Swift Sterling, Pounds Till Payday and My Money Partner were trading names of Northway Financial Corporation Limited, a Maltese company.
The Financial Ombudsman won’t look at complaints about two payday lenders, Swift Sterling and Pounds Till Payday, if the loans were before December 2015 because these were loans from a Malta-based lender, not a UK firms regulated by the Financial Conduct Authority.
When were your loans? This affects who to complain to
If your loans were before December 2015, then you need to complain to Northway about them.
Some points about these Maltese complaints:
- you can use the standard template letter on the main payday loan refunds page a starting point for your complaint BUT after that everything Maltese is different and this is the best page to ask questions in the comments below
- if that doesn’t resolve your complaint you can’t go to the UK Financial Ombudsman, you have to go to the Maltese authorities. Details in the comments below.
- don’t expect to get 8% extra interest added – that is only for UK complaints.
If your loans were after December 2015, this is NOT the right page for you. Your complaint is a normal payday loan affordability complaint in the UK, you will be able to go to the UK Financial Ombudsman. Move over to the main payday loan refund page as you don’t need to get confused with lots of information about Malta authorities and processes.
Timeline
- December 2015 – the websites and brand names were bought by an FCA-authorised UK company, MMP Financial Ltd.
- January 2016 – the Financial Ombudsman said the MMP take over hasn’t made a difference to complaints about previous loans from Swift Sterling and Pounds Till Payday, and these complaints have to be made to the Maltese regulator, not in the UK.
- After this, people started complaining to the Malta Financial Services Authority (MFSA). There are lots of comments at the bottom of this article about this.
- May 2016 – the MFSA ordered Northway, the lenders’ parent company to refund interest for a few readers who then received cheques.
- the Consumer Complaints Unit within the MFSA is being phased out and replaced by the Office of the Arbiter for Financial Services.
- November 2016 – the FCA is making MMF, the debt collector that has bought many Swift Sterling and Pounds Till Payday debts, refund many customers for its poor debt collection practices, see the bottom of this article.
- December 2016 – Northway has offered to pay some compensation to some more customers.
- April 2017 – the MFSA has told people with active cases that they have been closed and complainants have to go to the Office of the Arbiter for Financial Services. This will feel like more bad news and delays, but the Office of the Arbiter can issue binding rulings in relation to complaints. So hopefully Northway won’t just ignore these decisions as they have been ignoring MFSA decisions. I don’t know how you can enforce a binding ruling in Malta
For the latest on what is happening, see the Comments section at the bottom of this article.
Why can’t you take these complaints to the Financial Ombudsman?
Both Swift Sterling’s and Pounds Till Payday’s websites said in their Complaints Procedures:
“At this stage, if you are dissatisfied with the delay or we have not been able to sort out your complaint to your satisfaction, you can escalate your complaint to an external body (see below).
Step 3 – If you remain dissatisfied
It is important that you give us the opportunity of addressing your concerns first before escalating your complaint as they will only consider your complaint after we have had the opportunity to sort out the matter under our internal complaints process.
You may ask the Financial Ombudsman Service to review your complaint. You should contact the Financial Ombudsman Service within 6 months of receiving our final response letter. Their details are below: [full address and email details for the UK Financial Ombudsman]”
One reader has received the following reply from the Financial Ombudsman:
“Unfortunately Pounds till Payday don’t have offices in the UK and as a result we are still unable to look at complaints about them. As you said below, their offices are based in Malta and they are regulated by the Malta Financial Services Authority. I’m sorry their website seems to suggest otherwise… I agree this is misleading borrowers.“
So if you wanted to complain that one of these lenders gave you a loan that was unaffordable, you have to go through the Maltese regulators, not UK processes.
You may think this is never going to work… But if you read the comments below you will see that several readers have managed to refunds – some of them large – after going through the lengthy process of appealing to Northway (Swift Sterling and Pounds Till Payday’s parent company) and then the Maltese regulator. It has taken many months but with perseverance, you may get a good result.
Has your debt been sold to Lantern (used to be called MotorMile Finance)?
Swift Sterling and Pounds Till Payday have sold many defaulted debts to the UK debt collector MotorMile Finance (MMF), which changed its name in 2018 to Lantern. In November 2016 the FCA has made MMF offer a redress package to many customers because of poor way it has handled debt recovery, so if your debt is now with MMF, read MMF – can you get a write-off or a refund?
