Are HFC Desperate?

[Dirty_Dog]

Just to put this to rest once and for all, the reason they keep contacting you is because HFC do not accept 'new customers'. They're business id driven through taking existing customers (introduced through our retail partners) and increasing the amount they are indebted to us.

 

For example - you take out a £700 TV retail agreement for curries.

 

Your details are then passed to the nearest branch who solicit you and entice you into a consolidation loan so...

 

You pay off curries, 2 credit cards and a store card totalling 6000 for example.

 

You now owe HFC 6k

 

3/6 months down the line the leads are recycled so we call you to find out if we can 'better' the service you have, ie entice you into further lending.

 

There may be some valid points about signed credit agreements going missing, but trust me, as an ex employee the organisation is so disjointed, if they didn't have a signed credit agreement they wouldn't know anyway.

 

The only reason (in 99%) of cases is to increase your indebtness to the company as surprise surpise that's how they (a money lender) make money.

 

Hope that answers some of the questions that have been asked on here.

[Scooby_Doo2]

Just to put this to rest once and for all, the reason they keep contacting you is because HFC do not accept 'new customers'. They're business id driven through taking existing customers (introduced through our retail partners) and increasing the amount they are indebted to us.

 

For example - you take out a £700 TV retail agreement for curries.

 

Your details are then passed to the nearest branch who solicit you and entice you into a consolidation loan so...

 

You pay off curries, 2 credit cards and a store card totalling 6000 for example.

 

You now owe HFC 6k

 

3/6 months down the line the leads are recycled so we call you to find out if we can 'better' the service you have, ie entice you into further lending.

 

There may be some valid points about signed credit agreements going missing, but trust me, as an ex employee the organisation is so disjointed, if they didn't have a signed credit agreement they wouldn't know anyway.

 

The only reason (in 99%) of cases is to increase your indebtness to the company as surprise surpise that's how they (a money lender) make money.

 

Hope that answers some of the questions that have been asked on here.

 

 

As an ex-employee myself, I can confirm Dirty_Dog's post is completely true.

 

New customers are accepted, but very rarely.

[121o121]

Thanks for your input guys!

[Vulture_Bank]

have we all visited marbles.com

 

Welcome to marbles.com

 

it says

 

 

As of 12th April 2007 we will no longer be accepting any new applications for the marbles credit card. If you are an existing customer, you can continue to log into your account using the "my account" button on the left of this page. if (cashback =="Y") { document.write(spend_Cashb); } If you are an existing marbles cardholder, you can continue to access the following cardholder benefits:

Safe Shopping Promise and

[monopoly23]

yes we have rumbled THEM

 

HFC History

 

HFC Bank was established in 1973 as the UK arm and wholly-owned subsidiary of Household International Inc, one of the largest independent consumer finance businesses in the United States.

In the UK, we have adapted and moulded ourselves over the last 30+ years to ensure we have remained at the forefront of consumer finance. Initiatives such as being the first high street lender to open on a Saturday and having children´s play areas in our branches have helped keep us ahead of the pack.

In 1998, HFC Bank merged with Beneficial Bank resulting in a new bank in terms of scale, size and opportunity. This merger was a significant milestone in our history - expanding our market presence and improving our growth potential.

In March 2003 both Household International Inc. and HFC Bank Ltd became part of the HSBC Group. Subsequently HFC Bank has become a limited company.

 

AND HFC HAVE BINNED ALL THE PAPERWORK !!!!

 

http://www.consumeractiongroup.co.uk/forum/post-603698.html

 

So won't this then apply?

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft020.pdf

 

On page 11 in the 'Points to Note' it states:

An ‘individual’ may be a sole trader or a partnership as well as an ordinary

customer. On the other hand, a limited company can never be ‘an individual’;

and an agreement relating to credit provided, goods hired, leased, rented or

bailed to a limited company can therefore never, in normal circumstances,

be a regulated agreement.

 

Thought this may be of relevance.

[Scooby_Doo2]

So won't this then apply?

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft020.pdf

 

On page 11 in the 'Points to Note' it states:

An ‘individual’ may be a sole trader or a partnership as well as an ordinary

customer. On the other hand, a limited company can never be ‘an individual’;

and an agreement relating to credit provided, goods hired, leased, rented or

bailed to a limited company can therefore never, in normal circumstances,

be a regulated agreement.

 

Thought this may be of relevance.

 

 

This actually means that if HFC Bank Ltd were to enter into a contract where credit was provided to them, they would be defined as a limited company and therefore the Consumer Credit Act does not normally apply to said contract.

 

Where HFC provide credit to an individual, then the CCA does normally apply.

[monopoly23]

Yeah thanks. I didnt read it properly and only realised yesterday lol. :o

[Andrew66]

When I asked for a settlement figure from HFC it came to almost as much as my owed balance. When I questioned this I was told that they add on the interest that would have been paid had I continued to pay monthly and then deduct the 20% settlement discount. I've just finished one agreement with them and have a few months to go with another. Never again will I use thiss bunch of clowns to finance anything. 29% APR? I don't know how they get away with it.

[monopoly23]

Hanen't you erer heard of Vanquis??? 59.9% is about right, whatever your credit history. If you're lucky you might get 46.6%... lol

[Scooby_Doo2]

Hanen't you erer heard of Vanquis??? 59.9% is about right, whatever your credit history. If you're lucky you might get 46.6%... lol

 

Provident Personal Credit have done APR's which are near on 200%. The largest I've seen was 176.5%. Thing is, these are tiny loans - £50 to £100. So the rate seems massive, whereas the actual interest charged in £'s is not. These are also doorstep lending and collecting - very high risk and therefore very high rate. I'm not sure if this company is still going though - it was over 7 years ago that a client showed me the contract.

 

The biggest risk to banks though is not poor paying customers, it's fraud. But that's another topic entirely.....