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TODAY'S OTHER NEWS

Repossession and eviction firm wound up, says Insolvency Service

An official announcement by the government’s Insolvency Service has revealed that a specialist repossession and eviction firm has been wound up following an investigation.

Stourbridge-based Swift House Solutions Ltd, based in Stourbridge, has been formally wound up by the High Court. It had also traded as Repossession Management Bureau Limited, RMB Assets Limited and OM Payments Limited.

The statement by the Insolvency Service says that Swift, which also traded under the name ‘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.”

The Insolvency Service also says there was a lack of transparency regarding those involved in the company’s management and operations. Before the start of the service’s investigation the person controlling Swift - named as John Paul Dowdeswell, who also used the alias ‘Paul Dowd’ - tried to hide his involvement through the appointment of a Nominee Director.

More details are available here.

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