Beneficial Finance / HFC - PPI Claim ** SUCCESS **

[ShaneG2009]

Hi guys

 

You guys ran me through an issue i had with Beneficial Finance in early 2009 and i went through the whole CCA request process with them, i had all the arguments about them not providing it to me and them suggesting their failure to provide it to me was just my excuse not to pay the loan off etc.

 

Anyway they then proceeded to pass the debt to a debt collection agency. I issued them the letters obtained from here about not acknowledging debt with them and received no response.

 

It now stands that i have received no correspondence from either HFC Bank or any Debt Collection agency for around 3/4 months. Should i issue a follow up letter to 'cover my arse'?

 

Your help would be much appreciated...once again!

 

Thanks

 

Shane

[harrassed senior]

Have you sent the Account in Dispute letter yet, as it is not automatically in dispute and until you do that.

 

I would advise to 'let sleeping dogs lie'.

[ShaneG2009]

Hi

 

Yes, i believe i have sent all applicable letters. HFC did initially supply me with a personal complaint advisor but after me writing back with copies of all the letters i had previously issued, she went quiet...actually i never heard anything more from her. That was until the Debt Recovery companies got involved.

 

Firstly i had a letter from Moorcroft and i responded with the 'i do not acknowledge debt to you' letter and they gave up. Then about 3 months ago i had Robinson Way get involved. I issued them the same letter but this time i got a response saying the would investigate the matter and get back to me - i have heard nothing back from them!.

 

The trouble with having these unresolved debts is that i am currently saving for a house deposit and i am betting that HFC haven't removed their entries with the credit reference agencies so i suspect if i dont get some kind of resolution i will find it very difficult to get a mortgage when the time comes.

 

Can you remind me the content of the 'Account in Dispute' letter and i will check my files to see if i have issued one similar?

 

Thanks for your help.

 

Shane

[ShaneG2009]

Hi

 

Can anyone assist me with the PPI calculation for a loan i have with Beneficial Finance / HFC.

 

The following figures are directly from the agreement i have with them:-

 

OPTIONAL PAYMENT PROTECTION INSURANCE

 

1) Decreasing term life insurance (Single) = £247.29

 

2) Accident, Sickness & Unemployment = £480.83

 

3) Total Cash Price = £728.83

 

4) Add Interest @ 31% APR = £612.88

 

Total Sum Payable = £1,341.00

 

Sum is payable by 60 monthly installments of £22.25 commencing 10th May 2003.

 

 

Hopefully the above is helpful for someone who is familiar with the calculations needed?

 

The above was all payable on a loan of £3000 (total payable to HFC with interest was £5,527.80. This commenced on 10th May 2003 also.

 

Hope you guys can help out

 

Thanks

 

Shane

[dx100uk]

you charge them 8% stat from the date of each monthly 22.25

to the date of your claim.

 

use

http://www.egalegal.com/compoundWindow.html

 

rests = 12

 

dx

[dj1971]

Shane, I have done the calculations for you in the attached spreadsheet.

 

Just so you understand what I have done, it goes like this:

 

1) Total cost of PPI

 

2) Add compound interest charged.

 

3) Plus 8% simple interest on each monthly repayment from date of each repayment until date you get your money back. As we cannot know this date at the moment, for the purpose of this calculation I have used 31/10/10.

 

4) Finally we add PPI plus compound interest and calculate 8% simple interest from date of loan settlement until date they refund your money. Again I have used 31/10/10 for this calculation.

 

Now write a letter to them outlining why you beleive the PPI was mis-sold and requesting a full refund of all monies paid in line with the FOS guidelines.

 

Send the letter to their customer service address and post either special/recorded delivery and keep your receipt as proof of postage.

 

They will have 8 weeks to investigate your claim and reply with a full and final response.

 

Good luck

 

DJ

[dj1971]

Oops! forgot the attachment Shane.

[ShaneG2009]

DJ

 

Thank you so much for this! I owe you one!

 

Wow £2k...what a result if i manage to get some of that back!

