HFC Personal Loan Plus PPI claim

[Heidi205]

Hi Everyone,

 

I've recently began my claim after reading a lot of stuff on here, on an old HFC Personal Loan Plus account that ran from 2001. to 2007.

 

So far I have done a Subject Access Request and got a list of transactions and a copy of the credit agreement from HFC.

 

At the moment I'm stuck with the spreadsheets to work out the interest I can claim. Do I use the Compound Interest calculator to work out the 28.9% APR for each monthly PPI fee for the time the loan ran which is MAR 2001 to FEB 2007. Then Statutory Interest of 8% added to each payment from the date added to present day?

 

This is all a bit confusing.

[dx100uk]

do you know from the agreement what you paid PCM for PPI

 

its normally stated

 

dx

[Heidi205]

Yes it was 0.55% of the balance according to the agreement. It was one of those loan accounts that ran like a credit card. But a loan with a cheque book. From the SAR I have a full list of the exact amount of PPI for each monthly statement.

[dx100uk]

aha ye old current account plus

 

lots of them here

 

type in HFC in our search top right of the GREY toolbar

 

lookout for daveib thread, ims21 & ME!! in the list it shows

 

you use the CISHEET

 

This second spreadsheet is a compound interest calculator and can be used both for PPI claims and Charges Reclaims on Revolving Credit Accounts such as credit cards. Compound interest is not an award that fos will give in respect of PPI claims but it can be used in PPI cases that are pursued through the courts. It is the standard sheet that is also used for charges reclaims both on credit cards and loan accounts where interest in restitution is claimed.

 

CISheet v101.xls

 

work out their avg APR

[use this site to convert the monthly int rate to APR

http://www.stoozing.com/calculator/apr-rate-converter.php]

 

put that in cell D15

 

then input EVERY PPI PAYMENT from the statement

each on a new row

 

the spread will do the rest

dx

[Heidi205]

So in the CISHEET spreadsheet I use the 28.9% APR Stated on the agreement and statements? Then for the claim from and to is from when the account was first started until the last payment made?

[dx100uk]

yep

claim to date is until the account closed or int was stopped

 

as an aside

most people that had CAP has other loans before/after

 

did you.

 

dx

[Heidi205]

The loan refinanced another loan I had with HFC but there was no PPI on that one according to the SAR info I got from them.

[Heidi205]

I'll get started on the spreadsheet now. I'll post it up as soon as I've typed 6 years worth.

 

Thanks for the help. Much appreciated.

[Heidi205]

Finished the Compound Interest Spreadsheet.

I've attached it so you can see if I have done it correctly.

 

Now what do I do?

[dx100uk]

ideally you should not be posting pers info in anything you attach

 

now take that £2k+ figure

and put it in this spreadsheet [the full figure]

 

use the end date of your last claim as the date it was levied

 

that will give you the 8% stat int

you are entitled too from the date the account closed till today

[the spread will do it for you

 

This first spreadsheet is the latest version of the statutory interest calculator and is used for Single Premium PPI cases. It can also be used where rollover PPI is involved, i.e. a new loan re-financing a previous one and where PPI is included in one or more loans. It can also be used for S69 redress calculation on any sum, like on a closed/frozen interest PENALTY charges claim.

 

StatIntSheet v101.xls

 

 

dx

[Heidi205]

That's great thanks. Also no personal info is on the spreadsheet. ;-)

[dx100uk]

wrong thread for the comment

 

when you've done the other spread

 

time for the FOS CQ.

 

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

 

MY personal pref is to pick the strongest PPI reclaim reason

 

and use that ALONE

rather than a scatter gun approach of MANY reasons

 

what would that be in your case?

 

dx

[Heidi205]

I still have the original agreement.

 

It was done in my local branch and I asked at the desk about taking out another loan

so I could reduce the payments on the existing one as I had reduced the hours at work and was earning less and needed to reduce my outgoings.

 

they sat me down and asked a few details about my address, income, etc.

 

They then produced the agreement I have that has my name and address printed on it, and also an X added to the boxes for ppi and life insurance.

 

Then came the hard sell for the PPI and life insurance and told my application would likely be turned down if I didn't take them out due to my change in circumstances.

 

as I was young and nieve, believed what they said, and desperate to reduce my outgoings I signed it.

 

The £495 life insurance is hand written in biro and I have the original.

 

I'm doing that as a seperate claim at a later date as a seperate claim as I want to keep things simple as possible.

[dx100uk]

yep

 

like all of us around the country

 

they made £100'000's in commission

 

are you saying that the life policy is another loan

and was paid sep....not Take.5. is it

 

see the other HFC threads

this sounds very alike

dx

[Heidi205]

The life/accident Insurance was their own cover. (Hamilton Insurance) Of course they went for the platinum level and never even mentioned there were cheaper policies available. The life cover fee of £495 was added to the amount borrowed. So combined with the PPI half the cost of the loan was insurance alone. With the Insurance that was added to the loan upfront, how do I work out the Interest on it?

[dx100uk]

treat is as ppi [for calc] see no.1. below

it wil be a % of each months payment

 

dx

[Heidi205]

I worked out that 26.67% of the monthly payment was the life insurance, but as is was a loan account that ran like a credit card the monthly payments varied depending on the balance each month so not sure how to work it out. Would it be best to work out an approximate average and use that as an approximation and let HFC calculate it to the exact amount if my claim is upheld?

[dx100uk]

that seems high

 

26%

 

dx

[dx100uk]

total cost of life/cost of total loan * 100 =%

 

dx

[Heidi205]

The original amount was £1360 and the Life Insurance was £495 so 26% seems about right

[dx100uk]

so the rollover from the old loan it refinanced was only £100-200?

 

dx

[Heidi205]

The £1360 was the rollover/refinance, then they tacked on the £495 insurance to make it £1885. Then added ppi at 0.55% of the balance each month.

[dx100uk]

look right then

can you scan up that agreement please

 

set your default scan page size to A4 less than 300DPI [150 will do]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc using paint program

but leave all monetary figures and dates.

*********************************************************

{DO NOT USE A BIRO OR PEN OR USE SEE THRU TAPE OR LABELS]

try www.pdfescape.com TO BLANK STUFF,

*************************************************************

or

DO IT IN MSPAINT.EXE or any photo editing program

goto one of the many free online pdf converter websites ...

http://freejpgtopdf.com/

..

if you have multiple scans/pics

put them in a word doc FIRST and convert that to PDF

or use www.pdfmerge.com

 

convert existing PC files to PDF [office has an installable print to PDF option]

..

 

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

try and logically name your file so people know what it is.

though dont use full bank names or CAG in the title

i'e Default notice dd-mm-yyyy TSB

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

.

dx

[Heidi205]

Hope this works. No scanner so had to use a digital camera instead.[ATTACH=CONFIG]45184[/ATTACH]

[dx100uk]

yep all ok

 

little fleecers

 

pers i'd inc that in the PPI reclaim spread

 

26% of any payment you made was for life ins.

 

dx