Claims against Lantern can only relate to the defaulted debts sold to them. You may still have additional claims against Swift Sterling and Pounds Till Payday for “affordability” problems. Additionally putting in an affordability complaint to the original lender should mean that a debt collector puts a hold on any debt enforcement such as taking you to court for a CCJ whilst the dispute about the original debt is resolved.
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Liam says
I like many of you didn’t think that they would give me any sort of refund, paid £1800 in interest with the last loan in 2015.
They’ve denied all fault, but offered £600 as a good Will gesture, they’ve said I can take it further but as it’s been more than two years they won’t allow the authorities to look at it.
I assume it’s a case of run whilst you can?
Ian says
Hi Liam,
In the same case, I had around 50 loans with them with an amount of broker fees of £3000 but with a last loan made in 2012.
I understand that I’m too late, just discovered today all those possibilities of refunds.
I still decided to sens them a fairly nice email, showing them all my loan agreements and asking them to refund a part of their high, if not extortionate fees at the time.
Lets see with what they are coming back.
Does anybody has tried to ask advice a financial lawyer if there was something to do with the “time barred” thinggy ? Because I guess we are so much in the same situation that it would not be expensive for each of us to make a group court case, does anybody has any information about such a possibility ?
Liam says
I actually got pretty annoyed with them as I felt they weren’t sending me the information I’d requested, I then received a very apologetic email saying they had sent it on each occasion I had asked – it’s worth checking your junk folder.
I was hoping for more money back originally, but found out via this that most people are being denied because of time barred.
Sent a complaint where I spoke in detail about the roll over of loans and the erratic nature of the lending on 11th April, had a reply 17th and accepted. Confirmed 18th April, I can see that they sent the money instantly via my bank as it shows it’s pending, as it’s bank holiday though I should get it Tuesday. I found them extremely decent to deal with and a lot better than some others!
I didn’t see the point in chasing more money when they clearly said they’d deny the arbiter a chance to review it and judging by everybody else’s experience the arbiter has.
It’s worth a shot, stick to the facts!
Sharyn says
Hi Liam,
Thank you for this message it is very encouraging as I had 30 loans with them from 2012-2014 and I have written to them last week regarding my situation so hoping for the best. Can I ask when did you put in your complaint and how long did it take then to respond?
Thank you.
Liam says
7 days from complaint to pay out!
Any luck?
Sharyn says
Hi Liam,
That’s great did you put in your complaint this year, I haven’t heard anything as yet I put my complaint in on the 5/4/2019 I had an email back saying it was a public holiday but for the 19th March. I will chase up tomorrow what email address did you use?
Will says
What is the email address? I cannot find it anywhere and I have completed the online for twice now! Please, can someone help me :-(
S says
I’m in a similar position to you Sharyn. Have you had any luck? Thanks S
Sharyn says
Hi S,
No response as yet but not giving up I will chase up tomorrow 🙂
S says
Thanks Sharyn,
Due to me missing the cut off date; I sent them a long email outlining my financial circumstances, the untimely death of my father and the knock on effect it had on me; but sadly I just received the same automated “dear John reply”. Fingers crossed you have better luck. S
Liam says
I literally put in my complaint on April 11th and received the money yesterday.
I too was after the deadline, that’s why accepted without any arguments!
I haven’t seen anyone else with any luck recently, have you Sara?
Their reason for the refund was because of the hardship I’m facing now, paid out almost instantly though so I’m happy!
Good luck!
Si says
Hi All – I have has initial rejection from Northway for my loans between 2012/13. These successes I am reading about, were these all as a result of contacting the OAFS in Malta? Thank you.
Liam says
Not for me, they said they wouldn’t allow it as I was too late, but they would refund £600!
iann says
complaints@northwayfinancial.com
Is this email genuine ?
I contacted them and I had a reply asking me for more details about my borrowing, even though I did have attached all the details of my borrowing (each loan agreements I made with them) and I’m waiting, they told me they would send a response in due course. My email was OK, not threatening, just saying that seeing the month after month borrowing I made from them, it was obvious that it was to cover my monthly expenses from a month to another month, waiting for better days. I was admitting also my responsibility but I want them to recognize as well the extortionate fees they were putting upon me where they made a lot of money on my precarious situation at the time.
I’m just wondering if this adress email is not a scam to retrieve some personal details from you, it would be easy to set-up seeing that everybody is eager to retrieve a bit of money out of some extortionate fees at the time…
When I search fro this email adress on google, it never comes up anywhere hence my doubt.
