Skintboy v HFC (PPI)

[skintboy69]

Greetings to you all.

 

This is my first (and probably last) PPI claim and I could do with a few pointers.

 

Firstly, it isn't really PPI at all. I have had a Current Account Plus with HFC for years. For all that time I have been paying £1 per month for insurance. I have, of course, seen it on my statements and although I have asked about it on several occasions over the years, They always talked around it and never gave me an explanation.

 

Getting on for a year ago, HFC closed ALL current accounts. I requested a copy of the credit agreement in December 2008 and so far they have produced nothing at all: however, in the course of one of my many telephone calls to them, I asked what this £1 is for. They eventually (and reluctantly) told me it was Life Insurance to cover the debit balance on the account.

 

A couple of weeks ago I received a letter from HFC saying that they had cancelled the policy and would like to refund the 'premiums' for the last 6 years + 8% interest. Unfortunately they messed up the calculation and the total for 6 years was just over £57 .

 

This, finally, is the point of these ramblings. Can I claim ALL the premiums back or is it restricted to 6 years? Can I claim interest at their own rate rather than 8% ? and, in the absence of an agreement, how can I find out how long I have had the account? I think it was opened about 1985 but I really don't know.

 

Cheers, T.

[Dipply75]

Hi Skintboy

 

My first thoughts are that they have admitted liability, and I am guessing this is to do with them being fined for this sort of carry on.

 

You could send a full SAR, but unsure if this would get you the really old historical stuff, if they even have it.

 

You could work out an estimate based on £1 pe rmonth for X no of years and just ask for that, plus any interest they charged you PLUS the 8% statutory interest....get to a figure you would be prepared to accept and see what they say!

 

If they don't want to play, tell them you will just ask the FOS for their decision and report them to the FSA for not complying with the terms of their fine *am sure they got a substantial discount on the fine for agreeing to contact folk voluntarily and settle claims etc

[skintboy69]

Hi Dipply,

 

Thanks for the quick response. I agree completely about the SAR. I'm absolutely certain that they don't have the old stuff, otherwise they would have sent me the CCA and I would start paying them again.

 

I could calculate a SoC from, say, 1990 which I think would be fair to them and see how they react. Personally, I prefere the courts to FOS. It seems to concentrate their corporate minds and it is a lot quicker.

 

Watch this space.

 

Cheers, T.

[Dipply75]

Personally, I prefere the courts to FOS. It seems to concentrate their corporate minds and it is a lot quicker.

 

Watch this space.

 

Cheers, T.

 

Very true

 

Well, theyve admitted liability so its really just a haggling issue now. Daft question but I don't suppose at any point, them deducting that £1 at an inconvenient time put you in OD or caused a charge of any kind?

 

(as that is the sort of ridiculous thing that happens to me!)

[skintboy69]

It used to happen to me all the time too but I'm a good boy now.;-)

 

There will be a time for the charges, but as it is a bank account, it will have to wait for a bit until the banks get a third boot in the ring (so to speak).

 

God speed the day.

 

Keep the faith.

T.

[skintboy69]

I have now produced a Schedule of Charges for this insurance lark. I did get confirmation from HFC that the account was indeed opened in 1985.

 

I had to do the spreadsheet in 2 parts because there wasn't one long enough for all the entries, 288 . It is amazing how the interest adds up.

I have deceided to just claim interest at 8%. If I followed my usual practice the total would probably put the claim in Fast Track and I can't be bothered with the grief; mind you, if they get stroppy about it I will up the anti .

 

Back to my original question though. Is there a problem with claiming back as far as 1985? If there is a 6 year limit I have the option of claiming for 6 years at the contractual rate (maybe with interest in restitution as well).

 

Any input would be appreciated.

 

Keep the faith.

 

T.

[skintboy69]

Greetings all.

 

I have sent HFC a preliminary request for repayment of premiums and interest @8%. I dare not claim interest at contractual rate, the sum would be enormous. Their 14 days are up on Wednesday and it will be time for the LBA.

 

As I said in my previous post, I have asked for the return of premiums going back to 1985. Can I do that?? I've read through all the stickies and can't find a definitive answer.

 

Any advise would be most welcome.

 

Cheers, T.

[alanalana]

No harm in trying to get it all back IMO

 

They may kick off and give you back six years worth but I have seen something that states it is six years back from 2007. If I find the detail I will post.

 

I managed to claim back to 1997 on loans with PPI added. Went via the FOS and had settlement of over £10K four months after submission to the FOS. The biggest problem was getting the information from the bank.

[skintboy69]

Thanks Alanalana. LBA will be in the post on Thursday morning.

 

I messed around with a spreadsheet @27.7% back to 1985. The first payment of £1 attracted intrest of £345.00 and getting on for £2k in the first 6 months. I think I'll settle for 8%.

 

I don't think HFC have any paperwork at all for this account - certainly not that old: nor do they have an agreement. It should be quite a laugh when/if it goes to court.

 

Thanks again for the support.

 

T.