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Swift Advances Again Are We Being Robbed
HI Peter could you help us please we have just recieved this list of charges to repay a secured loan of £30,280 taken out in january 06
original loan amount £30,280
interest charged £6,802.80
less payments recieved £5,720
sub total £31,812,18
arrears/letters/call charges £518.00
bounced payment charges £165.00
information to and from prior mortgagee £221.00
supplying information to 3rd parties £46.00
redemption request charges £260.00
other letter charges £95.00
default charges £250.00
management charges in default £210.00
fee charged for instructing solicitors £75.00
fee charged for issuing court proceedings £100.00
litigation fees £1,239.00
court issue fee £150.00
sub total £35,141.83
sealing dicharge fee £250.00
early settlement interest charged £2,254.90
REDEMPTION FIGURE £37,646.73
At present we are succesfully remorgaged to pay this debt off.We have missed about four payments but have been in contact with Swift all the time.The court have given us 28days to settle this account,Could you please advise us of any action we can take.Thank you Chris
[EMAIL="abuse@moneysavingexpert.com?subject=Reporting post http://forums.moneysavingexpert.com/showpost.html?p=6687234"]
[/EMAIL]
original loan amount £30,280
interest charged £6,802.80
less payments recieved £5,720
sub total £31,812,18
arrears/letters/call charges £518.00
bounced payment charges £165.00
information to and from prior mortgagee £221.00
supplying information to 3rd parties £46.00
redemption request charges £260.00
other letter charges £95.00
default charges £250.00
management charges in default £210.00
fee charged for instructing solicitors £75.00
fee charged for issuing court proceedings £100.00
litigation fees £1,239.00
court issue fee £150.00
sub total £35,141.83
sealing dicharge fee £250.00
early settlement interest charged £2,254.90
REDEMPTION FIGURE £37,646.73
At present we are succesfully remorgaged to pay this debt off.We have missed about four payments but have been in contact with Swift all the time.The court have given us 28days to settle this account,Could you please advise us of any action we can take.Thank you Chris


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Comments
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The recent Panorama programme on BBC identified this aweful company as one of the worst companies for repossessing property.
Sadly for them they are no better than any other lender at abiding by the various laws that govern loans and contracts and leave themselves wide open.
The chances are that you will be able to reduce the amount currently being claimed. I would advise you to pay the loan off with your remortgage and then challenge the loan after the event. I only say this as you already have a court order in place and even though it is rumoured that courts are sypathetic to borrowers in trouble my experience is that the courts actually aid and abet the disgusting system of repossessionI am a former Broker, former IFA and former compliance officer, for my sins.
However, I have since seen the light.0 -
Hi Chris. Ive had a similar experience with Swift and am going to pursue a claim against them for unfair and excessive charges. Although some may say when i signed up for the loan, I should have known what I was signing up to, I wasnt in a position to refuse their offer nor had the financial experience to fully understand their terms and conditions. With hindsight, and offers of assistance from the wonderful people on this site, I now have the confidence and support to complain and, hopefully, reclaim some monies back. If Im unsuccessful, at least Ill have raised an awareness to others regarding this company.
Good Luck!0 -
Hi All,
Although I am not in arrears with Swift, I am in a situation where the settlement figure on a secured loan I took out with them (28K over 15yrs) is still £4K more than I borrowed after "repaying - I use the term loosely " it for 5 years. I am seeking advice in another thread but this has got to be daylight robbery. I am also not a financial whiz - I put my trust in (what I thought) was a reputable broker, Ocean finance, to sort this out for me, and they put Swift forward Its the worst financial decision I have made in my life0 -
Hi Marky, i think i posted a comment on your other thread last night. I wish I could offer you some advice but can only offer support at the minute. I received a detailed letter from them last week after I requested an explanation as to why my settlement charges were so high. Im going to try and reclaim some of the excessive charges back but if I dont I just hope my experience will warn others of this company.
I hope you get more constuctive advice from others on this brilliant site!0 -
Thanks for that Sandy - Let us all know how you get on with your appeal with Swift0
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Hi Marky, will do. Still trying to get my head round the letter they sent! Likewise if any1 else is pursuing anything against this company (or Welcome - but thats another story!).0
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