vjohn82 vs. HFC (PPI Claim) **WON**

[vjohn82]

HFC have made an offer in full settlement to place me in the position I was in before I took the loan and PPI.

 

However, the FOS has indicated that HFC will be looking to "set off" against the loan balance. The "loan" itself was sold to Aktiv Kapital many years ago and is now statute barred.

 

I suppose I'm just wondering where I stand with this?

 

Any advice appreciated.

[DonkeyB]

Surely before you had the loan and PPI, you didn’t owe them any money? Therefore they should give it back!

 

Was the PPI taken as a lump at the start? Who’s to say you didn’t pay that bit off first?

 

Moreover, you had no agreement with Aktiv Kapital, so how can they be a beneficiary of an agreement you entered into?

 

I think there’s a few threads around on this kind of ‘offsetting’. Worth a trawl.

[vjohn82]

Cheers DB... page 2 contains the relevant loan contract and PPI stuff.

 

I found this on the FOS website too...

 

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/40/40_setoff.htm

[vjohn82]

Cheers DB... page 2 contains the relevant loan contract and PPI stuff.

 

I found this on the FOS website too...

 

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/40/40_setoff.htm

[DonkeyB]

key points as I see them:

 

– the account from which the firm transfers funds must be held by the customer who owes the firm money (FAIR ENOUGH)

– the account from which the firm transfers the money – and the account from which the money would otherwise have come – must both be held with the same firm (OH DEAR – WHOOPS!)

Edited October 11, 2011 by DonkeyB

[vjohn82]

Funnily enough, that's exactly how I see it too

[patrickq1]

– the account from which the firm transfers the money – and the account from which the money would otherwise have come – must both be held with the same firm (OH DEAR – WHOOPS!)

a big WHOOPS you dont owe a carrot dude game over ,

patrickq1

[vjohn82]

Ok, the FOS agreed with me and HFC Bank have been forced to concede defeat.

 

I have signed my offer form but have said that they process the paperwork and payment 28days + 5.

 

Has anyone been paid out quicker? It would be nice to have it before xmas.

[DonkeyB]

Good. That’s a useful bit of knowledge to tuck away for future reference.

[vjohn82]

Pretty chuffed... this has been a long road which I was never going to begin travelling. Smiles all around now.

[dx100uk]

welldone!

 

knew they'd crumble aLWAYS do.

 

just WATCH their figures though!

 

if it doesn't match your SOC refuse it and ring the FOS straight away.

 

dx

[vjohn82]

It was more than I wanted... so that's good enough for me. I just want to know when I get it hahaha

[dx100uk]

what you wanted and what they should refund are two diff things john

 

i got mine about 1 mts ago in less than 10days

though that was bacs

 

dx

[dx100uk]

is this loan still running?

sorry long thread

 

dx

[patrickq1]

i got my HFC payment before 21 days VJ , I sent an email to the Director and Accounts Manager with a bluff that i was not satisfied with the terms they offered ie payment , it was in my bank 7 days after they reseived my leter and by the time i accessed the funds it worked out 21 days ..ime still argueing with them over the higher interest rates and the accounting they do, as far as i can see they are using the american method of accounting which is different from the advised method by the FSA ..so i await the FSA 's andswer to thsi ime hopeful they have to readjust the payments and pay me back the excess of overcharging.

patrickq1

[vjohn82]

HFC have used the FSA guidelines for calculating the redress... until I have that payment in my bank I'm not saying anything else about the figures.

 

Got an email address Patrick? I'll bung them a message saying I want the dosh sooner... they owe me it considering they lied in their letters to the FSA.

[vjohn82]

is this loan still running?

sorry long thread

 

dx

 

No it's not... which was why it has taken so long to get them to accept that they owe me the money directly and do not have the right of set-off.

