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Interesting to read some of people's other experiences of this bank, I have had a fraught time trying to get any information from them. In a nutshell my story is:
1. I took out a loan for £3500 in April 2007.
2. Missed a payment in October and got a scribbled piece of paper from them saying I owed about £7000. Felt physically sick at this, wondered how on earth this was possible. Looked into it and found a £1046 PPI added on top. I assume they must have been including the interest over the life of the loan to add a scare factor.
3. Checked T&C, found I could reclaim: "You have a right to cancel this policy at any time...write to Customer Services" etc.
4. Did just that - wrote to give notice of cancellation, request refund of premium, in November. Letter sent recorded delivery, confirmed delivered (this is the case for all the other letters below as well). Heard nothing.
5. Moved house and changed job, so didn't get chance to chase them till after that. Wrote again in February, giving my new address and also asking why they hadn't written back. My thinking being...I wouldn't trust these jokers as far as I could throw them. So if they contact me at my new address I know they've not only got the letter but read it at sufficiently senior level to change my personal details. Sure enough, a few days later, they walked into it and contacted me at my new home. Unless they're psychic, they've read the letter, right?
6. Wrong, apparently. Phoned local branch who denied ever having had the letter (which was recorded as being sent recorded delivery) and spent about half an hour trying to convince me not to cancel the PPI. I couldn't get a single straight answer as to my account balance or the PPI refund. I was promised this by post but, surprise, it never arrived. Rather short-sightedly, the guy I spoke to mentioned that, had I had existing PPI separately (which I did) when I took the loan out, they shouldn't have sold me the PPI. Whoops.
7. Contacted the Financial Ombudsman, got a letter from HFC shortly after giving by now familiar "we never got the letter" reply, and advising me to contact my local branch. Again.
8. I'm about to write again to tell them I'm not happy with their response. The questions I want answered are (verbatim from the draft of my letter):
The refund that I can expect to receive from cancelling my payment protection insurance. Since I wrote originally in November 2007, I would ask that the refund be backdated to this time, and calculated to include the additional interest that I have had to pay while waiting for a response from Household Bank.
Your view on whether I have indeed been mis-sold the PPI policy in the first place, and, if I have, what the refund would be for the entire policy, plus additional interest accrued as above.
The balance, excluding future interest, remaining to pay on my loan account currently, and following the changes under both of the circumstances outlined in points 1 and 2 above. I have not received a proper statement since taking out this loan, and I’m not clear what remains to be paid.
Further to your comment that, due to the loading of PPI policies to the early part of a loan, it may not be worth cancelling the policy at this stage, my view is that had the PPI been cancelled in November, after around 10% of the term of the loan had passed, the refund should still have been substantial. Regardless of the amount of refund due from cancellation, I wish to cancel the policy.
Anyone got any views about whether their failure to offer the refund constitutes a breach of contract given the wording of section 5 of the PPI? I've kept all my letters and proofs of delivery.
I feel like I'm being fobbed off in a particularly patronising and cack-handed way, and I'm starting to really lose my rag!
Interesting to read some of people's other experiences of this bank, I have had a fraught time trying to get any information from them. In a nutshell my story is:
1. I took out a loan for £3500 in April 2007.
2. Missed a payment in October and got a scribbled piece of paper from them saying I owed about £7000. Felt physically sick at this, wondered how on earth this was possible. Looked into it and found a £1046 PPI added on top. I assume they must have been including the interest over the life of the loan to add a scare factor.
3. Checked T&C, found I could reclaim: "You have a right to cancel this policy at any time...write to Customer Services" etc.
4. Did just that - wrote to give notice of cancellation, request refund of premium, in November. Letter sent recorded delivery, confirmed delivered (this is the case for all the other letters below as well). Heard nothing.
5. Moved house and changed job, so didn't get chance to chase them till after that. Wrote again in February, giving my new address and also asking why they hadn't written back. My thinking being...I wouldn't trust these jokers as far as I could throw them. So if they contact me at my new address I know they've not only got the letter but read it at sufficiently senior level to change my personal details. Sure enough, a few days later, they walked into it and contacted me at my new home. Unless they're psychic, they've read the letter, right?
6. Wrong, apparently. Phoned local branch who denied ever having had the letter (which was recorded as being sent recorded delivery) and spent about half an hour trying to convince me not to cancel the PPI. I couldn't get a single straight answer as to my account balance or the PPI refund. I was promised this by post but, surprise, it never arrived. Rather short-sightedly, the guy I spoke to mentioned that, had I had existing PPI separately (which I did) when I took the loan out, they shouldn't have sold me the PPI. Whoops.
7. Contacted the Financial Ombudsman, got a letter from HFC shortly after giving by now familiar "we never got the letter" reply, and advising me to contact my local branch. Again.
8. I'm about to write again to tell them I'm not happy with their response. The questions I want answered are (verbatim from the draft of my letter):
The refund that I can expect to receive from cancelling my payment protection insurance. Since I wrote originally in November 2007, I would ask that the refund be backdated to this time, and calculated to include the additional interest that I have had to pay while waiting for a response from Household Bank.
Your view on whether I have indeed been mis-sold the PPI policy in the first place, and, if I have, what the refund would be for the entire policy, plus additional interest accrued as above.
The balance, excluding future interest, remaining to pay on my loan account currently, and following the changes under both of the circumstances outlined in points 1 and 2 above. I have not received a proper statement since taking out this loan, and I’m not clear what remains to be paid.
