How did I end up with PPI from HFC

[groovycaz]

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

[Guest Old_andrew2018]

Hi

groovycaz

 

This could be interesting, why not as you have the original, send the CCA request, you know that you did not tick the box, once you have this check it closely to see if the PPI box is ticked.

 

You could then post both on the site and wait for the advice to roll in, something here is not quite right!.

 

Regards

 

Andy

[groovycaz]

HI all,

Ive discovered ive been missold PPI by HFC, I as callled by one of their sales people a few years ago offering finance and took out a loan for £7500, I never ever take out PPI as self employment prevents me from claiming, from past experience whey ou try and claim they want to see your end of year acounts and as our business in run in 2 parts, my Husband was still working, although the loan was in my name only, they added up front on the loan PPI of £2013.48p, then charged me interest of 17.5%. I made 43 payments of £173.79. then requested a redemption figure, the loan was over 84 months. the settlement figure was £5679.91 which they state was calculated in accordance wih regulation 3 of the consumer credit act and rebate for early settlement was £1630.43. well if the total borrowed was £7500 and they added PPI with interest at 17.5% over 84 months total = £14,598.36 and I paid 43 payments of £173.79 = £7472.97 + redemption figure of £5679.91 totals £13,152.88, thats £1445.48, the figures dont add up and I made every payment on time so no penalties, Now after writing to them they are giving me the run around, 1st they claimed to be looking into my complaint and would respond "shortly" now ive had a letter this morning stating that at this present time they are unable to resolve my complaint as their investigation is yet to be concluded and as soon as all the relevent information has been gathered a full response will be issued in writing. I didn't need to S.A.R - (Subject Access Request) them as I still have all my docs, took the loan out in Jan 03 and settled in August 06, I first wrote to them on 25 April, can anyone advise what next?..Gc

[Hopeful1]

Hi Groovycaz

 

Have a look at this link:

 

http://www.consumeractiongroup.co.uk/forum/announcement.php?f=111&a=115

 

Unfortunately i came across it too late as my HFC acc is now subject to legal proceedings. However, the 2 solicitors have been very helpful anyway. It may be worth e-mailing them to see what they think.

 

Unfortunately i am very miffed off with HFC and completely advocate making their lives as difficult as possible

[groovycaz]

Thanks for the link Hopeful1, I think I will email them as Im sick of getting the run around and its all so, time consuming, If I pursue this myself I know it will go on forever. Thanks again will let you know the outcome..Gc

[groovycaz]

Hi all,

still nothing from HFC so sent them £10 with SAR, Ive all the original docs, so will wait and see what they come up with, I did'nt want them having my sig so a pal of mine sent one of her cheques..Gc

[groovycaz]

Hi all,

ust an update really, sent SAR and HFC have replied twice saying that they will comply by july 27th, got letter yesterday saying that they have'nt finished their investigations to my complaint and that I could take my complaint to the financial ombudsman service, however they hope I do not decide to take this course of action.

What do you think, stalling tactic, or they cant find a copy of my CCA, ive got them both, the original one, and the one they sent me 2 weeks later with another CCA printed on the back of the welcome letter (which I did not see) where they included PPI, I dont think they have a copy of my sig either, any direction anyone?..Gc

[groovycaz]

Bump bumping

still heard nothing, any idea's what my next move should be anyone please...Gc

[groovycaz]

Hi all,

The postman arrived this morning with a big bundle of letters from HFC, however they have not given me a copy of the original CCA showing I signed for PPI, despite my requesting it with a SAR, what next?..Gc

[Bog]

I would write back specifically asking for them to send the CCA or confirm in writting they have lost it.

[adamski]

Maybe you could send them a CCA request like this

I require you to supply the following documentation.

 

1. You must supply me with a true copy of the alleged agreement you refer to. This is my right under your obligation to supply a copy of the agreement under the legislation contained within s.78 (1) Consumer Credit Act 1974 (s.77 (1) for fixed sum credit) - your obligation also extends to providing a statement of account. I enclose a £1 postal order in payment of the statutory fee, PO Serial Number xxxxx.

