HFC Bank - CCJ Question

Sicivic1986

Good morning all.

I have been searching through the forums for a while now and I thought that I would post my story see if anybody could be so kind to give me some advice please.

I took out a loan with Beneficial Finance (HFC Bank) in May 2007 for the amount of £6,500 at a rate of 36.9% this was to cover existing debt and the cost of driving lessons, a car and insurance etc when I was living in Nottingham.

Monthly payments were around £232.65 per month and of that I took out PPI as well as at the time they "highly reccomended" that I do so, I continued to pay this off until in December 2007 I lost my job and then moved back to London and didnt have a job for around 3-4 months and in that time I wasnt able to make the payments to the loan so in August 2008 I was served with a CCJ and ordered to pay the balance in full which obviously I wasnt able to do.

I then through Restons solicitors arranged to pay £50 per month to them to pay off the debt which ever since then I have done and now my debt is down to around £3500.

My question is do I have a chance of claiming for the PPI I signed up for orignally? I have got various paperwork still I have still got the agreement which breaks down the PPI amount. I also have found a document that says Schedule of Insurance which says I was signed up to Life and accident, sickness and Unemployment.

I would appreciate some help in this as if I can then it would help me to pay off the debt as I want to get debt free as I hav just recently got married and my wife and I want to look to building a future for ourselves and with this default CCJ on my record we are even finding it hard to rent!!

Thank you in advance

amersall

Is the PPI monthly payment included in the loan payment?, if it is you could use Single Premium PPI as one of the reasons for mis sell.

Did you use the insurance when you lost your job?.

Put a claim in and see what they come back with.

How much was the original PPI amount? it is possible the redress (if you win) may not clear the debt but would go a long way to reducing it.

Sicivic1986

Hi Amersall

Thank you for your reply.

yes the PPI was included in the Monthly premium, the loan was to cover existing debts and help with car, lessons etc so it was broken down on the agreement as per the following:

Monthly
==================
(A) For own use
£35.72
(B) repaying existing accounts
£149.72
(C) PPI
£47.21
(D) Total (A) + (B) + (C)
£232.65
==================

No I did not claim on the PPI when I lost my job.

Seems according to the agreement the total PPI amount is for £1273.06.

hope that this helps.

-taff

If you are successful you'll only receive what you actually paid in PPI before you defaulted, you my not get the total amount above.

amersall

See what they come back with and keep me posted, if you win then you get the 8% compensation too, the PPI amount will be removed from the balance also this will reduce the debt too.

Sicivic1986

Hi -Taff

Thanks for that if that is the case then am I right in saying that technically I should be owed the amount of months I paid PPI uptill when I defaulted so example:

15 months * £47.21 = £708.15

Am I allowed to add interest on top of that?

I just want to know these things before I file a claim that way I can ask for a specific amount

Thanks

amersall

-taff wrote: »

If you are successful you'll only receive what you actually paid in PPI before you defaulted, you my not get the total amount above.

As the op is still paying this loan, albeit at a reduced rate, they are still paying a reduced rate on the monthly PPI, the whole PPI is still on there and has to be redressed accordingly with the 8%.

amersall

Sicivic1986 wrote: »

Hi -Taff

Thanks for that if that is the case then am I right in saying that technically I should be owed the amount of months I paid PPI uptill when I defaulted so example:

15 months * £47.21 = £708.15

Am I allowed to add interest on top of that?

I just want to know these things before I file a claim that way I can ask for a specific amount

Thanks

They make the calculation, if you win, make sure they remove the whole PPI and the interest from the balance.

Use the SP reason and if you had life insurance too.

amersall

15 months * £47.21 = £708.15

This monthly figure includes the interest on the PPI, you also get the 8% from the loan start date to the date they redress.

Sicivic1986

Thanks Amersall

you have been most helpful, with this in mind then should I write direct to HFC Bank and straight say that I believe I am owed monies due to the PPI taken out at the start or is there a template I could edit for my own use?

Sicivic1986

Hi All

I thought that I would give an update to this and also need some advice please.

I managed to get a reply to my surprise quite quickly from HSBC (HFC Bank) and they said that they have decided to uphold my claim and will award me with the sum of £2,322.14. They said that they are going to offset this against my liability to HSBC Bank in order to reduce my overall indebtness. I have also been offered an amount of £430.92 to be credited to my current account and they would like me to write back to them to accept this offer, all sounds great however...

The outstanding amount according to HSBC is significantly higher than the one I have recieved statements for from HFC Bank / Beneficial Finance. The current statements closing balance is for £3,862.16 but HSBC are saying I owe them £8,093.94!!

I was advised to go back to Restons as my account is held with them and query the balance to which I did and they quoted the same amount as HSBC. I then advised them that I have had statements from HFC / BF etc for the past 6 years and that the balance shouldnt be any where near the figure of £8k. They said who is HFC Bank / BF!?? I have had to send over my statements for them to investigate but I fear that Restons are stitching me up with huge fees on top of my debt in the first place is this something that they are in thier rights to do so? I do not recall ever recieving any other statements other than the HFC / BF ones to which shows I am paying £50 per month on so it has come as a complete shock to me.

I am now waiting to hear what restons says so fingers crossed...