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A wee bit of advice please
dippynina
Posts: 315 Forumite
Hi. After my case with HFC was at FOS for 18 months, I received a letter from them (FOS) 4 weeks ago stating that HFC have upheld my complaint. I was delighted as it will really help to get us out of a financial rut. Before I ask my question I will give you a bit of background info. The loan was taken out in 1999 for £10,000. The PPI was £3400, which we paid back at £248 per month (£48 being the PPI). This was a single premium policy. The term was 10 years but we settled it after 5 years.
I initially thought that we would get a fair bit back but I'm now thinking that we may have already been refunded our PPI in our settlement (I can't find paperwork to check this) Is this what usually happens? Would I then only be due back what I've already paid plus interest? Also, FOS said it should now take upto 8 weeks to hear from HFC and I wondered what other peoples experiences were and then after getting settlement figure, what is the standard time to wait for the cheque? Any advice much appreciated.:o
I initially thought that we would get a fair bit back but I'm now thinking that we may have already been refunded our PPI in our settlement (I can't find paperwork to check this) Is this what usually happens? Would I then only be due back what I've already paid plus interest? Also, FOS said it should now take upto 8 weeks to hear from HFC and I wondered what other peoples experiences were and then after getting settlement figure, what is the standard time to wait for the cheque? Any advice much appreciated.:o
If life gives you lemons, make lemonade.;)
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Comments
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Early repayment does normally see part of the premium refunded based on time passed.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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A rebate would have been applied to the PPI at the time of your early settlement, so you'll only get back exactly what you paid plus interest.The term was 10 years but we settled it after 5 years.
I initially thought that we would get a fair bit back but I'm now thinking that we may have already been refunded our PPI in our settlement (I can't find paperwork to check this) Is this what usually happens? Would I then only be due back what I've already paid plus interest?0
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