1_2

The broker does not exist anymore and the contract is unregulated however with all this bad news I will persist! I thought the FOS frowned upon PPI being added to loans as you are paying for a service which doesn't exist, but I won't contact them if you think it's a waste of time. I was also told some time back the PPI amount was not being paid for as part of the loan when it expired. That's an untruth! There are other problems with their conduct one being double accounting. Had a statement sent a few years back, kept them all. A statement sent recently which happened to go back over a previous period, showed additional entries not shown on original statements. Who would be the best to send my complaint?

roonaldo

Swift are not responsible for the sale then. You need to persue it through the broker, even if they do not trade still.

If they went bust you would need to persue it through FSCS not FOS.

If they did not go bust then they are still responsible for their own complaints, evan though they are not trading and FOS can still help.

roonaldo

win1 wrote: »

There are other problems with their conduct one being double accounting. Had a statement sent a few years back, kept them all. A statement sent recently which happened to go back over a previous period, showed additional entries not shown on original statements. Who would be the best to send my complaint?

This is a seperate issue to the PPI mis-sale (so dont merge them in to 1 complaint). This is Swifts responsibility and under FOS jurisdiction.