NOTE FOR THE PUBLIC REGISTER UNDER SECTION 35 OF THE
CONSUMER CREDIT ACT 1974 (THE ACT)
LICENCE NO: 113022
LICENSEE: SWIFT SECURITIES LTD
DETERMINATION OF MINDED TO IMPOSE REQUIREMENTS
NOTICE

An adjudicator, acting on behalf of the Office of Fair Trading (OFT), served
a notice on the licensee that she was minded to impose requirements on the
licensee. The adjudicator received representations from the licensee.

SUMMARY OF REASONS FOR ADVERSE DETERMINATION

Having considered the representations, the adjudicator decided to impose
the following requirements:

Underwriting
The Licensee will ensure that its underwriting decisions are subject to a
proper assessment of the borrower's ability to meet repayments on the
loan in a sustainable manner and without undue hardship and without
resort to the security, taking account of relevant circumstances and any
reasonably foreseeable future circumstances.
Specifically the Licensee must
a) verify income (s) declared by prospective
borrowers;
b) take appropriate account of a potential
borrower's other financial commitments;
c) take appropriate account of a potential
borrower's individual financial and personal
circumstances;
d) give appropriate consideration to all information
which is obtained by the licensee in the course
of assessing an application;
e) ensure that its underwriting procedures are
compliant with the Second Charge Lending
Guidance, particularly the General Principle as
stated at paragraph 2.1 which states that all
underwriting decisions should be subject to a
proper assessment of the borrower's ability to
repay the loan without undue hardship and
without resort to the security. In so doing, the
Licensee will take full account of all relevant
circumstances and any reasonably foreseeable
future circumstances.

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Arrears management
The Licensee must

Default charges

The Licensee must

a) use litigation as a last resort and only where a
borrower is unable to meet his commitments in
the long term or unwilling to engage with the
Licensee;
b) ensure that its communications with customers

accurately reflect its authority and the correct
legal position, in accordance with paragraphs
2.3 and 2.4d of the OFT's Debt Collection
Guidance July 2003, updated December 2006.

a) ensure that the tariff of charges gives a clear

explanation of when charges will be applied to
an account and what they are for;
bl The Licensee's charges should be set out clearly

and fully as part of the credit agreement and in
periodic statements.

Notice of any appeal, which must be given within 28 days of the date on
which notice of the determination is issued, and of its result, will be put on
the public register.

PLEASE NOTE THAT THESE PROCEEDINGS ARE NOT THE SAME AS
THOSE OF A COURT. THEREFORE A FINDING THAT A PERSON HAS
ENGAGED IN
CONDUCT WHICH AMOUNTS TO AN OFFENCE
OR
CONTRAVENTION OF A STATUTE DOES NOT MEAN THAT THE PERSON
CONCERNED HAS BEEN CONVICTED OF THAT OFFENCE OR BEEN FOUND
BY A COURT TO HAVE CONTRAVENED THAT STATUTE.

DATE OF DETERMINATION: 17TH JUNE 2011

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