 

Thanks again

 

Shane

[ShaneG2009]

Hi

 

My mum issued a CCA request to HFC bank on 14th October and today we have received a response.

 

They have specifically asked my mother to provide a signed CCA request as proof of identity. We left the initial letter unsigned as instructed. Should we re-issue with a signed name?

 

Any assistance would be ideal. Will they just use the signature to export onto other documents?

 

Thanks

 

Shane

[dpick]

Hi this is a copy of the letter you want.

 

 

 

 

 

Thank you for your letter dated xx/xx/xxxx in which you say that you will not comply with my request dated xx/xx/xxxx under s.78(1) of the Consumer Credit Act 1974 unless I provide you with a signature.

 

There is no requirement under the Act that require a s.78(1) request to be accompanied by a signature, and I am unable to accede to your request.

 

Further, I note that you have sent statements and correspondence containing sensitive private information to me at same address as that detailed in my s.78(1) request. If you are concerned that you are corresponding with the correct person I wonder why you have not verified the information before.

 

As you are aware, disclosing data without adequate checks of identity is contrary to the 7th principal of data protection, listed in schedule 1 of the Data protection Act 1998. The time to confirm my identity was before you sent your first threat letter.

 

My request for a true copy of my credit agreement under section 78(1) was made on xx/xx/xxxx and the 12 working days for your compliance expire on xx/xx/xxxx. I note that there is no provision that removes the requirements of the act to provide this information on time, even if you are unsure of my identity.

 

Please now comply with your legal obligation without further delay.

 

dpick

[ShaneG2009]

Dpick

 

Thanks for the advise - i have drafted a response using your guide above and will post it off tomorrow.

 

Thanks

 

Shane

[ShaneG2009]

Hi people

 

Just a quick update...following DJ's post and also PM giving me the calculations against both mine and my mums potential claim with HFC / Beneficial i have issued them letters detailing the amounts believed to be repayable.

 

I guess they now have 8 weeks in which to consider the claim. I wonder how they will take it with the current pending test case?

 

DJ again...thanks a lot for the work you have put in to helping me out!

 

Shane

[ShaneG2009]

Hi people

 

An UPDATE.

 

My mother and i have today received a response to our PPI claims with HFC / Beneficial Finance.

 

Below is the exact content of both of our responses (sorry no scanner)

 

' you have recently made a complaint about the sale of your Payment Protection Insurance (PPI) policy. Having reviewed your complaint we can confirm we are unable to provide a final response at the moment. This is because the standards against which your complaint should be assessed, namely the Financial Services Authority policy statement on PPI complaints and guidance published by the Financial Ombudsman Service are the subject of legal proceedings between the British Bankers Association (BBA) and the FSA and FOS. HFC Bank and its subsidiary companies are members of the HSBC group who are members of the BBA''

 

The letter then goes on to say the BBA think the August 2010 provisions released by the FSA are incorrect and that the BBA has sought clarification from the courts.

 

They say they cannot respond and/or make a final decision on our complaints under such comments has been made by the Courts.

 

They also say in the meantime they will:-

 

1) Register our complaints

 

2) Keep us informed if there are material developments in the court case that affect our complaints

 

3) Revert to us when the matter has been resolved through the court; and will not take account of the delay for the purposes of calculating any applicable time bar period either in relation to court proceedings or for calculating any period within which a complaint should be referred to the FOS.

 

Finally they say they are obliged to tell me of my right to refer my complaint to the FOS and have included a leaflet for such purposes.

 

 

So that's the opening salvo in our attempt to get the PPI paid back. I vaguely remember reading there was a response letter to go back to a reply such as the one we have received?

 

Do we just wait until the case is settled in court or do we write back to them?

 

Thanks for any further help in advance.

 

Shane

[dj1971]

Shane,

 

Write back to them and remind them of the FSA's instructions to banks that they expect them to process PPI reclaims as normal.

 

If they still refuse to investigate, refer your claim to the FOS and send a copy to the FSA.

 

Good luck

 

DJ

[ShaneG2009]

Hi DJ

 

Letters in response have been drafted and i will be sending them first thing tomorrow morning!