 

2. You are notified that you are obliged to supply these documents, whether you are the original creditor or not under S189 of the CCA 1974.

 

Non-compliance with my request is a criminal offence under the above Act and will result in a report being submitted to the relevant statutory authorities.

Adjust to suit.

 

Then you will know whether they have it or not, if they do not then you should be given a full refund plus associated interest on the grounds that you were self employed (have you checked the t&cs of the PPi to check that you ere not covered for being self employed?) and that they cannot prove you agreed to PPI.

[groovycaz]

Thank you both for your reply,

Ive got all the docs, and the PPI did pay out for self employment, but I never signed for it because (from past experience) both my hubby and I run our business in 2 parts, he prints t shirts and embroiders badges, and I manufacture garments for bowling clubs, the loan was in my name only and to be able to claim, the insurance company would want to see end of year accounts and if I was to be taken ill, our business would still run, so they would never have paid out, thats the reason why I never ever take out PPI because this has happened to me before,

What they've done is give me 2 copies of the loan, the first is without PPI and a couple of weeks later they sent me another letter informing me of the date the loan would be paid directly into my account, but on the back of the letter was another version of the loan, where they had blanked out the sig boxes and had added PPI, which I did not notice, They defo dont have any agreement signed by me for PPI, ive got both the copies which they sent, I believe they dont have the original anymore..Gc

[adamski]

I think they will have no choice then but to pay up. thats why the invesitagtions taking so long

[groovycaz]

Thank you for the advise Adamski,

I'll get a letter sent back to them with a spreadsheet of the PPI added upfront on the loan and all the repayments I made on the PPI inc interest...Gc

[groovycaz]

Hi all

I sent a CCA request to HFC along with a postal order for £1 and the date for them to comply was 22nd August, they have'nt so do I proceed and complain, Ive calculated that with 8% they should repay around £3500, I'll look around other threads as this is my first claim on PPI and any advise would be much appreciated...Gc

[Hopeful1]

Hi all

I sent a CCA request to HFC along with a postal order for £1 and the date for them to comply was 22nd August, they have'nt so do I proceed and complain, Ive calculated that with 8% they should repay around £3500, I'll look around other threads as this is my first claim on PPI and any advise would be much appreciated...Gc

 

 

For starters i would ask for a copy of their internal complaints procedure as they have to respond once you start following that. When you've exhausted that, if they still haven't complied you will have a solid case to take to trading standards and FOS.

[stroke a badger]

Having just won a rather large claim against HFC for mis-sold PPI let me know if you need a hand

[Hopeful1]

Having just won a rather large claim against HFC for mis-sold PPI let me know if you need a hand

 

That sounds like a VERY good offer to me

[groovycaz]

Having just won a rather large claim against HFC for mis-sold PPI let me know if you need a hand

 

Thanks very much for the offer stroke a badger, and thanks for getting back to me hopeful 1,

 

I would appreciate any offer's of help with this one, although I've reclaimed bank charges this is my only PPI claim and I dont want to mess it up, its now about 5 months since I first wrote to them complaining that I'd been missold PPI after I'd looked through the CCA, I've been getting the run around from them since, while reading throgh the bundle of papers they sent me they log my complaint then its logged that no evidence of missold PPI but will offer a refund for early repayment, then on another page its logged that no refund will be offered, I'm 100% certain that they missold me PPI..Gc

[groovycaz]

Hey, stroke a badger, I've just had a look at your thread and must say congratulations on getting your cash back, I see that like myself you also paid PPI upfront, I was charged £1200, plus £813 interest on the PPI plus I made 43 payments of £23.79 and I dont believe I was given any credit with regards to early repayment, Im not quite sure how to work out what the early repayment figure should have been as they used the rule of 78 when they calculated the figure, so if you could quide me I would be very thankful...Gc

[stroke a badger]

Hey GC,

 

Do you still have a copy of the agreement or anything that relates to the closing figure. If you do it might be worth scanning them and posting them here but make sure you remove all personal information first

[groovycaz]

Hi Stroke a Badger, Yes I'll try and upload with photobucket, I have all the documents including my copy of the original CCA wher I did not opt for PPI, and Ive found a letter wher they informed me of the of the early redemption figure, which stated that the total amount payable before rebate is £7310.34 and rebate of £1630.43 so to settle the account £5679.91 but the figures dont add up.