Anyway, will keep you updated if any news at all.
PS : I have done some search on northway financial and they have been banned from working in the US a while ago so I guess, if they genuinely gie back some money, it must mean that they are trying to avoid to be banned from Europe for example. There is as well corruption about Malta letting them operate their business with a license, it looks like they should not.
iann says
https://www.consumerfinance.gov/policy-compliance/enforcement/actions/northway-financial-corporation-aka-ndg-enterprise/
In fact, they are banned from US since February 2019 If I believe the dates in that link.
iann says
And anyone who would know how we could have a “free” or almost “free” legal advice on what is possible to do against them despite the Maltese Financial arbiter siding with them ?
simon says
I sent a polite e-mail on the 20th April and received a reply on the 25th, e-mailed them details of loans taken out 2013 – Dec 2014 ( 13 number ) and asked for a refund. They responded saying they would look into my complaint. I emailed them again on 4th May asking if there had been any progress on a my complaint, they have e-mailed me back today saying the matter was still being looked into and they would respond in due course.
Bit surprised not to have received a flat refusal but as a previous poster states as theyre barred from business in the USA perhaps theyre conscious of losing license in the EU as well.
Tilla says
Hi Simon,
What is the correct email address for complaints/redress at Northway please
TDK
Linda says
What is the best email address to send to northeast. I keep getting a bounce back but at the same time an automated reply. Not had actual response yet from them
Thanks
johnvan says
Linda
Use complaints@northwayfinancial.com
Like you I had filled in the online complaint and received an automated reply.
I followed Simon’s advice and used the complaints address and received a response and they claimed that they were unable to trace any complaint submitted.
Will says
Thank you for your help Linda, How long did it take for complaints@northwayfinancial.com to respond?
Linda says
Hi. I sent it off to the complaint email and got an acknowledgement. I chased bit have not had a reply yet
simon says
Customer Support Department
Email: complaints@northwayfinancial.com
johnvan says
Simon
Thank you for the advice.
I used this address and got a response.
I believe with Swift Sterling I am relying on a goodwill gesture only. The Maltese Arbiter will not look at Swift Sterling cases any longer.
Between July 2013 and December 2015 I had 29 loans from them and borrowed close to £11000 and repaid more than double that.
I had written this off so anything that I receive will be an unexpected bonus
iann says
Hi all,
It is now almost 4 weeks I sent my first email to them, nice and polite, attaching all my loan agreements to the email. They got back to me pretty quickly asking for more details and that they would answer me soon. I did not receive anything in the last 2 weeks apart another “we are looking into your complaint and will send a response in due course” when asking where they were with my complaint. I did send again an email lately being a bit more “aggressive” and telling them that I ws looking into contacting a lawyer to investigate the possibility to sue them for irresponsible lending. I then received quickly an answer saying that they were in the final step of completion of their response to me that should come in the coming days.
Honestly, I’m very doubtful that anything will happen, or they are just gaining time for I’m not too sure what or it is a fake email and somebody who is doing a prank.
Liam says
It’s so strange, I had mine actioned from complaint going in to payment within a week! They should get back to you!
iann says
Liam,
I found it fascinating that just the day I received a rejection email from Northway, you are posting on that subject, fascinating and suspicious at the same time….
Anyway guys, do not bother too much, I’m pretty sure that there is no money given back by Northway, they defo have no reason to do it until forced to do so.
I will create an email address later on and I will encourage people who would like to explore some more legal EU route against Northway to contact me.
Thanks
Liam says
I can 100% assure you I am not pretending to be someone other than Liam and I genuinely did receive a refund. If you check earlier posts, you will see how surprised I was at receiving it too as I’d see most people being knocked back, I wasn’t trying to rub salt in the wounds but give hope to this still waiting.
Sonja says
Hi Ian
Did you get any response yet? I got a rejection email from Northway today and was advised to appeal to the Arbiter in Malta. Anybody done this and had any success?
S says
Hi Sonja,
I got exactly the same response; despite me explaining my financial problems to the Arbiter in Malta and the fact that my father had passed away (all true!) it didn’t make a jot of difference.
simon says
Rejection letter received on monday for loans taken out 2013 to dec 14, said that basically it wasnt their problem.
Joe m says
Finally got a reply today saying they are looking into it!
Joe M says
Had my load written off…. see below!
We acknowledge receipt of your acceptance of our offer, as per our letter dated 11th July 2019, in full and final settlement of your complaint, being a write-off of the outstanding balance amounting to £198.48.
