Swift sterling have stopped loaning

Swiftsterling

Hi, I'm sure many will have got themselves into the pay day trap. Swift sterling changed their loan structure in January so you could pay over several months. Each time you pay the loan off they offer you more over longer eventually getting you to the point you were at with your monthly payment equalling your salary. I realise this is an individual's choice but wanted to make people aware they have now stopped making loans. They have not advertised this at all and are still taking payments.

If you have a loan with them rethink your options and get help. If you are paying a loan off and your only option is to reloan be aware Swift will take your last payment and you will be unable to loan again.

Web chat will tell you it is a temporary business decision and the company are not making loans at this time...apologies for the inconvenience. People are going to end up really struggling if they rely on this reloan... I've been in the trap for years and after help from family can now say they have done me the biggest favour ever no reloaning.

Please please be aware as it is shameful they are not even advising customers of this... Even there website is up and running and all looks fine... Shame on you swift sterling. As an update an advisor on web chat said this has now been the case for 6 weeks and there is no timeframe that the decision will be reversed.. Hope there getting a taste of their own financial stress!

dealer_wins

If you hate them so much surely thats a good thing?

SnowTiger

Swiftsterling wrote: »

...wanted to make people aware they have now stopped making loans. They have not advertised this at all and are still taking payments.

People in the desperate situation of having a loan with them rethink your options and get help. If you are paying a loan off and your only option is to reloan be aware Swift will take your last payment and you will be unable to loan again.

Perhaps they haven't announced this because they think the option punters might take is not to repay their loan.

The_Pink_Scarf

So you miss them? if you can't beat them, why not join them? I hear there salaries are up there! They must be doing something right

Peeps get into trouble with these loans when they don't understand 'payday' lending, borra big, take out to many loans at the same time, extend their real income, mis-manage money (yes sometime it hurts but it is our own fault) while generally living an unfair life rather then desperation if you don't mind, that's how I like to think of it, rather than some sob story.

Anyway, better lenders out there, now getting her own back a mate has it down to just 50p interest per day when borrowing the odd £100.00 over 6 months in times of need.
The whole issue of the APR isn't really understood or true either.
It's a business just like any other...

TPS

Swiftsterling

Hi just for info it turns out that Swift Sterling had an interim FCA license which expired February 2015 and they have not reapplied prior to the deadline of 30th September 2015. Interesting that they still made a loan to me in May 2015 with no license.... Swift are part of Northway Financial which operate out of Malta and also run Pounds Till Payday.

Does anyone know if they can still trade in UK under the conduct of the Maltise financial authority?

mickydoo73

I wanted to update this thread, as I've some recent information.

Swift Sterling & PoundstillPayday are both part of Northway Financial Corporation.

I had a short-term loan with them (5 installments) for which the last payment was due on Friday.
When I checked my bank account yesterday, I noticed that they hadn't taken the last payment, and then in going through my email later on I saw a "default" notice and £15 charge from them. There was also an email a few days before saying that they weren't going to take the last payment by direct debit and that I had to make a manual payment.

Given that such short notice and email communication only, is inadequate in my opinion, I contact the FCA having seen in this and another forum that there FCA license had lapsed in February 2015.

According to the FCA they ARE allowed to operation under the EU eCommerce Directive, and as such aren't under regulation by the FCA, but their own local Maltese FSA.

Any complaints have to be directed to them. That sounds like a cop-out to me, especially if they are operating and offering on-line loans into the UK.

Nevertheless, I tried contacting them yesterday (and again this morning) to dispute the £15 charge, and make payment of the agreed installment, but to no avail.

Their online chat isn't working (tried 3 different browsers), no response to emails, and the phone number is an automated IVR for payment only - and given the lack of contact I don't want to use the IVR in case my money disappears into a "black hole".

Just a word of warning to anyone in the same position.