HFC bank PPI offer

[twinkles123]

Hi

 

I'm in need of help before i respond to HFC,

 

I took out a £2000 loan in 2002 and stopped making payments in 2004 as everytime i was late paying back they charged me between £40 to £50

 

after calculating all the late payments they kept charging me and I kept paying

 

I was well over the amount of the loan I had initially taken out at 26% APR.

 

Finally i decided to stop paying altogether.

 

They have tried to collect the money through debt collection agencies who I have ignored since then,

although occassionally i receive threatening letters from different debt collection agencies whom I assume they sold/sell my debt to.

 

In August i realised HFC had charged me PPI when i took out a loan and wrote to them requesting repayment for the PPi.

 

They have now responded (a few days short of 16wks) to let me know they are willing to make an offer for £500,

 

however if accepted this payment will be going to cover the remaining balance of the loan i stopped paying in 2004 (arrears - £1500).

Not sure what to do,

I would have preferred to pay off the loan in installments to the debt company as i am really struggling financially and the repayment will be a great help.

 

I feel they should pay me the £500, they wrongfully charged me,

not to mention i was stupid enough not to request a refund of the extortionate late charges last year.

 

Any advice will be appreciated as to how i deal with this.

 

thanks inadvance for all advice

[ims21]

Hi

 

You should look at reclaiming all of those late payment charges as well.

 

With regard to the PPI, have you got the original loan agreement and the account statements?

 

ims

[twinkles123]

hi

 

Thanks for responding,

I came across the agreement which they sent in 2002

although its not signed by myself,

 

unfortunately i threw away statements they sent me after i made a decision to stop paying them

after several phone calls asking them to reduce the charges each time which they refused to do

and were always extremely rude

 

thats when i stopped paying in 2004 because i figured with all the late charges i would have finished paying the loan already

but i was constantly paying interest and charges.

 

Unfortunately i don't think i would be able to reclaim the charges after the courts ruled in favour of the banks .....

unless there is some loop hole ?..

. How should i respond to the current offer of payment which they will put towards the outstanding loan....

 

 

thanks again

[dx100uk]

oh!!!!!!!!!

 

my fav subject........

 

the bank ruling has NOTHING to do with LOANS!

 

have you got all the statements?

 

if not SAR HFC

 

you are in for a SERIOUS windfall

and that will blow HFC out the water...bang

 

lookout HFC incoming!!!!!!!!

 

you are prob owed £1000's!!

 

and as for the stupid £500 PPI offer ...stick it HFC

 

get that SAR off

 

dx

[ims21]

Hi

 

You need to check that the offer is correct first.

 

Also you can reclaim those charges plus interest. This is a loan account. The Supreme Court ruling related to current accounts.

 

Can you post up the agreement as a PDF file (MINUS ALL PERSONAL INFORMATION)

 

ims

[ims21]

You beat me to it this timd dx

[twinkles123]

dx and ims

 

Yipeee, thats the best news I've heard all year,

 

I will certainly be sending HFC the SAR letter,

I'm not sure how to upload the agreement as i don't have a scanner but will upload tomorrow.

 

I can't believe the cheek of HFC, after all the charges they put on my loan (which I can still reclaim) they had the cheek to offer me £500 with one hand and take it away with the other,

i will certainly be claiming all the charges now..

 

.I guess i shouldn't be too happy yet incase they find another way of getting out of it.

 

On another note, dx i know you said HFC should stick their £500, I truely wish I could tell them to do that but I am in so much financial trouble the £500 would have been a great help..

 

.do you reckon there is a way i can still get that and propose to pay off the remainder of the load in instalments?..

 

Also, not meaning to be cheeky but i am having issues with Quickquid and payday express,

do you know any sites that give advice on dealing with loan sharks,

they have refused to accept offers i have made to pay back loans

i have been borrowing for at least 2 years where i have never failed to make a payment untill a couple of months ago when i lost my job.

 

They keep putting up interest every month and one account is over £1000 due to interest as they say they will continue to do this till i pay the full amount

even though i explained my situation at the time and offered an amount.

 

sorry to add this on as well but your epertise in any of these areas will be greatly appreciated

 

twinkle

[ims21]

Hi

 

If you get the correct amount of PPI back plus interest and you get the charges back plus interest you may find it clears the loan balance.

 

First step...SAR....don't accept their PPI offer yet.

 

You can get some great advice on the PD loans in our PD Loans forum.

 

ims

[ims21]

Hi

 

Here's the PDL forum link for you

 

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?228-PayDay-loans

 

ims

[twinkles123]

dx and ims

 

Yipeee, thats the best news I've heard all year,

I will certainly be sending HFC the SAR letter,

I'm not sure how to upload the agreement as i don't have a scanner but will upload tomorrow.

I can't believe the cheek of HFC, after all the charges they put on my loan (which I can still reclaim) they had the cheek to offer me £500 with one hand and take it away with the other,

i will certainly be claiming all the charges now..

 

.I guess i shouldn't be too happy yet incase they find another way of getting out of it.

 

On another note, dx i know you said HFC should stick their £500,

I truely wish I could tell them to do that but I am in so much financial trouble the £500 would have been a great help...

do you reckon there is a way i can still get that and propose to pay off the remainder of the load in instalments?..

 

Also, not meaning to be cheeky but i am having issues with Quickquid and payday express, do you know any sites that give advice on dealing with loan sharks,

 

they have refused to accept offers i have made to pay back loans i have been borrowing for at least 2 years where i have never failed to make a payment untill a couple of months ago when i lost my job. They keep putting up interest every month and one account is over £1000 due to interest as they say they will continue to do this till i pay the full amount even though i explained my situation at the time and offered an amount.

 

sorry to add this on as well but your epertise in any of these areas will be greatly appreciated

 

twinkle

[twinkles123]

cheers ims, i'm looking at the link you've sent.

x

[twinkles123]

I have decide to return the PPI offer letter crossingn out the part they put in about me agreeing the money offered

will pay back the loan (well some ofit anyway) and write letting them know i amin financial hardship

but am willing to pay of the remainder of the loan at an agreeable sum each month.

Do you think this is a wise move?.

 

I will state the account mentioned above for legalities sake.

 

let me know if this could be a good idea or maybe just sign and return the paper work

and not receive any money as it will go to the outstanding amount.

 

i will send them an SAR next week for the charges they put on my account though.

 

thanks heaps for your advice

 

twinkles

[dx100uk]

dont do anything like that yet

 

simply write informing them that you do not believe

the PPI refund to be correct

 

and that following FOS advice you will shortly be sending HFC an SAR

to attain all the evidence needed to carry out a proper reclaim

inline with the FOS guidelines.

 

say NOTHING ELSE

 

dx

[twinkles123]

Hi dx

 

I wil certainly be follwing your advice and will update you with HFC's response. Your advice sounds more professional and no beating about the bush, whereas my idea was just going to lead me onto a cat and mouse game.

 

Thank you

 

twinkles

[dx100uk]

no problem

 

just know how to deal with them after many many successes

 

NEVER EVER give them any room to wriggle & always

prove that you know what you are going on about

 

they were fined £1.8M for mis-selling compulsory PPI systematically to 100,000's of people

 

and they are VERY FIRMLY under the FOS radar at present as they are back to wriggling and short changing people at every turn again.

 

dx