Miss-Sold PPI on a Loan Paying Back on Reduced Payment - HFC

charley24

Hello Everyone

I thought I would join the forum and ask for advice since there seems to be so many people who are in the know, or know what to do....I can't seem to find anything like my situation so I will post in the hope someone can advise, or move my post to a relevant area.

On 28.5.05 my partner at the time (we are now married) and I visited Beneficial Finance for a loan.

We asked for £7000 and were told that the loan would only be approved if we also took out PPI.

The problem is we only made 3 payments of £301.37 per month before things got difficult and we decided to go to CCCS and do a DMP.

To be honest you will read this and wonder how we were so so stupid....

So, here is the figures:

Amount of Loan - £7000
Interest on Loan - £6069.20 (31.8%
Total Loan - £13069.20

PPI
Decreasing Life Assurance (Joint) - £1054.20
Accident, Sickness, Unemployment - £1631.02
Total for PPI £2685.22
Interest at 31.8% - £2327.78
Total - £5013.00

TOTAL AMOUNT PAYABLE.....£18082.20
@ £301.37 per month for 60 months.

So, we paid June, July, Aug at £301.37 - meaning we had paid £904.11.

In January we were in arrears by 3 months £1194.85 (I know this doesn't quite calculate but I am going from letters).

Jan 8th - Letter from Beneficial stating Balance of £17227.46

12 days later - Jan 23rd - Letter from Weightman's (I presume their in house Sols) stating balance was £19654.66.

DMP set up Feb 2006....since then we have been paying and have paid £3530.11 of the debt - not that the figures match, Weightman's state £14862.35.

I recall a few years back they said they had removed some of the PPI, but the situation is, is there anything I can do ? Could the PPI and interest be removed ?

I was actually unemployed at the time this loan was signed, my husband working full time.

I am currently going to try and do my DMP as CCCS have made some major errors and I am going to find out all balances etc myself so I know where I am.

We have paid £8341.05 so far back to our creditors.

I would be grateful for any advise, or a point in the right direction, I have called Weighman's and I am coposing a letter to the person dealing with my case.

I have no problem paying for the loan itself and interest, however if I could get some kind of reducation due to mis-selling etc it would be good.

I haven't seen any PPI/Interest posts when people are not paying the full amount/finished the loan - anyone on repayment plan ??

Charley x Are you letting your bank keep your money Are you giving away thousands of pounds??

Many people aren't claiming all of the money they are entitled to when they make their bank charges claims.

You have been forced to pay unfair bank charges.
Have you forgotten that your bank has charged you inteest on those charges?
If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you.
Yet you are paying interest to the bank - on your own money!!!

Follow this link to see the discussions on this.
You might even double th size of your claim.

di3004

Hi Charley

In regards of PPI reclaiming this is the correct place, so we can help you with this case.;)

I would write to complain and reclaim on your PPI due to your reasons as you stated in your post.

Here is the link to help you through this, with useful information and templates letters:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Use the reclaim templates to help you and write your own reasons.

They have 8 weeks to respond in full.
Another letter maybe required if they do not resolve in your favour the first time round.

In their final response, they should give details of the Financial ombudsman service (FOS) if your not satisfied with the outcome of your complaint.

Remember to post by recorded delivery.

For more help please post up and I'm sure others will also post to give some advice on your matter, good luck.;)

charley24

Thank you so much for your reply, I will go and have a look at the templates, I presume this goes to the company who I took the loan from (beneficial finance - pasrt of HFC) rather than the Solicitors who now seem to be dealing with it ?

Thank you !

di3004

charley24 wrote: »

Thank you so much for your reply, I will go and have a look at the templates, I presume this goes to the company who I took the loan from (beneficial finance - pasrt of HFC) rather than the Solicitors who now seem to be dealing with it ?

Thank you !

Hi Charley

And yes you write to the ones who arranged and sold you the finance.;)
Good luck with this. X

charley24

I will get this done, thank you And report how I get on, when I look at the loan payable back I could cry, I feel so stupid !

di3004

charley24 wrote: »

I will get this done, thank you And report how I get on, when I look at the loan payable back I could cry, I feel so stupid !

Hi Charley hunni

You don't have to feel stupid, we have all been there, so not to worry, your doing the right thing now in fighting to get your money back, good luck and let us know if you require any further help.;)

charley24

Hi Di thanks !

The one thing that I am trying to do is encapsulate both issues into one letter for both Beneficial and Weightman's.

One day I got a letter from Beneficial asking for x amount (this worked out as the correct balance), 12 days later weightmans sent me a letter asking for x, but this was 2710 more.....where this new total came from I have no idea, but I don't think that much in charges can be added so soon, or did they charge me to send to a solicitor ????

I am ready to take them on, but want to make everything appear like I know what I am talking about hahah !

I so appreciate you taking the time to post to me !

charley24

Well, Weightman's are quick !

1st letter is a brakdown of all payments we have made, 2nd letter is saying that they have contacted HFC for a copy of the agreement (even though I enclosed it in the enveope).

We shall see what happens next ! I am sure I will end up chasing HFC for the information and fighting for this PPI to be removed, let the battle commence !