HFC LOAN/Household

vincent1982

Hi All,

Im so annoyed at the moemnt Ive paid all my debt off except a loan which ive had from HFC/Household bank the orginal loan was for £3500 i wasnt explained the in's and out's and four years later i still owe £3750!!!!!!!!!!! Can someone please help me understand, ive been paying £136 a month on this loan for at least 3 - 4 years?:???!!!! Is there anything I can? I remember calling up asking what my final settlement was 2 years ago and they said £8000!!!! How can this be right?:mad: PLEASE HELP!!!

southern_chick

i've just cleared my HFC Loan 18 months early because the interest was so high, but i would say that they have made a mistake with your loan. get all of the original paperwork out and phone them back asking them to explain why you owe more now than when you took the loan out, i'm sure more people will be along soon with much better advice

good luck SC xx

Tootsie_Roll

It could well be correct - check your original loan agreement and see what the total balance was at that time. You say you only borrowed £3,500 but I will bet that you added loan protection and possibly even additional insurances bumping the total balance including interest to well over £8,000.

£136 x 60 months = £8,160 (assuming it's unsecured)

vincent1982

:mad: hi yeah they put insurance on without telling me which i cancelled afetr a few months, it was unsecured and was 60 months agreement, i was just young and stupid and didnt have an idea about what to do, its now being paid under payplan and is the only debt i have left. It frustrates me that i have to pay £8k back!!! Ive also written to them for all my statements and see if i have charges.

the_PA_2

Hi there
we're in a similar situation with an HFC loan and are also wondering the best way to clear it..also in a payplan DMP already but the infuriating thing is that what we owe now is a million times higher than the original loan. i think the total left to pay is £12413.. should we just try and get the settle now figure?
it's just so annoying that in the payplan DMP we're in now we're just paying massive amounts of interest too.

Also if we pay the loan off early, payplan seemed to advise/imply that this would make our credit rating worse? is this true? does it really matter since the credit rating is shot anyway...but at least if we cleared the loan we'd have more money to chuck at the other debts.

can anyone advise? this is really bugging us...
thanks!

vincent1982

Is there anyway i can complain that i was missold the loan? Its sending me loopy...financial freedom is blocked by a rubbish HFC loan which Im paying ridiculous amaounts on grrrrrrrrr:eek: