HFC Bank / PC World question

JBrown1

Hi, I wonder if someone could help.

Back in 1996 I bought a PC from PC World on finance (back when I was young and silly!). I'm trying to get on top of my finances and found out recently that a direct debit I'm paying is for this PC.

The original price was £1094 at an interest rate of 29.5% which on the credit agreement they said would be 40 payments of £54.43.

I moved house about 10 years ago and kind of forgot about the loan. The direct debits kept going out, but at £25 per month. I contacted HFC Bank a few weeks ago and asked for a statement. It appears they are taking £15 per month to cover the interest, £5 per month for PPI and £5 per month to repay the loan.

It appears I have been paying this loan for over 150 months. They reduced the payment amount so that it just covers the interest amount and PPI with a little added on to repay the loan amount. I'm quite sure HFC would be happy to let the loan go on forever with me paying interest and PPI.

I intend to write to the bank asking for the PPI to be refunded, as I didnt request this at the time (the salesman in PCW filled in the form).

I also intend to ask HFC for a full statement detailing exactly how much I have paid on this loan inclucing the amount of interest and PPI.

I know the bank has been out of order doing this, but where do I stand. Can I tell them enoughs enough I'm not paying any more?. Should I tell them I want some of the money back? I really dont know if I'm entitled to some money back or not?

PNPSUKNET

it would of said on the finance application, their ppi isnt seperate.

JBrown1

So I have no option then?, I've just got to keep paying, even though I've already paid the best part of £4k for a £1000 loan.

Do I have any other options?

Tixy

Get the statement and see what it says, you may be able to come to an agreement with them to pay a one off figure to clear the debt.

JBrown1

So if theres a balance outstanding of say £600 should I make a nominal offer of £100 to clear the debt (bearing in mind I've already repaid the debt 4 x over).

What about the PPI I want to claim back. I dont suppose they will be too happy doing a deal on the loan if they have to give me the PPI back.

Tixy

You could look to put in a claim for missold PPI if you think it was. There is a board on this forum with a step by step guide.

stephane_2

JBrown1 wrote: »

Hi, I wonder if someone could help.

Back in 1996 I bought a PC from PC World on finance (back when I was young and silly!). I'm trying to get on top of my finances and found out recently that a direct debit I'm paying is for this PC.

The original price was £1094 at an interest rate of 29.5% which on the credit agreement they said would be 40 payments of £54.43.

I moved house about 10 years ago and kind of forgot about the loan. The direct debits kept going out, but at £25 per month. I contacted HFC Bank a few weeks ago and asked for a statement. It appears they are taking £15 per month to cover the interest, £5 per month for PPI and £5 per month to repay the loan.

It appears I have been paying this loan for over 150 months. They reduced the payment amount so that it just covers the interest amount and PPI with a little added on to repay the loan amount. I'm quite sure HFC would be happy to let the loan go on forever with me paying interest and PPI.

I intend to write to the bank asking for the PPI to be refunded, as I didnt request this at the time (the salesman in PCW filled in the form).

I also intend to ask HFC for a full statement detailing exactly how much I have paid on this loan inclucing the amount of interest and PPI.

I know the bank has been out of order doing this, but where do I stand. Can I tell them enoughs enough I'm not paying any more?. Should I tell them I want some of the money back? I really dont know if I'm entitled to some money back or not?

if the credit agreement said it would be paid over 40 months, did you not ask them about the fact that you have now over paid your computer by at least £500. Sorry to ask but did you not check your bank statements for the last 10 years?

flossiejo

I agree about the credit agreement - if it says payable in full over 40 months, then surely it was payable in full over those 40 months - PPI or no PPI.