Please help HFC bank PPI.

johnbarnes

Hi all I am hoping someone will be able to point me in the right direction,

I took out a loan with HFC for £7000 18 months ago and it was with PPi the interest rate I think was 26% (doh) and it was over 6 years paying £238 a month. :eek:

I sent a letter to the branch saying I would like to cancell my PPI and got a phone call back saying no problem we can cancell it and give you a rebait but you will have to re-write the loan and it will now be £247 for he next 4 years?? I siad that is more then I am paying now and where is the rebait?? he just said yes that is the way it has worked out so you may aswell stick with what you have got??

He did say if I want to settle the loan it would cost me £7685

I dont understand how that works out can any one help,do I just put up with it or is there anything I can do?

Many thanks

Tootsie_Roll

You have bought (using a loan from HFC) a single premium insurance policy to cover accident, sickness and unemployment, there is no surrender value to this policy. So if you check your documentation you will see that you have at least two parts to your loan, one being the amount you wanted, the other being the ppi. So to cancel the PPI you need to redeem the whole loan and re-write it less the amount you have used to fund the PPI which as you have already found out is a complete waste of time as you get nothing back from surrendering the insurance policy.

Sorry it's not the news you wanted to hear.

as400

HFC are a right bunch of cowboys, big story in The Sun some years ago exposing their practices.

I used to sell for them.

Anyone going for a loan there remember: you don't HAVE to take out their insurances whatever they say!

johnbarnes

thank you for the replys

I really regret taking a loan out with them,
think im going to try and loan the money form elsewere and pay them off in full.