HFC / Beneficial Loan - they can't produce their copy of agreement

mummy30

Hi, We took a loan out with HFC/Beneficial 4 years ago at a ridiculous APR. We only did this with them as our credit is bad and they were the only ones who would! My mum recalled reading somewhere that if the the loan company cannot produce their copy of the agreement with my partners signature, then they cannot demand the money back! :beer:
this seems far too good to be true, but we have asked 4 times over 5 months and still nothing from them!

We also asked for a settlement figure as I may come into some inheritance soon and we're keen to get completely out of debt. They sent us a letter with the amount we owe and no reduction for paying it off earlier in one lump sum! :mad: I have my debts paid off via CCCS and have been for nearly 5 years and I wrote to my creditors and all of them came back with a reduced figure! :A

Anyhow, any comments would be massively appreciated.

Wutang_2

mummy30 wrote: »

Hi, We took a loan out with HFC/Beneficial 4 years ago at a ridiculous APR. We only did this with them as our credit is bad and they were the only ones who would! My mum recalled reading somewhere that if the the loan company cannot produce their copy of the agreement with my partners signature, then they cannot demand the money back! :beer:
this seems far too good to be true, but we have asked 4 times over 5 months and still nothing from them!

We also asked for a settlement figure as I may come into some inheritance soon and we're keen to get completely out of debt. They sent us a letter with the amount we owe and no reduction for paying it off earlier in one lump sum! :mad: I have my debts paid off via CCCS and have been for nearly 5 years and I wrote to my creditors and all of them came back with a reduced figure! :A

Anyhow, any comments would be massively appreciated.

I recall reading something too about when you owe money to someone, you pay it back. Absurd but true.

jonesMUFCforever

There has been a recent court ruling saying that lenders do not have to give you copies of the original agreements - so I'm afraid that avenue of not paying back the loan has been closed.