swift advances need help

brian77

My wife and I borrowed £7000 secured on our home from the above company on 26/11/98 for a term of 10 yrs I did fall into arrears in the past.
Yesterday I asked Swift for a breakdown of charges and surprisingly it arrived today, to date I have paid them £16,250.66 the amount still owing on the account is £34,419 and rising by £107 per month, that figure is made up of £8815.97 of charges and the rest is interest.
My question is, as the loan has been paid in full and the balance is made up of charges and interest, is my home still at risk if I don't pay them?
BTW Norton Finance was the broker and there was £410 ppi on the initial loan.

Cheers Brian

poppasmurf_bewdley

I think you should seek professional advice about asking a court to declare the loan paid off in full. I cannot believe a court would agree that having paid off £16k off a £7k loan with £34.5k remaining was not unfair.

CHR15

Your loan has NOT been paid in full, it doesn't work like that. You can't just repay what you borrow and call it a day.

When negotiating reduced payments you should have ensured the Interest was frozen. Smurf makes a good point but it's a very high risk strategy, if the judge doesn't agree, the house is gone.

Your home is very much still at risk.

Reclaim the PPI.

brian77

Swift told me the loan was repaid in full.

Cheers Brian