Hi i need some advice and to see if anyone else has experienced a similar sales technique with this firm.
I took out a Loan with HFC Bank (Beneficial Finance) after purching a PC from PC World,
over the course of the next two years i was persistently contacted by representatives of BF who wanted to "talk to me" about taking out a loan with them.
I finally had a meeting with them in November 2008 where they give me a sales pitch that seemed to good to be true (it was),
in this meeting they told me and my partner that they would offer me a loan that would consolidate all my outstanding debt.
Their adviser also told me that as my Credit rating was not the best that while the initial interest on the "new fully protected loan" would be high approx 38% over a term of 84 Months,
and that after a period of 6 month of repayment they would look again at the loan interest and either reduce the % rate charged or the term of the loan.
Now after having the loan for 6 months i was contacted by one of their advisors who said that he would be looking into this as agreed
and would get back to me (Which of course never happened).
As my payment remained the same and therefore thinking that my loan term must have been dropped (which it wasn’t) , i foolishly let the matter be.
In the mean time the branch of BF (HFC) where i was sold the loan closed.
It wasn’t until November 10 when i contacted BF (HFC) to find out how much i had left to repay
where i found that after 24 monthly repayment of £199.00 that i owed more than the initial amount that the loan was taken out for.
i questioned this with the individual i spoke to on the phone where i was told that the company had had a change of policy in 09 whereby they did not review loans after they had been sold.
Upon finding this out i made arrangement to get rid of this loan at the earliest opportunity, (i was lucky others i see on the forum have not been).
Now that was that all done and dusted at the close of 2010
Enter 2012 and upon reading of the success of people on various forums reclaiming PPI
i had a go at HFC Bank, on the letter i also mentioned that i was unhappy with the way in which the loan was sold.
I got the standard fob off letter from HFC + a questionnaire to fill in, but before i had a chance to send it back i received a dismissal letter from them.
However in the letter i also received a response to the manner in which the loan was sold. I was told that:-
"The interest rate of your loan was fixed and could not be altered at a later date.
It was not standard practice for our branch staff to advise a customer that the interest rate on their account would be reviewed after 6 Months.
Furthermore, i can find no record that you were advise this at any time.
I am therefore unable to agree you were misled in any way when opening your account"
Now i never stated this in the letter i sent all the points above, it was going to be one of the points i raised in the questionnaire i received?
Now i will be taking my PPI Claim to the FOS due to the offhand manner in which it was dealt (as well as the original misselling)
but should i also complain to the FOS about the original manner in which the loan was sold?
My question is has anyone else experience this sales technique with BF (HFC) ??