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PPI from HFC (help/advice please)
Hi all, my first post I think.
In 2003 I took out a loan with HFC in order to pay-off another debt, this has turned out to be the worst mistake of my life.
The loan was for £5,800, repaying £9,052. However they also sold me PPI costing me another £2,000 over the period of the loan.
In 2005 I wanted to loan another £1,000. I came out of my meeting with HFC with the money, and thinking that I would have paid everything off by 2009. I'm now told I will finish paying in 2011 as the second loan was not for £1,000. They loaned me money to pay off the first loan, and the added PPI too.
Key Facts:
When taking out the first loan, as well as PPI they sold me insurance with Hamilton Insurance at £14.95 per month. I've recently cancelled this payment and tried to find out what the insurance covered. Hamilton have changed hands and I was told they had no idea what the £14.95 was for. When I cancelled they direct debit for it I got a letter telling me my accident cover was cancelled. On my original paperwork for the first loan the page that mentions Hamilton says that it covers Life, Accident, Sickness and Unemployment. The way I figure it is that with this £14.95 I therefore didn't need PPI on the loan.
I have no paperwork for the second loan. It appears that when I took it out the copy of the loan agreement that I was given was in fact just another copy of the first loan. I have asked HFC twice via the phone and once at their office for copies of the loan agreement, but haven't been given a copy, so I'm unsure of the full details of the loan.
In total (although without full details of the second loan I cannot be exact) they have hit me for £1,959 in PPI on the first loan, loaned me aprrox £1,000 in the second loan to pay off the PPI on the first. Hit me for around £4,000 of PPI on the second loan.
My questions are:
Should I chase up the details of the second loan, or just get my PPI reclaim letter in ASAP?
Do I need to send in two PPI letters as they have sold me two lots of PPI?
A largel part of the second loan was loaned to me to pay off the PPI of the first loan. Do I have any chance of getting that back?
Thanks in advance for any help/advice.
In 2003 I took out a loan with HFC in order to pay-off another debt, this has turned out to be the worst mistake of my life.
The loan was for £5,800, repaying £9,052. However they also sold me PPI costing me another £2,000 over the period of the loan.
In 2005 I wanted to loan another £1,000. I came out of my meeting with HFC with the money, and thinking that I would have paid everything off by 2009. I'm now told I will finish paying in 2011 as the second loan was not for £1,000. They loaned me money to pay off the first loan, and the added PPI too.
Key Facts:
When taking out the first loan, as well as PPI they sold me insurance with Hamilton Insurance at £14.95 per month. I've recently cancelled this payment and tried to find out what the insurance covered. Hamilton have changed hands and I was told they had no idea what the £14.95 was for. When I cancelled they direct debit for it I got a letter telling me my accident cover was cancelled. On my original paperwork for the first loan the page that mentions Hamilton says that it covers Life, Accident, Sickness and Unemployment. The way I figure it is that with this £14.95 I therefore didn't need PPI on the loan.
I have no paperwork for the second loan. It appears that when I took it out the copy of the loan agreement that I was given was in fact just another copy of the first loan. I have asked HFC twice via the phone and once at their office for copies of the loan agreement, but haven't been given a copy, so I'm unsure of the full details of the loan.
In total (although without full details of the second loan I cannot be exact) they have hit me for £1,959 in PPI on the first loan, loaned me aprrox £1,000 in the second loan to pay off the PPI on the first. Hit me for around £4,000 of PPI on the second loan.
My questions are:
Should I chase up the details of the second loan, or just get my PPI reclaim letter in ASAP?
Do I need to send in two PPI letters as they have sold me two lots of PPI?
A largel part of the second loan was loaned to me to pay off the PPI of the first loan. Do I have any chance of getting that back?
Thanks in advance for any help/advice.
LBM Sept 08: (Loans: £20,108) (Cards: £5,713)
0
Comments
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Simple answer is you have every chance of getting more than the ppi back in such an instance. But do not just try to get your premiums back. You should challenge the loan itself.I am a former Broker, former IFA and former compliance officer, for my sins.
However, I have since seen the light.0 -
Hi all, my first post I think.
In 2003 I took out a loan with HFC in order to pay-off another debt, this has turned out to be the worst mistake of my life.
The loan was for £5,800, repaying £9,052. However they also sold me PPI costing me another £2,000 over the period of the loan.
In 2005 I wanted to loan another £1,000. I came out of my meeting with HFC with the money, and thinking that I would have paid everything off by 2009. I'm now told I will finish paying in 2011 as the second loan was not for £1,000. They loaned me money to pay off the first loan, and the added PPI too.
Key Facts:
When taking out the first loan, as well as PPI they sold me insurance with Hamilton Insurance at £14.95 per month. I've recently cancelled this payment and tried to find out what the insurance covered. Hamilton have changed hands and I was told they had no idea what the £14.95 was for. When I cancelled they direct debit for it I got a letter telling me my accident cover was cancelled. On my original paperwork for the first loan the page that mentions Hamilton says that it covers Life, Accident, Sickness and Unemployment. The way I figure it is that with this £14.95 I therefore didn't need PPI on the loan.
I have no paperwork for the second loan. It appears that when I took it out the copy of the loan agreement that I was given was in fact just another copy of the first loan. I have asked HFC twice via the phone and once at their office for copies of the loan agreement, but haven't been given a copy, so I'm unsure of the full details of the loan.
In total (although without full details of the second loan I cannot be exact) they have hit me for £1,959 in PPI on the first loan, loaned me aprrox £1,000 in the second loan to pay off the PPI on the first. Hit me for around £4,000 of PPI on the second loan.
My questions are:
Should I chase up the details of the second loan, or just get my PPI reclaim letter in ASAP?
Do I need to send in two PPI letters as they have sold me two lots of PPI?
A largel part of the second loan was loaned to me to pay off the PPI of the first loan. Do I have any chance of getting that back?
Thanks in advance for any help/advice.
Hi there and welcome to these forums.
Please do you think you could copy and paste your post over to here
http://forums.moneysavingexpert.com/showthread.html?t=862067&page=577
Myself and others will be able to take guide you from here, step by step of reclaiming this.
We will start by sorting out a complaint reclaim letter and take it from there.
hope to see you over at that thread soon, take care.;)
Di
xThe one and only "Dizzy Di"
0
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