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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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Hello, My partner took out a secured loan with Swift Advances

Customer Question

Hello,
My partner took out a secured loan with Swift Advances through a third party. It was taken out in 2007 and secured on his house supposedly for ten years. When he split with his wife in 2009 he was required to get a settlement figure. This was when he realised that instead of ten years the loan had been taken out for 25 years and basically amounts to a mortgage. He immediately queried this with Swift and was sent a copy of the credit agreement, it has his and his ex's signatures and shows the witness as being the broker, the signatures were all dated on the same day. He does not have a copy of this agreement and doesn't recall signing this particular one. Swift has told him to take the matter up with the broker as it is not their concern, they provided an address which happens to match their own.
Even after paying £752 a month for seven years my partner still owes over £70,000 which is more than he borrowed. He would never have taken out a 25 year agreement because he would be 69 when he finished paying. He is due to retire at 60 so would never have been able to afford the payments.
Is there anyway he can get Swift to agree to the original ten year term? He is unsure of what his next step should be.
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts : Did he not read it before signing it please ?
Customer:

Yes. The one he signed did not say 300 months. He doesn't have a copy so can only rely on theirs. Is it common for the witness to also be the broker?

Alex Watts : Ok, so it's forged?
Customer: He doesn't think so. He thinks the term was added after he signed. The witness is the broker but the broker wasn't there when he or his ex signed the agreement. Also can the broker be the witness for this kind of agreement when he is obviously bias?
Alex Watts :

Thank you. It would appear to be a conflict that the broker signs it

Alex Watts :

What should happen is that he complains to the regulator.

Alex Watts :

They can investigate the matter

Alex Watts :

This would be the FSA as it was

Alex Watts :

Its now the FCA

Alex Watts :

http://www.fca.org.uk/

Alex Watts :

But any complaint should be directed there for them to investigate

Alex Watts :

Can I clarify anything for you about this today please?

Alex Watts :

If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.

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