HFC have taken me to court

[dx100uk]

hehe

 

knowing HFC i bet it WASN'T cancelled and that prob all you are paying off now.!!!

 

and ofcourse their charges.

 

you sound like one of thetypical cash-cow customers they have got on a string

 

i bet restons had you in court when if there were no charges/PPI you wouldn't of owed anything.

 

tell us the history.

 

might be worthwhile also reading up on the PPI PDF's on the FOS website

 

they are none too enlightened by HFC [and neither am i - i hate them!]

 

fined then £1.8M some months back - and they still fleece people blind

 

dx

[santamonica]

The history is we took a loan for £8000 at 22.9% APR this with the ppi resulted in a total debt of over £16000 payable over 5 yrs. Just realised even if they did cancel the insurance we were still paying for it as it was added on to the loan at the start and the balance owed didn't drop. Still owe about £4500 so getting the ppi and interest taken off this would be a HUGE relief.

 

I've started the ball rolling and filled in the form from the FoS. Let's see what happens.

 

xx

[patrickq1]

go get em mate and listen to DX follow his advice to the letter you wont go wrong also their are no shortcuts so follow his advice they probably owe you money so you also need to send a Sar notice to get full details of all charges and payments , i am in the process of going through another charge against them for mis calculations , if you read the FSA how to calculate loan finance they explain the method wher as HFC use the American method for calculating loand it would result in you on 8000 paying aprox 10.00 per month extra on the loan without you even noticing this

patrickq1

[ims21]

And don't forget that HFC have already been fined £1.8 million for their mis-selling practices

 

ims

[santamonica]

Do I just send the the fso consumer questionnaire or should I send all the paperwork i have concerning the ppi?

[dx100uk]

yep send everything

 

i would also be inclined to do an SOC [excel spreadsheet] of what you expect them to refund you.

 

shows you know what you are on about

 

look at the case examples on the PDF's there too [FOS site]

shows how to calc your reclaim.

 

dx

[patrickq1]

dont forget DX the Questionnaire is their own and not the FSO and the particular wording on their questionnaire is full of trick questions so i would be more inclined to send them your own words and ignore the questionnaire that HFC send , so in your own words as to the circumstances would suffice my opinion only

patrickq1

[santamonica]

Got a reply from HFC today saying they are upholding part of the complaint. They have offered £3100 approx. Their calculations are roughly £1800 for PPI and the rest is the 8% interest. They also say that all paperwork for the PPI has been destroyed.

If they are offering £1800 for the actual insurance I think they are basically saying that is all we paid to it before the debt went into default. I know this isn't the case as the insurance was added to the loan and when they defaulted us they didn't take the balance of the PPI off the total amount.

The total PPI with interest was approx £3500 so I think they're offer is low.

Should I now take this to the ombusman and ask them to investigate? I didn't send a copy of all the paperwork to HFC but I do have it and can send it to the Ombusman.

If I do take it further and they don't find in my favour does this mean I then wouldn't be able to accept the offer from HFC?

 

Thanks in advance for any advice xx

[dx100uk]

hfc will always short change you

 

reply , saying you do not accept the offer as their calcs are wrong

inc any paperwok you need too to prove your point

 

and the destroyed paperwork - yep typical excuse to absolve them from coughing up as they know they should

 

dx

[santamonica]

I've done my calculations and I work out that so far we have paid £2731.40 in PPI (£1000 more than they say we have).

We still have an outstanding balance of £4422 which will include approx £964 towards PPI. Is there anything I can do about this so I'm not paying it as I presume once I accept any offer it will be full and final.

Can anyone tell me what the 8% interest would be on the £2731, I can't seem to get any of the calculators on the site to work on my laptop.

[dx100uk]

thats not how you do it.

