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OFT threatens to remove Swift’s credit licence

The Office of Fair Trading has warned sub-prime lender Swift, trading as Swift Advances and Swift Securities, that it must improve its lending and collections practices or risk losing its credit licences.

An OFT investigation found Swift was giving secured to loans to customers with poor credit histories or limited access to credit without checking whether they could afford it, verifying their income, taking account of their other financial commitments and fully checking the information provided in the application.

The OFT also uncovered evidence in some cases that Swift failed to fully explain the charges that could be incurred if customers fell into arrears and failed to look for alternative options before taking borrowers to court.

It says Swift must ensure proper assessments of a borrower’s ability to repay the loan are conducted, repossessions are taken as a last resort and must be transparent about its charges.

OFT director of consumer credit David Fisher says: “Credit businesses must lend responsibly – failure to do so can have a very serious impact on borrowers. We require Swift to significantly improve the way it carries out its business. If they fail to comply with these requirements, they will face further enforcement action.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. This is only the tip of the iceberg with this company….!! they are AWFUL…

  2. Twice these people have employed so called legal bailiffs to my address the most recent end of October I had a unpaid parking ticket from my local authority total cost £94, i telephoned them paid £24 plus £3 charge and stated that i have just lost my job and can try to pay £15 a week they agreed- i had no money the following week so fell 1 week behind exactly 7 days after that a very tall bailiff came to my door stated he was from court working for SWIFT , i tried to say im sorry and start a new job in 2 weeks and he just said you owe me £409.94 my 2 year old was there and a visitor. ireplied how could it be and he said because I come here, he was told to go away and take me to court he shouted up my garden path il take your car then.. how do they come up with these charges? I have complained to Oxford Council because this is a familiar story from everyone who has had contact with these Rogues..

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