Hfc

[wills7]

I have complained the the FOS about HFC wanting me to take out a new loan which would double my monthly payments if i wanted to cancel my PPI. I've rang the FOS today who have told me that HFC failed to respond to their letters and that the complaint is now going to an adjudicator.

What is the likely outcome now. All i wanted to do was cancel the PPI, keep my paymnets as they were and recieve back the amount i had paid on the PPI?

Will HFC get their knuckles wrapped for refusing to play ball and return my PPI and keep the loan as it is?

[dosh]

How long have you had the loan for

[wills7]

4 years

[dosh]

I just cancelled mine on saturday, but It was within the 30 days period, They had to set up a new loan for but with the same interest rate, so i didnt loose out.

They have a bad reputation, Go and get your money from them. they dont have to set up a new loan for you, they are rogues

[wills7]

Is it likely the FOS will rule in my favour? And if they do am i entitled to ask for the rebate in a cheque rather than have it decuted from my loan?

[reidnet]

Is it likely the FOS will rule in my favour? And if they do am i entitled to ask for the rebate in a cheque rather than have it decuted from my loan?

 

 

It is your money, so you choose how you want it paid back. Do not let them bully you into having it taken off the loan balance.

 

Good Luck

 

Ian

[wills7]

Thanks Ian - fingers crossed i get this sorted asap as it seems to have been dragging on for so long.

Do you think the adjudicator will side with me?

[reidnet]

Fingers crossed that he goes in your favour, as they have not even bothered their backsides to respond to the FOS then hopefully this will act in your favour, I suppose its a bit like they are not defending the complaint.

 

Some of these companies think they are above the law and even above the regulating bodies, We I can name one company that really think that.. GE. I have been fighting with them since October last year and have eventually got a court date of Dec this year.

 

Good luck and if you need any help , Just shout.

 

Ian

[wills7]

I recieved a letter today telling me that they would cancel the PPI and keep the repayments the same and i would not have to take out a new loan!! BUT no mention of a rebate from what i have paid.. what do i do now, i thought they had to give you something back???

[reidnet]

Have the mentioned if the term of the loan will be reduced ?

 

Ian

[wills7]

Hi

yes it will be reduced... they've just given me the total figure and and the figure i'll pay every month till it's paid off..

[reidnet]

What you can do is to Calculate your Monthly Premium times the number of months that the term has been reduced by to give you an equivelant amount of what they are refunding for the PPI.

 

Ian

[wills7]

That would work out roughly £1500 give or take a few quid

[wills7]

While this is being investigated by the FOS am i still obliged to pay my monthly amount?

[reidnet]

While it is being investigated you should still pay your monthly payments, your complaint is about PPI and not the whole loan so to be on the safe side I would still continue to pay the monthly payments.

 

so they have offered around £1500 as a refund in a round about way, What was the actual cost of the PPI policy plus interest paid on it.

It is then up to you if you accept their offer, if you accept it they would tell the FOS that the matter was resolved.

 

Ian

[wills7]

it was about 3500 roughly.. i could really do with a cheque rather than them knocking it off the loan at the mo.

By the way, my complaint about the ppi was not that it was mis-sold just that i wanted to cancel it.. does that make any difference?

[reidnet]

Hi,

It does make a bit of a difference.. I pressume that the PPI was a single premium policy added onto your original loan.

 

You can ask them to refund the difference by way of Cheque, bearing in mind that you will have to then continue your montly payments at the original amount and for the full original term of the loan. Either way the choice should be yours and not theirs on how you want the refund. That of course is only my opinion.

 

Ian

[wills7]

As the loan was restructed at my request a few years ago they are telling me now that the insuarnce was cancelled when this happened an so i'm not entitled to any sort of rebate yet on the letter they sent me they are saying it will be cancelled from October 2006. I have know idea as to weather they are telling me the truth or not about if i'm entitled to anything back! i'm v confused!