The total amount payable including PPI over 84 months by their original chart is £14598.36, I repaid with 43 monthly instalments £7472.97 and they claim £7310.34 outstanding which would make the total £14990.25, so where has the other £518 come from? also Ive put a calculation of £8200 @ 17.5% over 84 months into Moneyfacts Loan Repayment calculator and the repayment shows up as £163.97 and not £173.79 which is what they claimed by DD every month.

On the PPI aspect they uploaded it at the begining of the loan, then charged 17.7% on top each month, Im a little lost lost as how to calculate what I should be asking them to return, although I have an Idea I'm not 100% sure, Il get the Docs copied and you can have a look..many thanks Gc

[groovycaz]

Hi all,

I received a letter from HFC and of course they deny miss selling PPI, they have enclosed a copy of the agreement with the PPI box ticked and claim that I agreed to purchase PPI and its up to me to read through the documents, they also claim that the PPI was discussed and the policy details were sent to me with a legal agreement for my pursual and signature, they also claim that i was advised to read the insurance documentation before deciding whether to purchase and it remained my desicion to make in the comfort of my own home, whether to tick the box of the legak agreement and that they provided all of the relavent information needed to make a decision, including the limitations and exclusions of the policy, that i needed to work 16 hrs each week and advised that applicants who are self employed qualify as long as they meet the relevant criteria aas laid out in the policy document and as the details i provided at that time satisfied their requirements i was eligible for the PPI and my application was successful.

 

none of what they claim s true, no-one ever discussed PPI with me

 

I did not tick for PPI, my copy is blank and the copy they sent me has a computerised tick with the signature strip blanked out.

there is no instance where this PPI would ever have paid out as I stated earlier, our busines would have still traded and they would have requested to see end of year accounts and claimed that I was receiving an income from our business which would have made any PPI unclaimable.

 

they then go on to say,at the time of completing my loan application the insurance advisors would have informed me that PPI was available in order to protect my monthly loan repayments and I would have been provided with information concerning the features, benefits exclusions and limitations of the PPI policy in order for me to make an informed decision whether or not to buy the policy and the decision to purchase a policy was not based on a recommendation from the advisor.

 

I wonder if they class their sales reps as insurance advisors, as I only ever spoke to one guy who called asking if I wished to take out a loan!!

 

They then go on to say that the FSA had recently imposed a penalty on HFC for failing to make and retain sufficient records for the sale of some PPI policies and that the policies concerned were sold through branches of Household Bank and Beneficial Finance (trading names of HFC Bank) between 14 Jan 05 and 27 may 07 and as my PPI was purchased at the time of opening my personal loan in Jan 03 the recent press release from FSA has no relevence to the sale of my policy:eek:.

 

They then go on to say that they have sold the PPI correctly and reiterate that all the relevant information was given and its customers own responsibility to read through all documentation.

 

They state that they relise this is not the conclusion I was looking for and that they are obliged to direct me to the FOS as the enclosed leaflet (missing) should I decide to do so, PHEWW.

so thats what I shall do,

any suggestions anyone please...Gc

[groovycaz]

Ive read that they are underwritten by Hamilton Insurance Compant ltd, yet I keep all my paperwork and have nothing from this Insurance firm, Ive also discovered that the PPI only pays out for 12 months after the initial 30 days and the loan was over 84 months, thats of no use to me whatsoever, I would never agree to this..Gc

Edited September 8, 2008 by groovycaz
error

[groovycaz]

Bump bump,

 

anyone there who can help me please...Gc