Swift group-some good news from oft

Andycopp

Better late than never.....

Press releases 2011 -


OFT imposes requirements on second charge lender

73/11 23 June 2011
The OFT today announced that sub-prime lender Swift, trading as Swift Advances plc and Swift Securities Limited, must improve its lending and collections practices or risk losing its credit licences.
An OFT investigation found Swift was giving secured loans to customers with poor credit histories or limited access to credit...




http://www.oft.gov.uk/news-and-updates/press/2011/73-11

morgan-lewis

Read your post with interest. How will this affect people like me who took out loan in 2002 pre regulation. FSA and FSO have looked into it and advised to contact Finance and Leasing.
My loan for 20k over 240 months looks like having 10 years added to it when I retire for non specific reasons and added interest.
If the sharky gentlemen lose their credit licence what happens to their unfortunate customers, and do we have any recourse on pre regulation loans.:eek:

nefretiti

how does the OFT ruling affect people who have been affected by swift advances??