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HFC and PPI I DID NOT REQUEST

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  • HFC and PPI I DID NOT REQUEST

    Hi all.
    In 2003 I took out a loan with HFC after they called me offering finance for whatever, new kitchen, bedroom etc, anyway decided to take out a loan for £7500 which was approved and they sent me papers with the details for me to sign,
    it was Loan £7500 paid monthly at £149.82, for 84 months APR 17.5%
    Interest at 17.5% £5,084.88
    Total amount payable £12.584.88.

    At the top of the form it says Optional Payment protection Insurance, and that they strongly recomment that I take out PPi to protect against accident, death, unemployment, etc, and to tick the approptiate box to tell them whether I wanted PPI, I did not tick the yes box because I knew being self employed it would be of no use to me.

    In the next column it stated,
    cash price of PPI £1,200
    PPI interest at 17.5% £813.48
    Total amount payable £2,013.48
    monthly payment for PPI £23.79

    They included PPI anyway and the charge was
    Amount of credit (the loan) £8,700
    Interest £5,893.36
    Total amoun t payable £14,596.36
    84 monthly repayments of £173.79.

    After paying the loan by DD for 43 months Id asked for a redemption figure and had to pay another £5,679.91 to clear the finance, so in total, including the 43 payments already paid I paid the grand total of £13,142.88 to redeem the loan 41 months early.

    I now know I was mis sold PPI but does any one know whether these figures are correct, I believe they gave no rebate for early settlement, so dont know how to go about complaining as I dont know how to work out how much rebate I should be entitled to, although I know to ask them to refun d the PPI and the interest charged, can any one help me with figures please...B

  • #2
    Re: HFC and PPI I DID NOT REQUEST

    They included the PPI in the Amount of Credit ?

    You wouldnt happen to have a scan of this document would you?
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

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    • #3
      Re: HFC and PPI I DID NOT REQUEST

      if you have a no I can fax it to you, if not il ask hubby to upload it cause im crap with computers

      Comment


      • #4
        Re: HFC and PPI I DID NOT REQUEST

        lol...I can't work head nor tail of my scanner. I don't have a fax but would be interested to see the agreement. So if you can get him to upload it that would be brilliant....remember to remove personal details

        The figures all add up to my not particularly mathematical brain - BUT £13,142.88 seems excessive for just over half term when full term would have been £14,596.36.
        #staysafestayhome

        Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

        Received a Court Claim? Read >>>>> First Steps

        Comment


        • #5
          Re: HFC and PPI I DID NOT REQUEST

          Early settlement

          there is a formula on there, I had it wrote down in simpler terms and will see if i still have it.

          Comment


          • #6
            Re: HFC and PPI I DID NOT REQUEST

            I hope you have it in simple terms cause my head just exploded looking at this


            good site though Nelly :kiss:
            #staysafestayhome

            Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

            Received a Court Claim? Read >>>>> First Steps

            Comment


            • #7
              Re: HFC and PPI I DID NOT REQUEST

              Sorry lol if you read further on though it becomes clearer lol

              Comment


              • #8
                Re: HFC and PPI I DID NOT REQUEST

                you tried working it out on the rule of 78's ? flipping heck glad they stopped using that now

                I work it out that the total should have been paid including all installments already paid under rule of 78 is £12868

                Thats using 2 month penalty which is maximum allowed.


                Rebates are given assuming a delay or 'penalty' of · 2 months (if the agreement is not more than 5 years long) or
                · 1 month (if the agreement is more than 5 years long).
                The penalty is designed to compensate creditors for the initial costs of setting up and administering the agreement.
                It is not compulsory for a creditor to charge the penalty - the Act merely lays down a maximum level. Settlement will normally take place on the next available repayment date.



                I think you should ask for a full breakdown of the settlement figure.

                The PPI will affect it too the whole way through the loan period, as without the PPI you were paying off an extra £23 odd a month, so the end figure would be different from the way the interest is weighted.


                Please feel free to ignore me... Just wait till we have a look at agreement I'm just mumbling.
                Last edited by Amethyst; 8th March 2008, 21:01:PM.
                #staysafestayhome

                Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                Received a Court Claim? Read >>>>> First Steps

                Comment


                • #9
                  Re: HFC and PPI I DID NOT REQUEST

                  LOL where are the math experts when you need them eh?

                  Comment


                  • #10
                    Re: HFC and PPI I DID NOT REQUEST

                    do you mean this?
                    http://www.hughchou.org/calc/rule78.cgi

                    Comment


                    • #11
                      Re: HFC and PPI I DID NOT REQUEST

                      In really sorry we uploaded the docs and they are in my adobe photoshop but tried everything to get them in my posting, please be patient i'l get there in the end..B

                      Comment


                      • #12
                        Re: HFC and PPI I DID NOT REQUEST

                        save them as JPEGs if you can
                        #staysafestayhome

                        Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                        Received a Court Claim? Read >>>>> First Steps

                        Comment


                        • #13
                          Re: HFC and PPI I DID NOT REQUEST

                          Image hosting, free photo sharing video sharing at Photobucket
                          This is easy if you get stuck.

                          Comment


                          • #14
                            Re: HFC and PPI I DID NOT REQUEST

                            hopoefuly this is the 1st attachment

                            Comment


                            • #15
                              Re: HFC and PPI I DID NOT REQUEST

                              well you learn something every day thanks

                              Comment

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