HFC would I be wasting my time.

[ims21]

Did you use the spreadsheet that dx linked you to?

[ATRO]

I used the FosCI and then the statint as I don't have all statements, just a record of transactions.

 

Is that right?

[ims21]

[ATRO]

A bit of advice/help if possible please.

 

I have today received a letter from HFC upholding my complaint, 2 problems however!

 

Firstly they have calculated the amount using an 8% statutory interest rate meaning the amount is a great deal less than it should be.

 

Secondly because it is less than it should be it is less than the charged off amount and they are taking all of it against the monies still owed to HFC bank, they sold this to Aktiv Kapital who were actively chasing it until it was proved to be statute barred, are they within their rights to do this?

 

Do I need to go back to them and tell them to recalculate the interest as this was a running credit account (personal loan plus), and do I have a case for them to be repaying to me or are they well within their rights to keep it?

[ims21]

For a running credit account you should get back the premiums paid and any contractual interest charged as a result of those premiums. In addition, if the reconstructed account produces a credit balance for any period then you will get 8% simple interest on that credit balance for that period.

 

How was their offer broken down into the individual components?

[ATRO]

They broke it down into 67 premium payments at a cost of £2204.56 (19p different to mine but we won't quibble about that) and then 8% interest at £2142.44.

 

I have just tried to ring them but they didn't want to talk about it.

[ims21]

Write and ask them for a full breakdown of how their offer is calculated and ask them why they have appear not to have refunded contractual interest charged as a result of the PPI premiums applied to the account

[ATRO]

Do you think it is worthwhile to just pass it straight on to FOS to deal with? Its one I didn't contemplate winning really so happy enough for it to take as long as it takes?

 

Just wondered why they aren't saying they will give it to the DCA and instead saying they will keep it, bit strange considering there is some activity after it was passed on.

[ims21]

If it were me I would challenge them first ....quicker than going to fos.

 

When they say they will keep it they mean they will set it off against the amount owing. See previous posts on this.

[ATRO]

I understand what you're saying about setting off, but is the debt still officially theirs? If they sold it on I assume it became the property of the DCA?

 

Just re read your earlier post about setting off, misunderstood it originally.

[ims21]

If they have sold it then no it is not officially theirs.

 

Case law would suggest that they cannot set-off under these circumstances but fos appear to be taking a different view and agreeing that set-off can happen even when a debt has been sold.

[ATRO]

Strange stuff!

 

I wasn't really expecting anything from this so I will just pass it straight to the FOS and make them fully aware with supporting documentation the debt that HFC claim to be owed is somewhat different due to activity since they sold it on, how they could still then find in HFC favour would be interesting.

 

Nothing ventured nothing gained and I assume my "complaint" to FOS would cost HFC a fine?

 

Thanks for all your help thus far!

[ATRO]

Firstly, sorry I haven't been around in a while!

 

I sent my complaint to the FOS and received a call from them yesterday. They have spoken with HFC who confirmed to them they sold the debt to Olympia in 2005, they adjudicator I spoke to (nice chap) is awaiting documentation from them to prove this and informed me if this is the case then they can't set off and must refund me. He also told me that he is awaiting their calculations for the figure they came to and whilst he hadn't studied what I claim it should be he confirmed it should be premiums paid, plus contractual interest plus statutory interest.

 

So I've left things in his capable hands and he said he hoped he would have some news for me soon but definitely within 28 days.

 

Fingers crossed!

[ims21]

Sounds very promising then

[dx100uk]

great news

 

nice about the offsetting too

 

usually they don't get involved or side with the bank

 

dx

[ATRO]

Well well, after a bit off mind games an offer has been made!

 

I've signed the acceptance and sent back, will keep thread updated once money deposited and make a contribution.