Swift advances secured loan interest!!

jessica4

Hi all,

I'm sure some of you have experience with Swift as they are just the worst!
I currently have a complaint in with the FOS against them which has just been assigned an adjudicator after 6 months but after speaking with her and googling Swift it looks like the FOS cannot do anything about ludicrous interest rates and charges as they where in the loan agreement small print.
They can only help about the way I have been treated and communicated with by Swift.

I am adamant that the interest rates and charges are daylight robbery and totally unethical (whether or not they where overlooked by me when I took the loan) so is there another route that I can take to do something about getting these reduced?

Basically I took a loan for £13,000 in 2007 and I have made £18,000 in payments (this includes my normal monthly payments plus extra I have paid for charges from missed payments etc) and Swift are saying I still have £18,000 left to pay plus any interest and charges that are left at the end of the term in 2017!

How is this even legal?
Any help woudl be much appreciated.
Thanks

[Deleted User]

jessica4 wrote: »

How is this even legal?

You applied for a loan.
They offered you a loan at a specified term and rate.
You accepted their offer.

That is how is legal.

I'm not sure what your case would be. Is there more information you can share?

iolanthe07

I am adamant that the interest rates and charges are daylight robbery and totally unethical

This may well be true, but sadly it does not mean that they are illegal. There is no cap on interest rates in the UK, which underlines just how important it is to read and fully understand the small print, and the commitment involved, when signing up to a loan.

Unless there is another aspect to this that we don't know about, I suspect that the FOS are right.

DCFC79

jessica4 wrote: »

Hi all,

I'm sure some of you have experience with Swift as they are just the worst!
I currently have a complaint in with the FOS against them which has just been assigned an adjudicator after 6 months but after speaking with her and googling Swift it looks like the FOS cannot do anything about ludicrous interest rates and charges as they where in the loan agreement small print.
They can only help about the way I have been treated and communicated with by Swift.

I am adamant that the interest rates and charges are daylight robbery and totally unethical (whether or not they where overlooked by me when I took the loan) so is there another route that I can take to do something about getting these reduced?

Basically I took a loan for £13,000 in 2007 and I have made £18,000 in payments (this includes my normal monthly payments plus extra I have paid for charges from missed payments etc) and Swift are saying I still have £18,000 left to pay plus any interest and charges that are left at the end of the term in 2017!

How is this even legal?
Any help woudl be much appreciated.
Thanks

Maybe the rates and charges are daylight robbery but you still accepted the charges as part of the agreement.

I wish you luck in your quest in this.

jessica4

Thanks to you both, not zx81 because your attitude stinks, I was 18 when I took the loan and in a bad place in many aspects of my life and very young and unfortunately did not read through things with a fine tooth comb like I would now....we'll see what the FOS say.

tiggerbodhi

jessica4 wrote: »

it looks like the FOS cannot do anything about ludicrous interest rates and charges as they where in the loan agreement small print, would have been in normal sized on the front of the agreement.

They can only help about the way I have been treated and communicated with by Swift.

I am adamant that the interest rates and charges are daylight robbery and totally unethical (whether or not they where overlooked by me when I took the loan) so is there another route that I can take to do something about getting these reduced? probably nothing, you may be adamant, but alos a bit naive and a salesmans dream, yes extortinate IR's and charges, but if you didn't bother finding out before hand you really have no recourse now,

Basically I took a loan for £13,000 in 2007 and I have made £18,000 in payments (this includes my normal monthly payments plus extra I have paid for charges from missed payments etc) and Swift are saying I still have £18,000 left to pay plus any interest and charges that are left at the end of the term in 2017!

How is this even legal? because you signed up for it, agreed to it and took the money, now you pay it back at the terms you agreed.
Any help woudl be much appreciated.
Thanks

All you need to do now is learn from this, read the contract and all the T's and C's before signing it, and man up a bit, take responsibility for your actions, its not always someones elses fault, if your bought a green car, said green on the paperwrok, it was green when you drove it off the forecourt, but 5 years later decide you really wanted Red and how dare they sell you a green one, the men in white coats would gently lead you into the comfy van outside..

tiggerbodhi

jessica4 wrote: »

Thanks to you both, not zx81 because your attitude stinks, I was 18 when I took the loan and in a bad place in many aspects of my life and very young and unfortunately did not read through things with a fine tooth comb like I would now....we'll see what the FOS say.

18 and took a secured loan for £13K, what is it secured on? you must be on a really good salary at 18 to get £13K secured or un-secured, if you were in a "bad place" you may be able to claim you were sold a loan whilst vunerable but you would need medical reports to support this, or was the bad place just Milton Keynes?

tiggerbodhi

usainbolt11 wrote: »

i think apply for a fast fiscal aid for money is not a bad thing, If it is necessaries then you can easily apply for it. i will suggest that please read all the terms and condition before apply for it.

Yay Spam for breakfast on a Friday! "i think apply for fast fiscal aid for money is not a bad thing" really? what really? maybe you could apply and get some basic english and grammar skills...

oh and it is a bad thing as the vultures that provide it like you prey on the weak and vunerable of society, stop trying to make out you are some sort of social service.:mad::mad:

_Andy_

2007.. customer: "please can I have a loan?"
Swift: "sure, here's a piece of paper which clearly tells you what the interest rate is."
Customer: "thanks" *spends loan*
...

2012
Customer:"the rate is unethical/should be illegal/blah blah"

unbelievable.

opinions4u

You don't get many homeowners with equity for a secured loan at the age of 18.

But there were some optimistic products on the market.

Thanks to you both, not zx81 because your attitude stinks

Although it does cut to the chase. Tells it as it is. Give you a factual response. You might not like it. But it is what it is.

I was 18 when I took the loan and in a bad place in many aspects of my life and very young and unfortunately did not read through things with a fine tooth comb like I would now....we'll see what the FOS say.

It's not the best case you're building.

What's the actual complaint about? Their rate - that, like it or not, you signed up to? Their failure to communicate their rate? The way they've changed their rate? The fees they've charged you?

Basically I took a loan for £13,000 in 2007 and I have made £18,000 in payments (this includes my normal monthly payments plus extra I have paid for charges from missed payments etc) and Swift are saying I still have £18,000 left to pay plus any interest and charges that are left at the end of the term in 2017!

So you're in arrears? They carry on charging interest (and applying fees) if you don't pay. So this increases your debt.

My initial impression is that you took out a loan and buried your head in the sand. Several years on you've grown up, a bit, and can't believe the reality of a situation you created.

dealer_wins

Another person that happily signs up for "unethical, scandalously high, ripoff rates" when needs the money, then moans about said rates afterwards.

No case OP im afriad, just need to grow up and be careful about what contracts you sign as you move through adulthood, to avoid being one of life's losers and victims.