 How did I end up with PPI from HFC
Hi all, I took out a loan with HFC after someone cold called me offering finance, everything was done over the phone and ive recently dug out the paperwork from HFC and discovered that we were charged PPI when we did not tick the boxes requesting it.
The loan was for £7500 taken out in Jan 03 at an interest rate of 17.5% over 84 months, In 1 column is the details of the loan, ie Loan £7,500, Interest (APR) 17.5% £ 5,084.88, total amount payable £12,584.88, 84 monthly payments of £149.82.
Then in the next column is, PPI £1,200, interest £813.48, total amount payable £2,013. 48, monthly repayments £23.97.
Then in the last column Total £8.700, interest £5,898.36, total £14,598.36, = 84 monthly payments of £173.79.
at the top of the credit agreement they strongly recommend I protect my repayments with PPI and to tick the box to tell them whether I want optional single life and single accident, sickness and unemployment PPI.
then underneath the boxes it states that columns 2 and 3 will apply if I selected PPI, otherwise column 1 will apply, I did not tick the box for PPI.
after paying the loan for 43 months on time, never missing a payment I decided to pay it off early and got a redemption figure of £5,679.91, which at the time I thouht was way to much, but paid it, so with the 43 payments which amounted to £7,472.97 and the redemption of £5,679.91, I ended up paying £13,142.88 for a loan I paid off 41 months early and which they snuck in PPI, Im self employed and never take out PPI as I can never claim, do I start by writing them a letter and how do I work out how much they should refund, I dont think they gave any discount for paying off early..Gc | 