 

Cheers

 

Shane

[ShaneG2009]

Hi people

 

Just a quick update on the above issue. I have today received via Robinson Way DC a copy of the signed CCA which is a one page document backed up with one page of T&C's - i assume this counts as an assignable agreement.

 

Since my first letter to HFC in January 2009 this is the first sign of the document i have seen. I wonder why they could not provide it to me yet they have provided it to a DC after such a long time?

 

Robinson Way are doing what all DC's seem to in demanding immediate repayment of the debt which is circa £1800.

 

I have received no letter of assignment from HFC so where do i stand with Robinson Way?

 

It may also be worth noting that on 14th October 2010 i issued my claim for mis-sold PPI to HFC which they have acknowledged and put on hold pending the results of the judicial review. Being that the claim for PPI is well in excess of the balance do you think there is any mileage in saying to Robinson Way i am not paying a cent until i receive my PPI money back?

 

Or is this situation as simple as saying to RW that the debt has not been legally assigned so they have no right to payment?

 

As you can probably tell i am at a bit of a loss on how to deal with this situation so you advise would be greatly appreciated!!

 

Thanks in advance

 

Shane

[ShaneG2009]

BUMP

 

Please help people

 

Thanks

 

Shane

[harrassed senior]

It is my understanding that your outstanding claim for PPI refund puts the account in dispute until such time as that question is settled, so you could remind RW of that.

[ShaneG2009]

Thanks

 

i have drafted a letter asking for proof of assignment from RW. I have not received any information from HFC that they have sold / assigned the debt (FYI RW are the 2nd DCA to try their luck on this one, moorcroft were first but went quiet when i sent them the account in dispute letter)

 

I have also included in my response a paragraph on my PPI claim with HFC stating that the balance owed is far less than what they state is owed on the original debt.

 

If RW were able to prove they have been properly assigned / sold this debt would i have the right to seek repayment of the PPI claim from them?

 

I am in two minds as to whether to hit them with a double whammy letter saying:-

 

1) prove your have been legally assigned the debt

2) by the way a ppi claim exists on the account and if you can prove the debt has been assigned i will pursue you for repayment.

 

thanks for the help

 

Shane

[colwilson]

I've just had the same letter and will respond as advised. Let me know how you got on.

 

Hi DJ

 

Letters in response have been drafted and i will be sending them first thing tomorrow morning!

 

Cheers

 

Shane

[colwilson]

Can someone clarify the below as I'm not quite clear on what is meant.

 

Shane,

 

Write back to them and remind them of the FSA's instructions to banks that they expect them to process PPI reclaims as normal.

 

If they still refuse to investigate, refer your claim to the FOS and send a copy to the FSA.

 

Good luck

 

DJ

[dx100uk]

no neither are many banks tec.

 

it is NOT a blanket stay on PPI reclaims

 

continue your reclaim.

 

as advised, write to HFC and advise them both the FSA and the FOS are down on record as saying 'firms should process all claims as they normally would,.

 

if HFC do nowt more then wait for the 8 week deadline from your first letter of reclaim

 

then off to the FOS.

 

if the ombudsman agrees with your claim, the its LEGALLY BINDING and HFC must cough up, REGARDLESS to the state of this supposed court stay

 

and thats from my Adj whom i spoke to on Friday.

 

dx

[ShaneG2009]

I will keep everyone up to date. HFC have had our second letters stating they should carry on my claim despite the legal challenge for nearly a week now.

 

Will be interesting to see how they react.

[ShaneG2009]

Hi guys

 

Attached is what i received via RW DCA in regards to my HFC personal loan.

 

Receiving this has taken nearly 2 years (first letter to HFC was January 2009)

 

Can the well informed have a review over this and advise if HFC have complied fully with the CCA request?

 

I want to draft a response to RW's 10 day deadline and would appreciate any feedback i can get.

 

Thanks

 

Shane

[ShaneG2009]

Now attached...apologies!

 

Shane

SG HFC.PDF