If you can’t pay SwiftMoney and now they are chasing you, it is time to beat them at their own game. Middle of the month, overdraft maxed out, bills, food and train ticket needed and no cash. Quick payday loan for £200, miss a few payments and before you know it, they are calling your work and texting all hours as your loan is now £1000. Welcome to legal loan sharks
Do not pay back SwiftMoney
Now to apply for a payday loan, you would have had to have provided your debit card details for them, so they can collect payments from you. So the first thing is to cancel it. They will ignore any letters/emails/calls from you saying you cant pay, as they have your details and using a pos machine, will debit your card anyway. So you think £20 is being debited and when you check your account online, you realise that the entire amount has gone, leaving you no money in your account. You cancel them by contacting the fraud team at your bank ,as only they can completely lock down your card (say it has been stolen and someone has your pin number). Now, they can no longer debit your account. Request a new card with new details, so you can access your cash, remember to reactivate any direct debits for essentials such as mobiles so they still work etc
Illegal tactic SwiftMoney use against you and your credit file
I discovered this completely by accident and a lot of companies adopt this illegal tactic, from debt collectors to payday loan companies. They threaten to put a default on your file, which means for the next 6 years you will find it hard to gain any credit again. However, they are sending to the large companies like Experian, your details, far earlier than they should and putting negative marks on your file. This means Experian shows either a missed payment or default on your file, before they legally should, it is a scandalous move on their part. So try this tactic now and I guarantee you will see your credit score improve immediately. I looked for a free to join, smaller credit agency, that most importantly allows you to dispute any/every negative listing against your file online by simply clicking against the entry. If you see any defaults on your file, click dispute on all of them and it will lodge with every agency in the UK. I disputed everything from loans, to debt collectors and had 80% of them removed as they were unfairly lodged by the company. Check your file for yourself now, the free one I used was this one
Write to SwiftMoney now ,saying that you have been selected for redundancy at work, as the company is failing and as a result, you wont be able to make the payment date and wish to go on reduced payments. They will write back and suggest a payment arrangement. You have a choice now, either to suggest any amount that you are happy to pay, or simply ignore them. They will try and call you and text you, one tactic is to call you at work, so first of all send them a letter saying they are in breach of the administration of Justice Act 1970, and the Protection from Harassment Act 1997, that will put a stop to that.
Multiple debts and just want rid of them? Make use of ‘Bad Debt’ Loopholes.
The problem with having quite a bit of debt, is it can become overwhelming and extremely stressful living day to day. As you may or may not know, anyone from banks, Credit Card providers, Payday loans and even Debt Collectors allow in their business models for, ‘bad debt’. There is a point with all those mentioned where the cost of chasing the debt exceeds the profitability of recouping the debt. At that point the amount of debt that can be wiped off your total debt especially if you have multiple debts is staggering. It is a ‘something is better than nothing’ mentality they adopt. I used a company to take care of mine, as sitting for 8hrs a day on the phone trying to get through to someone, wasn’t feasible. It is free to join and protects you from court action and bailiffs. They will contact all your creditors and end all the calls/letters/texts you get daily, whilst being able to force up to 80% of your debt to be written off as, ‘bad debt’. So if you want to end be rid of it all today check them out here