HFC/Household bank/beneficial finance.................

[Shazza50]

............or any other name they are calling themselves:roll:

 

Tried phoning a couple of companys that reclaim for you,

but as its not a straightforward claim they dont want to know.

 

So I thought I would ask here for advice and possibly help and go it alone

 

 

We took out a loan in 2004,

it was more or less said it would be better if we took out the ppi,

even though they knew I got 6mths full pay from my employer if I was ill.

 

A few years later I phoned and asked to cancel the ppi only to be told that the only way to do it was,

as they no longer did unsecured loans,

I would have to take out a secured loan to cover the original loan.

So as I didn't want to get a secured loan I just carried on.

 

Unfortunately, in 2009 I was made redundent, so as I had the ppi, I claimed on it for the 12mths.

 

I managed to get a job, but on reduced hours and money and arranged to reduce payments.

 

I have recently found out that the ppi policy has been cancelled because of the reduced payments.

 

I also believe the policy is what is known as front loaded.

 

I also have the agreement that shows this.

 

So, what I want to know is, do you think its worth me claiming?

Edited November 1, 2012 by Shazza50

[Shazza50]

Even though I have claimed on the policy, can I still make a claim as we didn't know the policy was going to be what I believe is front loaded?

[ims21]

You would need to establish whether it is worth claiming.

 

If you have received more in payouts than you have paid in then there is no point in reclaiming.

 

Have a read of No.1 in my signature about single premium PPI and you can use the spreadsheet at the end to help you work out the figures.

 

If you get stuck, shout here.

[Shazza50]

I have just been looking at our credit agreement,

and in the optional ppi box it has an amount for life insurance and an amount for accident, sickness and unemployment.

 

I was unaware that we had this life insurance.

 

Does this mean I only claim for the ASU part of the policy?

 

They both come under the one payment for ppi.

[ims21]

Claim it all

[Shazza50]

Ok, I think I'm just about ready to get the ball rolling.

 

I'm just clueless when it comes to spreadsheets .

 

Am I right in thinking that I just enter each date and amount paid and it calculates the 8% interest for me?

[ims21]

Yes.

 

Set the "claim to" date to today.

 

Enter each PPI payment you made giving the date of the payment, a description (e.g. "PPI Payment") and the amount. The sheet will do the rest for you.

[dx100uk]

see '0'in my link below

 

if you do not know the monthly cost of the ppi etc.

 

dx

[Shazza50]

I have now done the spreadsheet, minus the 12mths payments that were paid to me for redundancy. So I just need to write a letter stating why I want my money back, is that right?

[ims21]

You need to complete a fos questionnaire. You can get one from here

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

 

You then just do a brief covering letter enclosing the completed questionnaire and a print of the spreadsheet.

 

Does it work out that you are due back more than you received for the redundancy claim?

[Shazza50]

Thank you. I was paid out approx just short of £3000, but have still paid in approx £4000 plus interest.

[ims21]

[Shazza50]

I have finally got round to filling the form out,

 

is there a template letter to send to the lender asking for my money back? .

 

I got thinking while doing this,

before the loan we originally had finance with HFC through buying a computer from a high street store,

would this have had ppi added too?

 

I have no paperwork for this to check it out.

[dx100uk]

yes i bet it did!

 

might be better to SAr them

 

before you move anything further fwd?

 

dx

[Shazza50]

oh bugger, I've just finished filling out the forms . Can I not claim for this first and then SAR them for more info later?

Is there a particular address to send ppi claims to?

Edited November 11, 2012 by Shazza50

[dx100uk]

knowing HFC i would not no.

 

your claim will tip them off

 

dx

[Shazza50]

So, have I got this right?

I have paid £66.12 over 60mths = £3967,20 plus 8% interest = £5623,23.

 

They paid me roughly £2853 over 12mths for a claim

( I didn't include these payments on the spreadsheet, is that right?)

so I deduct this from the £5623,23 and thats what I hopefully will get back.

[dx100uk]

as long as you have entered EVERY PII payment individually in your spreadsheet

[each has its own line?]

 

then thats correct.

 

and correct, just deduct the total of their 'payout' to you from that total.

 

dx

[Shazza50]

:whoo:fingers crossed then

[Shazza50]

:whoo::whoo::whoo::whoo::whoo::whoo:

Got home tonight to an offer letter from HFC. There are two options for me to tick. I want to pay off the outstanding balance on the loan, but I'm confused as to how much money I will have left after its paid . Will someone take a look for me please.

 

 

 

 

 

 

[dx100uk]

wtf!!

 

let me get me marbles out.

 

can you upload your SOC please

 

dx

[Shazza50]

Is it that bad . Sorry, whats SOC?

[dx100uk]

no just the way HFC are making the whole thing so darn difficult for joe public to understand

 

typical though.

 

SOC = schedule of charges] YOUR spreadsheet

[Shazza50]

This is roughly what I expected to receive

 

ppi payments paid £3967

8% interest £1677

Total £5644

Minus ppi claim payments made £2851

Total £2793

Minus outstanding balance on loan £1900

Amount of cash left over to me £893

[Shazza50]

Its totally confused me, I don't know which box to tick . I presume its the second one as I do want to pay the loan off. I just want to get it sent off in the hope I receive the money in time for Christmas .