HFC Bank

Tilabi

Hi all,

Im new to the site so i hope i have posted in the right place.

Its a very long story but here goes.....

In 2001 i was approched by HFC Bank to consolidate some creidt i had has for a PC and a washing machine. Anyway when they called they asked me to go the their office and talk about it etc.

Well now 7 years later i am still paying the loan at £89 per month and i still have nearly £4000.00 remaining to pay !!

The origonal loan was only for £3000.00, however when i took the loan no one explained the total repayable nor the interest rate or anything like that, they just kept assuring me i was better off!! when i took out the origional loan i had a bit of difficulty reading so couldnt fully understand the contract buti have recently been to Money advice and they kindly explaind it to me and i am totally shocked , the interrest rate is 29.3%! and i have had payment protection added.

i have been paying this loan now for over 7 years at a reduced rate and i can see no end in sight and it is making me and my partner toally depressed.

i have written a long complaint to HFC Bank asking them to wave the remaining £3700ish as i was missold the product and payment protection was added without me knowing and about the £1,500+ charges which are on the account. They have sent me a long response basicly telling me to go away and i can write to the Ombudsman.


2 days after i got the reponse i got a county court judgement through even thought i am still paying my usual £89.00!

Now i do not know what to do , do i admit the debt or defend ect ?

i am currently filling in the ombudmans form but i have no idea what else i can do they completely tricked me into this

can anyone give me some advise? should i carry on making my monthly payement ?

bank_of_slate

What a set of b**tards!!!

I would get some advice from CAB first, it sounds like you were totally mis-sold this nazi loan from hell!
...Linda xx

TangledMemories_2

I've got a loan with them too under the name of Beneficial Finance at £143 a month with the Payment Protection.

Should I cancel the payment protection? I got the loan out over 3 years so am I being taking the mickey out of?!

*worried*

Ibex

Hi Tilabi

So sorry to hear of your troubles with HFC, please don't let it get you and your partner down.

I think as the previous poster suggsted you need to get good advice perhaps the CAB may be able to help. It also might be worth posting on the forum on the consumeracitongroup web site as well.

if you take them on be prepared for a fight though as they are a paticulary hateful and nasty bunch. Currently I am in dispute with them over miselling loan insurance. I have reffered my complaint to the finacial ombusman. If I don't get anywere with this then I intend taking them to court.

Recently they were fined over 1 million pounds for misselling loan insurance!!!

Regarding them taking you to court I understand that if you can prove you have been paying what you can afford then the judge will, fix payments at the level you can afford. I think you should carry on making payments but only what you can afford. Being taken to court might not be as bad you might imagine.

I'm sure people with more experiance will be along soon to give you some more advice.

Hang on in there.

Ibex