HFC account with PPI sold to 1st Credit and now SB'd

[fuzzybobble]

Hi all,

 

I had a HFC Personal Plus loan.

One of those credit card style rolling credt accounts where the min amount is paid by direct debit and you had a cheque book.

The account ran from Feb 2001 and I stopped paying in FEB 2007 when I moved house, as I was paying over £60 a month and the balance hardly decreasing.

 

In 2010 the account was sold to 1st Credit and it's now Statute Barred,

as I took great delight in writing and informing them they wouldn't be getting a penny from me.

 

The HFC account had PPI added at 0.55% of the outstanding balance each month.

Just waiting for the SAR to return statements so I can do the spreadsheet and work out the 8% interest.

 

I also noticed a front loaded 5 year life insurance fee of £495.

Now as this was a rolling credit account,

can I claim compound interest of 28.8% for the life of the account for this £495?

When I stopped paying the balance was only £200 lower than the £2000 I borrowed at the start.after 6 years.

 

How I should work this out?

 

I'm not sure what percentage of the life insurance would have been paid off each month and it doesn't state this in the credit agreement.

 

The loan was to settle a previous loan, and I'm hoping the SAR will give me documentation to claim on that one too.

[ims21]

Hi

 

I had one of these revolving credit agreements with HFC but there wasn't a life policy attached to it, just PPI.

 

Any chance you can post up the agreement?

 

Please remember to remove all personal identifiers first though.

[fuzzybobble]

Hope this works.

 

[dx100uk]

so it was a rollover too?

 

ukdarren & Daveib [ I think]

 

both have these

 

 

i'm doing ukdarren's calcs at present [well sort of]

 

dx

[fuzzybobble]

Yes it was a rollover. Can't remember if it had PPI on it. Knowing HFC and how keen they were on selling it, it likely to have PPI. I know the previous loan was a standard one, so the PPI was likely to be added as a lump sum with the loan amount. As I have the account numbers for both I asked in my SAR for all information HFC have for me.

[fuzzybobble]

Another thing I noticed while searching through the paperwork.

Default balance was £1900 yet when 1st Credit bought the account it shot up to £2,150. So before Selling it looks like HFC has added a pile of charges. Let's hope the SAR reveals something. Just checked the Royal Mail website and they signed for it on Friday 26th April.

[dx100uk]

me thinks you are going to be arguing with the mass shredding the HFC did

to hide the £1M's they made out of people

 

dx

[fuzzybobble]

I know what the final balance was. Started out at £2k and ended up 7 years later at £1900. So easy to estimate the PPI each month was around £10. And I have the agreement that shows the Life Insurance amount and interest rate. Seen a few SAR's from people who have got info from HFC from around that time. So fingers crossed. They sent the agreement via a CCA request 2 years ago, so they should have everything else saved too.

 

In my SAR I have asked for the certificates of destruction for any info that is missing. So hopefully that should stop them doing the Barclaycard trick of not sending all the statements.