Hfc Loan Agreement !!!!!!

debs16

Can anyone help please i took a loan oout with hfc bank in nov 2004 for 3400 over 60 months ,i have recently asked them for a copy of my orginal agreement for my refence and the woman sent me a horrible letter back saying that she cant locate the orginall agreement and that she has enclosed a pre created legal agreeement ,but the loan was in both mine and my husbands name and it only has it in my name but i am 100%percent both of us signed the agreement.
she wrote and told me that this was her final response as she cant find the loan agreement .
what shall i do i wanted to see whether the agreeement is enforacble even though i have paid it off could i claim back the interest are something as i desperate for any money i am entitled to .
this is the info i have on the pre created agreement
Amount of loan- £3400
Add -£2947.76 9interest (apr 31.8%
Total amount payable- £6347.76
60 monthly payments of £105.80 on the 4th day of each month
and then at bottom of page
optional ppi which the computer has ticked the boxes
life -£549.00
asu -£852.00
total cash price £1399.77
add £1213-59
total amount payable £2613.36
i didnt even want the ppi arghhhh what will i do for the best
i rang the company this morning and they said i have paid off the loan in full in march 2005 of £5237 so i have nearly paid off double the loan and only had it a year ,does this make sense to anyone please help .


debs16

~Brock~

If you settled the loan off four years ago then it means that you don't owe them anything.

If they cannot produce the original loan agreement then it could be judged to be unenforceable, which is good news for you, because it means that they cannot take you to court to enforce the payment of the money that you don't owe them.:beer:

Seriously, if you are expecting a windfall over this then I think you are going to be disappointed.

debs16

what about the current loan i have now with benefical finance then should i ask them for a copy of my agreement to see if it is unforceable .
If they havent followed the rite prodcures surely that is not my fault .
debs16

~Brock~

You didn't mention anything about a current loan in your original post.

When did you take it out?

debs16

i took another loan out to pay that one off and for house improvemnts in feb 2005 it was for 25000 plus the ppi which i have just claimed back because that was sold through a broker of loans .co.uk and they accepted it was their fault and paid it back to me .
i have got a setttlement figure of 28000 even though i have paid off 5 yeares already and have ten years to go ,i dont know what to do and what to look for if is enforecebale or not my brother is querying his agreement with his loan but he has paid a compnay called cartel 500 to do it for him ,i dont have 500 spare arghhhhhh
what is your advice brock
regards

debs16

~Brock~

1. Check to see if your agreement is regulated by the CCA - if it is over £25k (even by a pound) then it won't be.
2. Is the agreement secured on your property? If so then don't start missing payments because of any claimed technicalities - it could come back to bite you.
3. What is your credit rating like, and to you attach any value or importance in keeping it clean?
4. DO NOT pay money you obviously cannot afford to a claims management company. There is every chance that the agreement is enforceable - do not believe their claims that the majority are not.

If you are in genuine financial difficulties then the best approach may be to tackle it head on by seeking independant (and free) advice, rather then seeking 'loopholes' through which to evade the debt.

There may well be others along soon to offer their own opinion about challenging the agreement, but please seek INDEPENDANT advice (CAB, CCCS) before you do anything.

debs16

We borrowed 25000 and then they added the ppi on top ,our credit rating is rubbish we havent missed any payment though and we are all up to date it is secured on our property but at the moment it is in negative equity because of the state of the encomy.
i shall be in touch afte r i get the copy of my agreeemnt many thanke brock have a nice day

debs16

petermb_2

~Brock~ wrote: »

If you settled the loan off four years ago then it means that you don't owe them anything.

If they cannot produce the original loan agreement then it could be judged to be unenforceable, which is good news for you, because it means that they cannot take you to court to enforce the payment of the money that you don't owe them.:beer:

Seriously, if you are expecting a windfall over this then I think you are going to be disappointed.

Sorry Brock. I disagree with you. There will be issues within this agreement that will not have a time limit and will allow the borrower to successfully claim.

I do not think this can possibly be deemed a windfall as it was the clients money that will be claimed back......plus some interest and a bit of compensation and so on and so on.

petermb_2

debs16 wrote: »

We borrowed 25000 and then they added the ppi on top ,our credit rating is rubbish we havent missed any payment though and we are all up to date it is secured on our property but at the moment it is in negative equity because of the state of the encomy.
i shall be in touch afte r i get the copy of my agreeemnt many thanke brock have a nice day

debs16

depending on the lender, some understand the reg and some obvioulsy dont. If you have £25,000 plus PPI premium the loan should be unregulated. However, I would notv mind betting that it may be on a regulated contract in error.

There will be a number of issues surrounding this loan that will allow you to force the lender to negotiate a settlement that will lower your payments.

petermb_2

debs16 wrote: »

i took another loan out to pay that one off and for house improvemnts in feb 2005 it was for 25000 plus the ppi which i have just claimed back because that was sold through a broker of loans .co.uk and they accepted it was their fault and paid it back to me .
i have got a setttlement figure of 28000 even though i have paid off 5 yeares already and have ten years to go ,i dont know what to do and what to look for if is enforecebale or not my brother is querying his agreement with his loan but he has paid a compnay called cartel 500 to do it for him ,i dont have 500 spare arghhhhhh
what is your advice brock
regards

debs16

Why pay companies such asCartel a penny when there are people who offer a professional claims service for free?

~Brock~

petermb wrote: »

Sorry Brock. I disagree with you. There will be issues within this agreement that will not have a time limit and will allow the borrower to successfully claim.

I do not think this can possibly be deemed a windfall as it was the clients money that will be claimed back......plus some interest and a bit of compensation and so on and so on.

Client borrows money. Client pays back money. At what stage is it ever the client's money?

You are being as covert as you typically are about this subject - just enough to intrigue the OP enough to make contact?

Most people - and I include court judges in that - would regard the unenforceability of a loan that has been settled (based on the lack of an agreement) as a pretty meaningless matter, bearing in mind there is nothing left to enforce.