A Stourbridge-based repossession and eviction advice firm has been wound up following an investigation by the Insolvency Service.
An investigation found that Swift House Solutions Limited had continued the business of Repossession Management Bureau Limited, RMB Assets Limited and OM Payments Limited, which had all been would up by the court on 1 September 2015 following an earlier Insolvency Service investigation.
Swift, which traded under the style ‘Manage My Repo.co.uk’, had targeted and taken advantage of vulnerable members of the public desperate for a resolution of their housing concerns. In particular, the company made misleading and unfounded statements to clients and there was a lack of transparency regarding the fees Swift would charge. Swift obtained secured charges on clients’ properties. Clients were told the charge was to ‘protect the client’s equity’ should the property be repossessed by the mortgagee. In reality, the charges secured the Swift’s fees.
It was also found that there was a lack of transparency regarding those involved in the company’s management and operations.
Before the start of the enquiry, the person controlling Swift, John Paul Dowdeswell (who also used the alias Paul Dowd), tried to hide his involvement through the appointment of a nominee director.
Alex Deane, an investigation supervisor with the Insolvency Service, said: “Where it becomes aware of such activities, the Insolvency Service can and will close down companies that abuse the vulnerability of people in financial difficulties.
“However, I would urge people faced with repossession proceedings to take proper professional advice before granting a further charge on their property. Whilst this is ostensibly to ‘protect their equity’, in reality it serves only to secure excessive fees for the adviser.”