Further to your comment that, due to the loading of PPI policies to the early part of a loan, it may not be worth cancelling the policy at this stage, my view is that had the PPI been cancelled in November, after around 10% of the term of the loan had passed, the refund should still have been substantial. Regardless of the amount of refund due from cancellation, I wish to cancel the policy.
Anyone got any views about whether their failure to offer the refund constitutes a breach of contract given the wording of section 5 of the PPI? I've kept all my letters and proofs of delivery.
I feel like I'm being fobbed off in a particularly patronising and cack-handed way, and I'm starting to really lose my rag!
Hello MTC,
Don't be fobbed off by them, they have just been heavily fined by the FSA for mis-selling ppi. This will add more evidence to your claim:grin:
Personally I would insist on the cancellation and return of the payments that you have made to them, plus interest at their contractual rate. You can report this mis-selling to the Financial Ombudsmen Service who will investigate your complaint:grin: This is a free service, but it great demand, so can take a while
As well as doing this send in a complaint to the Financial Services Authority, Office of Fair Trading and Trading Standards. Although they will not investigate individual complaints, they do file them, and when they have received enough they investigate and fine them big style. This will add a bit more fuel to the fire:grin:
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Thanks HHNF - I've sent them a S.A.R. so hopefully that will drive them into a corner where they have to prove that they did receive all my correspondence!
Will copy in the OFT and Trading Standards as well.
I complained to the fos some time ago now, keep getting the fob off letter they send saying basically "we haven't got round to it yet", and I'm beginning to get a bit fed up with waiting.
I got my SAR stuff back from HFC and looking through, they have a filed copy of my second letter, although not the first one.
Given that I seem to have complied with the cancellation section of my contract with them, which specifies the address to write to for a cancellation, and the fact that they have then failed to act on the letter that I can prove they recieved back in November '07, I'm considering whether I've got a case against them for breach of contract.
My complaint about HFC PPI has been with the fos since February and it's still not been passed to an adjudicator!! How much longer do these thhings take??!!!
of course they are following this forum they want to try to find an easy way out of a difficult corner. They know they are in deep water and are looking for a lifebelt to save some money.(£1.4 billion between them)
My own opinion is as follows:
Court is fine if you know or believe you have a cut and dried case and believe you can convince a small claims court.
If you complain to the fos/FSA/OFT/Trading Standards then the claim takes longer, much longer but if more people become aware of the mis-selling practices then the regulatory authorities may be able to take the appropriate action. If regulatory action is taken as with HFC, LV, and others (BIG FINES) then I believe this gives greater strength to all those who still have to start or complete claims.
If you check the Links at the top of the forum you will see some of the actions of the banks to make bonuses from PPI and also the results of this massive mis-selling issue of PPI by a multitude of financial institutions.
Rant over Dyanomo, up to you but seek more advice from site team before committing.
Just to let you know that HFC have made it very clear they are watching this forum. Be carefull what you give away, if anything.
Very interesting, hfc are watching this forum, So they have finally learned, that the worms are turning and are coming back to bit them in their "unjust enrichment profits" wallet. Unfortuneatly for you HFC your unfair practices of mis-selling of PPI have been rumbled by the consumers and of course the FSA, who don't heavily fine you for nothing
If you are taking the time to read the threads, mmmmm we must be really a great bit thorn in your side:grin:
Oh and just to let you know, we won't be going away
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Thanks for all for the info chaps - interesting reading! I can't tell you what a difference it makes knowing there's other people out there in the same boat.
Meanwhile, things are getting complicated here...
I have got a copy of my credit file from Experian, and, lo and behold, there's a default from HFC on there from 2004.
Also had the time to go through my absolutely enormous wadge of fairly indecipherable papers that they sent following my SAR, and sort them into some sort of order.
On top of the PPI problems, I am also now concerned about the default, and I'd like to get it off if I can - and that's where the SAR has given me some interesting information.
Basically the SAR has shown 3 things. I first borrowed money from HFC in 1998. I'll call this account A. I paid it off after some difficult times, then, in 2003, I borrowed more money off them to consolidate my debts. Yes, I know, I must have been mad. Anyway, that gives me account B. With a lot of difficulty, I paid that off in 2006, and this is the defaulted account. Finally, unable to get credit anywhere else (presumably due to the default), and in need of money in a rush due to changing jobs and moving down the other end of the country, I borrowed money again - account C.
Now here's the thing - HFC have sent me copies of my loan agreements for loans A and C, but not B. All I have for that one is statements. They might conceivably argue that they kept account A open and just leant me more money on it, but the numbers are all completely different.
Moreover, they charged me a PPI premium on account B (shown in the statements), and they haven't supplied me any copies of anything for the policy. Now I'm thinking, OK, if they mis-sold the PPI (pretty sure they did here unless they can prove otherwise), and my getting behind on the payments included the mis-sold PPI, and they don't appear to have a copy of any agreement relating to loan B, maybe I can get the default removed.
The whole thing is baking my poor beleagured brain, but there seems something fishy in a loan with no copy of a credit agreement.
And there's still no reply from the fos! I suppose it's a good thing that lots of people are giving the banks some stick.
HFC / Household Bank PPI Refund
added on top. I assume they must have been including the interest
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Re: HFC / Household Bank PPI Refund
Originally Posted by MarmitetheCat