We consider this account paid in full and can confirm that you have no further obligation towards Northway Financial Corporation Limited.
We can also confirm that our records indicate that Northway Financial Corporation Limited never carried out any credit reporting on this file.
We now consider this matter closed.
Sincerely,
Customer Support Department
Email: complaints@northwayfinancial.com
Eleanor Chafer says
Hi, does anyone have any advice regarding complaining to the financial arbiter in Malta. Northway are offering to write off my debt £1437 as a gesture of goodwill. They have said that my complaint is time barred as I needed to complain by 28th April 2018 as my loans were pre 2016. I’ve looked on the arbiter website and it does say that but it also say they MIGHT not be able to look at my claim outside these dates. Sounds a bit vague. Has anybody had a similar experience. Also Northway are only giving me 7days to accept the offer or they will withdraw.
Any advice appreciated.
Ellie
Kelly E says
Would I be write in concluding that no refunds will be given on any loans pre December 2015 by Swift Sterling?
Jason C says
Have I missed something? What is the cut off date? Can I still complain? I’ve sent several emails but received no response with the first email being sent over 4 weeks ago. Is this normal?
John says
Hi, I complained to them for loans I had back in 2013. They eventually replied saying the somplaint was time barred as you have to complain to the Maltese authorities within a certain period. As I had a outstanding debt that had been sold they did buy it back and offer to clear it a a gesture of goodwill. Had to accept as you can’t complaint to the Maltese authorities
Simon Newby says
I made a complaint on 11th September to Northway regarding 4 loans I took out with Pounds till Payday in 2009 totalling just over £2000 including interest & fees. All were repaid apart from the last which was sold to MMF (now Lantern) with a value of £643.91. The letter I received back from Northway today 13th September (have to credit their speed at least!)
“Due to the fact that the conduct complained of occurred during the period between the 1st May 2004 and the 18th April 2016, you had until the 18th April 2018 to bring a claim forward. For any complaint falling outside of the prior mentioned parameters, the complaint must be brought to OAFS within a period of two (2) years from the date of the last transaction.
Upon review of your account, we note that your complaint falls outside of the aforementioned parameters of applicable legislation. Our records indicate that we received your original complaint on 11th September 2019 and your last transaction with Northway occurred on 3rd August 2009. Given the above, your complaint is hereby being rejected.”
I note there is a 25euro fee to complain to the Maltese regulator, can anyone suggest if it is worth it or whether I chalk this one up to bad experience?
Thanks in advance & thanks for such a great website.
Anita says
I have similar problem. The northway financial did not respond to my complaint sent July last year. I have my loans before 2012. You mentioned about last transaction to Northway. I still pay them back through DMP. Does it count as transactions?
What is the address – email to Maltese ombudsman?
Any advice will be appreciated. Thanks
Paul Millar says
I’ve had the same response but I’ve had success with UK companies and getting money back, I guess the rules must be different in Malta unless anyone finds a way round this, so we can take them to the cleaners same as they did to us all!!
Anita says
Dear Sara
I need some advice please. In July last year I have sent complaint email regarding Pounds till Payday. I have sent it to complaints@mmpfinancial.com
I have received response that I should send it to complaint s@nortway. Com which I did straight away. Since then no replay from them.
I still repay my debt to Northway Financial for Pounds till Payday loans through payplan.
Is it worth to contact them again? What is would you advise?
Thank you
Anita says
Obviously the email address I used was
complaints@northwayfinancial. com
Paul Millar says
I’ve had a response about my loans being time barred and there fore rejected, but am I reading right that some people have quotes the 6 and 3 year UK rules and then got somewhere with Northway, as the loans were taken out with reference to English law inside the Credit Agreement ? Slightly confused, but also want to try and work out if I have any kind of chance to claiming something back before another time window closes.
Al..M says
Hello Paul,
I’m in a very similar position. Have you heard anything or discovered how we might be able to claim? I had constant rollovers amounting to £57,000 ! 😳
I have written to the Malta Arbiter asking if they are able to investigate due to the large sum involved.
I will let you know how this progresses. I am also interested in your comment regarding 6 and 3 year uk law, have you any further info?
Thanks
Paul says
I’ve heard back from the Malta Arnitar and don’t think there is anything we can do – just have to hope some of my other claims make up for this!
Please refer to your complaint against Northway Financials Ltd, hereunder.
We regret to inform you that your complaint cannot be processed further as in terms of article 21(1)(b) of Arbiter for Financial Services Act, 2016 (visit http://www.financialarbiter.org.mt to download), complaints in relation to the conduct of a financial services provider which occurred before 18 April 2016 (the date when this Act came into force) could be lodged by not later than two years from this date, that is 18 April 2018. Your last transaction with Northway Financials occurred on 5 March 2013.
Your complaint has been received after 18 April 2018, and therefore after two years from the coming into force of this Act.
We regret that we are unable to assist you further at this stage. However we suggest that you seek legal advice.
Please be guided accordingly.
Sincerely
Customer Relations Officer
Al says
Ah, how frustrating., wish I’d thought of this sooner.
Ok, thanks for your reply, much appreciated. Certainly a lesson learnt!
Aaron says
I’m in a similar situation, took out a few back to back loans with Swift Sterling back in 2012, I’ve sent the suggested affordability complaint letter to Northway and received a response the next day rejecting the claim due to it being time barred, said FOS has no jurisdiction in Malta, and should contact OAFS in Malta should i wish to complain. They also said my outstanding balance has been sold to Lantern and I should address any concerns with them. I notified Lantern that the complaint was underway and they replied saying the debt has been outsourced to QDR Solicitors and should contact them. Would anyone be able to help with next steps?
A few points:
The calculated refund should just about cover the account balance, so would ideally like to have the balance written off.
As it stands the debt (2012) should be statute barred by now right, would I be able to push for that failing debt write off?
Many thanks everyone
Terry Nicholls says
have put a claim in to swift sterling, (malta) using the link in this site, I have had an automated response that us more or less a screen shot if the online form, but at the same, had an email bounce back message, from the same address, only diference, is it went to my spam folder, any advice please, its inly been three weeks sinxe i sent the complaint, so still inside guideline, but dont want to waste 8 weeks waiting fir a reply im not going to get.
SimonN says
Hi,, I got the same then forwarded the bounceback to this address complaints@northwayfinancial.com
Good luck
Terry Nicholls says
Many thanks, i resent the email, and had acknowledgement this morning
simon says
Save your time and put your effort into british lenders. You wont get any change from that shower.
Terry Nicholls says
Got a rejection from swift sterling (malta) today, not really suprised reading the posts here.
Neil says
Hi I emailed a number of lenders today after I found this page requesting a refund, one of which was Swift Sterling. I got an email back saying they entered administration on 9 December 2019. Can anyone tell me what this means any help will be greatly appreciated
Sara (Debt Camel) says
When were your loans from SS? how many did you have ? do you still owe them money?
johnny says
If you have a loan with MMP and are struggling to pay it what happens now they are in administration.
Rachel Linacre says
I have had the same response from Northway about Maltese Law however their loan agreement which I still have a copy of clearly states at the bottom that they were regulated by the FCA and the email we used was to a uk.co address therefore surely there is an argument to say that they were trading and being regulated under uk law which surely should have an impact on time barring?
Sara (Debt Camel) says
What date was this agreement? Do you still owe any money?
Rachel Linacre says
Hi Sara 2014 to 2015 and no I don’t owe them anything. It was only because of the Wonga situation that I became aware that it was possible to make a claim. Surely if they took the time to register with the FCA to make people believe they were in the uk which seems a bit underhand anyway they should be held accountable under uk law. How do I find out if they were actually registered with the FCA? I want to know now whether that was true or just another lie – if they weren’t would that be a criminal matter?
Sara (Debt Camel) says
You can ask the FCA.
Rachel Linacre says
Hi spoke to FCA and they were registered but by default really because they were originally registered with the office of fair trading and then had a grace period after which the company was sold to MMP which is who has gone into liquidation. I’ve spoken to FOS and basically they have referred me to the Maltese Ombudsman Service so as I have some free time at the moment I will contact just for the hell of it and raise the point that when does the time barring begin at the date of loan or the date when an individual realises that there was a problem which needed redress.
Madeline says
Hello there
From Feb 1 2013 to Jul 21 2015, I took out 68 loans totalling £14,848, the lowest £50 the highest £800 with the amounts being borrowed increasing during the time period. I payed back all loans by borrowing from anyone that would lend to me. Like alot of borrowers I had no idea that there were regulations in place until I received notification from wonga that I was entitled to compensation, I have read the above information and it looks like I have missed the deadline, is there any point at all in sending through a complaint.