[vjohn82]

i got my HFC payment before 21 days VJ , I sent an email to the Director and Accounts Manager with a bluff that i was not satisfied with the terms they offered ie payment , it was in my bank 7 days after they reseived my leter and by the time i accessed the funds it worked out 21 days ..ime still argueing with them over the higher interest rates and the accounting they do, as far as i can see they are using the american method of accounting which is different from the advised method by the FSA ..so i await the FSA 's andswer to thsi ime hopeful they have to readjust the payments and pay me back the excess of overcharging.

patrickq1

 

Patrick... do you have the email address for the Director and Accounts Manager?

[patrickq1]

Will pm you all details the woman i dealt with has gone but i got more addresses will pm you all data of almost all top guru's their

[vjohn82]

Cheers mate

[the tinkerman]

If you don't mind giving some advice please

 

I opened a thread regarding PPI and the set off issue

 

My situation is have original copies of a couple of CCA with PPI added from years ago and paid them up in full. have them stamped so.

 

But have another loan with a balance outstanding with same company to which I have lost the original agreement from about 2002/3 I think and I have sent for a CCA request to check out the PPI to see if it will cover my o/standing balance. don't think it will but they state that they have not got the original agreement AND ARE NOT PLAYING BALL.

 

Therefore my question is if I stopped paying the o/standing balance on my current loan due to no CCA and put it into dispute, if I then claimed for MY PPI on the agreements that I have the originals of from years ago, could they still set off the PPI against my outstanding loan if it was in dispute due to no CCA.

 

Any thoughts please

[vjohn82]

They could set it off against an outstanding balance in your situation. Having no CCA makes little difference in the grand scheme of things because the FSA/OFT still accept that a liability exists on some level.

 

However, if the PPI was missold then there is a potential for the entire loan to be written off. But that's going into some very technical arguments and I would need at least £1/2 million before I consider helping you

 

Seriously though, missold PPI is a nightmare for the finance industry right now. Challenge it anyway and see if it reduces your overall balance... use it as a stick/carrot depending on your circumstances.

[dx100uk]

If you don't mind giving some advice please

 

I opened a thread regarding PPI and the set off issue

 

My situation is have original copies of a couple of CCA with PPI added from years ago and paid them up in full. have them stamped so.

 

But have another loan with a balance outstanding with same company to which I have lost the original agreement from about 2002/3 I think and I have sent for a CCA request to check out the PPI to see if it will cover my o/standing balance. don't think it will but they state that they have not got the original agreement AND ARE NOT PLAYING BALL.

 

Therefore my question is if I stopped paying the o/standing balance on my current loan due to no CCA and put it into dispute, if I then claimed for MY PPI on the agreements that I have the originals of from years ago, could they still set off the PPI against my outstanding loan if it was in dispute due to no CCA.

 

Any thoughts please

 

HFC didn't with me

 

i've had 4 lots from them on old loans, none were offset against the current.

 

the only time they offset was PPI on the current loan, then they took the arrears ONLY.

 

dx

[vjohn82]

Swings and roundabouts... we all have odd experiences with HFC don't we? Proper clown outfit... I have a story to tell when mine is over.

[the tinkerman]

Hi guys

 

Sorry did not get back in touch with you yesterday evening, had to take my son to emergency docs.

 

Surely though vjohn82 they would at least have to provide a reconstructed version of my CCA (which would do me fine because it would have to include any PPI ) before they could set it off against my outstanding balance otherwise how can the FSA/OFT still accept that a liability exists on some level if the bank cannot provide either.

 

On the subject of PPI that was missold and the potential for the entire loan to be written off, I did read something about that on a thread from this forum dating back to 2009 BUT CAN I FIND THE DAMM THING! could have saved myself a cool £1/2 million

 

(If ONLY) Wish I had £1/2 of £1000 nevermind £1/2 million vjohn82 :violin:lol

 

Been to the dark side with debt vjohn82 and only for the help and advice from CAG and people like yourself and dx I don't know what would have happened but hopefully now begging to see light at the end of the tunnel and give them a taste of their own medicine.

 

Speaking of which what I forgot to mention was as I stated earlier I am 100/% certain that my current loan was opened either in 2002/3 yet they stated in their correspondence when they could not find the original CCA for the following account number that was opened on the xx Nov 2005:???: