How Long Should I Give Them?

emjel

Took out a £12k loan plus PPI which added another £4.5k. Add to this 24.9% interest over 7 years - whoops!. I think I was mis-sold the whole thing as I was told that I could pay off more than just regular monthly instals which would reduce interest and term of loan. This sounded great as I anticipated getting rid of it within 3 years.

However a redundancy & change of job meant income went down so started struggling to pay the £400pm. Anyhow, after paying an additional £4.5k in first 9 months & with some quick calcs, I anticpated I was now down to around £4.5k balance. So a call to find out what the current balance was gave me £15k still outstanding but early settlement was £9.5k. Catch22 situation. Can't afford monthly repays, but with some savings & help of friend offered them in a letter, £7k in Full & Final Settlement. That was nearly 10 days ago, and I've heard nothing since, even though I asked for a reply within 5 working days.

So how long should I give them to respond as the next instalment is due soon and I don't want to start eating into the savings to pay it otherwise it will probably affect the interest rebate. Thanks

emjel

Can't believe out of 58 visits, nobody can offer any advice on this. As a follow up, I called HFC Customer Services today (who just happened to be in India now). Eventually got through to the UK section who told me that my letter would have been passed back to the local branch. Talk about delaying tactics - all the time, the next instalment is coming a little nearer. I've also found out that despite being told on several occasions that the only way I could cancel PPP was by taking out another loan to repay first one, I have now found a leaflet that says I can cancel anytime and get a partial refund on interest paid.