We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

HFC Loan/PPI

Options
citygal
citygal Posts: 67 Forumite
Hi all, haven't written on this forum for a while been busy with work, but I sometimes come on and read some of the threads and I have been reading several threads about the possibility of cancelling PPI on a loan and avogirly sent me a template of a letter which can used to complain- THANKS AVOGIRLY! :T

So, about 15 mins ago, I rang up HFC with whom I have a loan and told them that I wanted to cancel my PPI payment, they told me that I could do so at anytime, but would have to come in and rewrite the loan (problem is, I live and work in Dubai :confused: ). They then told me that the loan re-payment which I am paying now per month £202.60 would only be reduced by £1 if I didn't have PPI! How is this posible? :mad: Right now I owe them £11000 but without the PPI it would be £6200 and yet I am STILL paying a lot! They also told me that I would not get a penny back from the PPI that I had paid in- not even a partial refund! When I questioned them, they said that it's because I took out PPI on the loan and not myself- I am so confused!!! Anyone ben in a similar situation?? What would you do? Go ahead in writing and complain to both thme and the financial ombudsman? Can I do this from overseas, or is it imperative that I come back to the UK and sort it out?

Would appreciate any help! :confused:
Debt /Overdraft/Everything Free December 2007 :j

Comments

  • Rafter
    Rafter Posts: 3,850 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    citigal,

    This sounds like a secured loan which is sometimes sold with 'single premium' payment protection insurance.

    With this type of loan there is no refund of PPI if you cancel part way through.

    I'm guessing the payment reduces slightly because you are paying interest on the original PPI amount, which would no longer apply - not sure of this though.

    I think the board examples on here so far have only applied to unsecured loans with insurance which is spread over the life of the loan, rather than this upfront variety.

    Sorry!

    Maybe there is someone else on here who has other ideas about how to get some of your insurance money back.

    R.
    Smile :), it makes people wonder what you have been up to.
  • citygal
    citygal Posts: 67 Forumite
    Thanks Rafter for the prompt reply! It's actually an unsecured loan I'll wait and see what others on here say...my advoice in the meantime to anyone is NEVER TAKE OUT A LOAN- ESPECIALLY WITH HFC!!!!!
    Debt /Overdraft/Everything Free December 2007 :j
  • Hi hope you guys are well

    Can somebody send me a draft letter for cancelling my PPI if possible.

    Regards

    SB007
    :j
    Debt Currently: £42,000 December 2005

    Target Debt Free Date: December 2009

    Hopefully quicker with the help of this website :beer:
  • sb007 wrote:
    Hi hope you guys are well

    Can somebody send me a draft letter for cancelling my PPI if possible.

    Regards

    SB007
    :j

    I Pm'd you yesterday with it? Did you not receive it. Let me know and I'll resend it.
    October make £10/day currently £11.02
  • Citygal.
    How long have you had the loan for and what does it say on the documentation? Have you read through everything?
    Is there any chance of getting a settlement figure (if you can settle early) and then moving to another loan without PPI, or does your credit score not allow this?
    Most loans can be managed online or over the phone, so it shouldn't cause you too much of a problem working abroad.
    Sorry I cannot be of any more help, but please don't give up.
    October make £10/day currently £11.02
  • citygal
    citygal Posts: 67 Forumite
    Oooops-forgot all about this message I posted before :o
    Thanks Avogirly- yeah I'll try and ring them soon.
    Debt /Overdraft/Everything Free December 2007 :j
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.