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HFC Disaster
Gina_Chiurlea
Posts: 12 Forumite
in Loans
Hi All.
I've posted this into the PPI thread also and was advised I may be able to get help here.
I'm new to all this and am desperate for help.
I took out a consolidation loan in 2004 with HFC. Walking through their door was the worst decision I have ever made (alongside marrying my ex-husband):rotfl:
I was told I had to take out the PPI due to being high risk otherwise they couldn't give me the money. They added this as part of the loan at the beginning of the 7 yr payment period meaning I have to pay interest on the whole amount. (Single Premium Policy) I believe it's called. Originally I was paying £216 per month but fell into difficulties when my I seperated from my ex and contacted them to reduce my payments temporarily while I sorted things out. They agreed over the phone to accept half (£136.21) per month. I have been paying this amount ever since as when I contacted them they said I couldn't go back to my original payments as they had extended the terms of my original loan to the new amount. I wasn't sure what this meant till today but I went to the bank to discuss my account and was offered to consolidate all my loans for a much better rate. I went to HFC for a settlement figure only to find out that the amount outstanding is £1,300 more than what it was 8 months ago and the outstanding balance is £6000 more than what it was 6 months ago. They also informed me that this was somehow due to the credit crunch and that I will be repaying the loan till 2016. WHAT THE HELL IS GOING ON!!!!:mad: I never recieved any confirmation of the extended terms which started in November 2005 and I have never been contacted asking if I agree to the extended terms or if I am happy to pay it for the rest of my life. the original loan I went in for was only £6500 and I've already paid back £7775. I seem to be paying and paying but the figures are going up instead of down.
Sorry for dragging it out so long but I'm so frustrated I cried in front of my bank manager today and even after calling them I was told they would log I'd called to complain. When I got my settlement figure in January 2008 the outstanding balance was £13441. Now the're telling me it's £19798. Please help me!!!
:eek:
I've posted this into the PPI thread also and was advised I may be able to get help here.
I'm new to all this and am desperate for help.
I took out a consolidation loan in 2004 with HFC. Walking through their door was the worst decision I have ever made (alongside marrying my ex-husband):rotfl:
I was told I had to take out the PPI due to being high risk otherwise they couldn't give me the money. They added this as part of the loan at the beginning of the 7 yr payment period meaning I have to pay interest on the whole amount. (Single Premium Policy) I believe it's called. Originally I was paying £216 per month but fell into difficulties when my I seperated from my ex and contacted them to reduce my payments temporarily while I sorted things out. They agreed over the phone to accept half (£136.21) per month. I have been paying this amount ever since as when I contacted them they said I couldn't go back to my original payments as they had extended the terms of my original loan to the new amount. I wasn't sure what this meant till today but I went to the bank to discuss my account and was offered to consolidate all my loans for a much better rate. I went to HFC for a settlement figure only to find out that the amount outstanding is £1,300 more than what it was 8 months ago and the outstanding balance is £6000 more than what it was 6 months ago. They also informed me that this was somehow due to the credit crunch and that I will be repaying the loan till 2016. WHAT THE HELL IS GOING ON!!!!:mad: I never recieved any confirmation of the extended terms which started in November 2005 and I have never been contacted asking if I agree to the extended terms or if I am happy to pay it for the rest of my life. the original loan I went in for was only £6500 and I've already paid back £7775. I seem to be paying and paying but the figures are going up instead of down.
Sorry for dragging it out so long but I'm so frustrated I cried in front of my bank manager today and even after calling them I was told they would log I'd called to complain. When I got my settlement figure in January 2008 the outstanding balance was £13441. Now the're telling me it's £19798. Please help me!!!
:eek: 0
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