 

read No.1 in my or ims21's sig

 

dx

[santamonica]

Hi dx,

I read No.1 in your sig and went through statements checking payments and based my calculation on the scenario in No.4 'how do I know what the payment relating to ppi was'. My exact situation isn't mentioned so followed the one most suited to my situation. xx

[dx100uk]

the 8% runs from the date of EACH PPI PCM payment

[santamonica]

Oh right, thanks for that, will redo my calculations and see what I come up with. Hopefully I'm owed enough to clear the balance xx

[santamonica]

Done the sums again and calculated they owe £4776. The balance still owing on the account is £4400 but approx £964 of that will be PPI because it was a single premium and added on at the start.

So if they agree with my calculations should I request the balance of £964 be taken off the outstanding balance? If they don't do this can I then put in a further claim for the remainder of the PPI?

[dx100uk]

fill this out with the date of every monthly PPI payment

 

now see what you get.

 

 

dx

[patrickq1]

also looking at the 8% if you look at your contract you may find that the interest charged for the ppi is about 22%

or whatever they have written on their contract

[santamonica]

After giving myself another headache trying to get my head around all this I think I might have just got it.

 

Based on No 1 in dx100uk's sig I have used the calculation that 21.8% of every monthly payment I have made was towards the single premium PPI included in the loan. I've filled in the spreadsheet and I'm owed £4780. Can someone have a quick look at it please??

 

The letter they sent said if I don't accept their offer I can complain to the FOS. Should I write and give HFC one more chance or just go straight to the FOS with all the paperwork I've got.

Should I also request that 21.8% of the remaining balance should be wiped off as it equates to further payments for PPI?

HFC interest 2.pdf

Edited November 6, 2011 by santamonica

[dx100uk]

why is are the PPI payments not all the same?

surely you were paying the same PCM payment each month??

 

dx

[dx100uk]

ps

 

dont post up XLS stuff

your info can be seen under properties

 

ALWAYS convert to PDF before posting

 

scan the required letters/agreements/sheets

as a picture file

remove all pers info inc barcodes etc using paint

but leave all figures and dates.

goto one of the many free online pdf converter websites

convert the image to pdf format.

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

or use word and save as pdf

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

NB:you can set where it goes in the post by hitting insert inline.

the hit reply button

dx

[santamonica]

why is are the PPI payments not all the same?

surely you were paying the same PCM payment each month??

 

dx

 

No, when we got into difficulties new payment arrangements were made or we paid what we could every month. Its only been the past 2 yrs or so that we've been making the same payment every month.

 

Thanx dx, now converted it to pdf.

Edited November 6, 2011 by santamonica

[ims21]

After giving myself another headache trying to get my head around all this I think I might have just got it.

 

Based on No 1 in dx100uk's sig I have used the calculation that 21.8% of every monthly payment I have made was towards the single premium PPI included in the loan. I've filled in the spreadsheet and I'm owed £4780. Can someone have a quick look at it please??

 

The letter they sent said if I don't accept their offer I can complain to the FOS. Should I write and give HFC one more chance or just go straight to the FOS with all the paperwork I've got.

Should I also request that 21.8% of the remaining balance should be wiped off as it equates to further payments for PPI?

 

If the figures for the payments you have put down are 21.8% of every payment you have made to the account, then your figures are OK.

 

You don't need mention anything about the remaining balance yet to be paid, that will be adjusted when they cancel the PPI from the loan.

 

As advised, write back and say that you disagree with their figures and this is what you expect and enclose a copy of your spreadsheet.

 

ims

[patrickq1]

that was exactly how i made my claim and then added a further 8% and called it compound iterest ..i received in full what i asked for but not before several letters ,dx calculations are correct way but when i re read the contract it did mention compound iterest added on monthly basis

patrickq1

i am trying to get a settlement figure from them but they will not budge from the grand total of x amout monthly payments so ive got about 40 payments left an they will not allow an early settlement figure ?

[santamonica]

Can anyone help me compose a letter to HFC saying I don't accept their offer . I've tried writing one but can't seem to get one that reads ok.

[ims21]

Can anyone help me compose a letter to HFC saying I don't accept their offer . I've tried writing one but can't seem to get one that reads ok.

 

 

Hi

 

Post up here what you have composed so far and we can have a look at helping you finish it off.

 

inms