Household/HFC/Beneficial Finance

mrchimps

I was hassled by these guys in 2005 to take out a loan with them to pay off some debts. In the end I did £30k.

I was paying approx £432 a month with some of that approx £62 was ppi, they heavily leaned on me to take out the ppi and all the lending was done face to face at their offices in Hanley, at the time we had a baby and we had to go along on several evenings to sort out the paperwork.

I stuck with the loan for 25 months (I think) before re-mortgaging and paying them off.

So couple of questions.

how hard is it to reclaim?

I have sent them a request asking for all paperwork and £1 fee, so do I wait for that back first before doing anything else.

Im not good with maths or the ppi stuff, but will I have only paid ppi on the monthly payments or will I have had to make a payment towards it when I cleared the loan.

any help appreciated
mrChimps

di3004

mrchimps wrote: »

I was hassled by these guys in 2005 to take out a loan with them to pay off some debts. In the end I did £30k.

I was paying approx £432 a month with some of that approx £62 was ppi, they heavily leaned on me to take out the ppi and all the lending was done face to face at their offices in Hanley, at the time we had a baby and we had to go along on several evenings to sort out the paperwork.

I stuck with the loan for 25 months (I think) before re-mortgaging and paying them off.

So couple of questions.

how hard is it to reclaim?

I have sent them a request asking for all paperwork and £1 fee, so do I wait for that back first before doing anything else.

Im not good with maths or the ppi stuff, but will I have only paid ppi on the monthly payments or will I have had to make a payment towards it when I cleared the loan.

any help appreciated
mrChimps

Hiya mrchimps

The reclaiming is rather straight forward and its just a matter of completing a reclaim questionnaire, as on step 3 below.
You do not need to give them the calculations, as they should provide these to you if your successful.
Make them aware you were pressurised into taking the PPI and any other reason you may have, for eg - did they give details of the PPI, did they make you aware it was a front loaded and explain how it works and so on?
Anything that applies to you really.

You will receive all PPI you have paid on each monthly payment, plus the relevant interest.

Remember to keep copies of your paperwork as well, in case you need to complain to the FOS.
Hope this helps and good luck.

(You send the reclaim complaint questionnaire to the ones who set up and sold you the account from the beginning).;)

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

mrchimps

many thanks,

should i wait for a response to my letter asking for details of the accounts first - or just get the reclaim questionnaire in now?

mrchimps

also anyone successfully claimed against household, beneficial or hfc? if so do you have any pointers?

di3004

mrchimps wrote: »

many thanks,

should i wait for a response to my letter asking for details of the accounts first - or just get the reclaim questionnaire in now?

Hiya

I would continue with it now.;) Good luck, please keep us posted, cheers.

di3004

mrchimps wrote: »

also anyone successfully claimed against household, beneficial or hfc? if so do you have any pointers?

Hi there

I am currently dealing with them now actually and they have acted rather quickly in my case, however it may differ from one reclaim to the next, but give it your best shot, fingers crossed.

mrchimps

many thanks

will get the questionnaire done and sent

will keep you posted.

magpiecottage

When you say it cost you £62 for PPI, was that a monthly premium or was it a single premium on which £62 was the monthly repayment?

Also was this loan secured on your home? (This size of the loan suggests it was).

mrchimps

yes was secured on property.

From the scraps of paperwork i have I think the £62 per month was part of my total repayment of £432 per month (not sure if this answers you question or not)

im going to have a good sift through all my paperwork tonight, will see if i can find anything else.

mrchimps

Thanks for the advice peeps.

Questionnaire being sent today.

I also looked at some settlement paperwork I had last night too, as well as the £62 per month - I also had to pay £290 insurance when closing the account - so I presume 25 months of £62 + £290 if I am successful?

another thing mrsChimps remembers: when we were going through the loan process she was a teacher, and the loan person mentioned how it had the highest sick rate of any profession and It would be highly advantageous to have the ppi also without ppi they may not be able to agree the loan.

jimimi

Hello Everyone

I have had several accounts with HFC (4 in total) some of which were defaulted on and went to collections. They are all paid up now though. Just wondered, would they have still taken the PPI even though it went to collections? Would they have sold the loan AND the PPI to the DCA or just the loan.

Thanks