Swift advances

kuohu

Deleted_User wrote: »

If you don't believe it will clear the loan, then ask them for written confirmation.

Your only options to clear it earlier are to overpay or to get further, cheaper finance to pay it off. The latter is probably unlikely as you have arrears on a high interest loan.

Check their policy on making overpayments.

What is your objective in taking them to court?

Ever get a feeling of deja vu?

https://forums.moneysavingexpert.com/discussion/4291741

jessica4

Good memory kuohu, like I said the last time I battled with them was in 2012 but now I can afford a small claims court claim I want to see if there is any point.

jessica4

So would a small a claims court not look at this because the amounts in question are over £10,000? Obviously I cannot afford to go to a higher court, if I could I would just clear up the Swift debt right now.

DCFC79

So we're you 18 or 22 when you took the loan out ?

That's 1 inconsistency, are there others.

jessica4

I was 22, I was 21 when I got the house. I see you have for some strange reason read through my posts with a fine tooth comb....what do these mistakes matter? I am just asking a public forum for advice I am not actually in court, I don't have to remember insignificant details verbatim. I was young that is my point and my post 4 years ago was a quick chat not a detailed thought through application. I did not sit down and think of exact dates and ages and actually the loan term was 15 years but 4 years ago I thought it was 10. Is that ok with you?

kimplus8

I think you need to clarify in writing what your terms are exactly with swift. Request a copy of the original agreement and the amendment from the missed payments and see what's happened. Without clear evidence of what's happened it's hard to say how you should act on this.

jessica4

Thanks Kimplus8, I now think so too.

boo_star

jessica4 wrote: »

This is the thing I don't know if they are acting contrary to lending guidelines or not. Maybe I will ask them for all the paperwork first and then make another complaint directly to them (which im pretty sure will get me nowhere as nobody ever has any luck with them from what I have read). And then if not try the FOS route again and see what advice they give me. No matter what faults are mine I can't see how paying nearly £60,000 for a £13,000 loan which should have been a payback of £33,000 can be within lending guidelines, even with a few missed payments.

https://www.bba.org.uk/download-file/?f=eyJ1cmwiOiJodHRwczpcL1wvd3d3LmJiYS5vcmcudWtcL3dwLWNvbnRlbnRcL3VwbG9hZHNcLzIwMTVcLzA5XC8yMDExLUxlbmRpbmctY29kZS1yZXZpc2VkLVNlcHQtMjAxNS5wZGYiLCJuZWVkbG9naW4iOmZhbHNlLCJ1c2VyIjpmYWxzZX0=

That's the URL for the Lending Code. The only other thing they could be accused of is "irresponsible lending" http://www.financial-ombudsman.org.uk/publications/ombudsman-news/59/59-banking.htm has a few examples of this.

I don't think they're guilty of either in your situation.

jessica4

Thanks boo_star, just at a glance I have never been made aware of any changes to my interest I also don't think they dealt with my difficult situation sympathetically.

boo_star

jessica4 wrote: »

Thanks boo_star, just at a glance I have never been made aware of any changes to my interest I also don't think they dealt with my difficult situation sympathetically.

I'd take that with a pinch of salt. Having worked in financial services in the past it's typically a lot less generous than people expect.

In your situation though, as I understand it, the repayments were affordable (maybe only "just") and you just feel the interest was too much given the capital borrowed.

That isn't a breach of the lending code or irresponsible lending, it's really just buyers remorse.