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Hi to all, long time lurker and first time poster here!
Having read much about the success of others I recently decided to put in a claim to HFC for mis-sold PPI on three loan agreements with them, I particular big thumbs up to Di30, I have followed your HFC battles with interest!
Following a succesfull SAR Request to HFC in December, I have recently sent off my complaint letter and FOS Questionaires to them and I am currently (somewhat impatiently!!) going through my 8 week wait!
Whilst waiting I thought it a good idea to try to work out what approx redress I could expect if my complaint is upheld (and trying not to think how to spend it!)
From my three loans I know that the 2nd and 3rd had Front-Loaded PPI applied (I have the figures for the PPI Premium and Interest Added in relation to this figure), adding an un-known / unexplained to me, loan within the loan!
Hopefully someone will be able to clarify my position on the first loan.
This was taken out in a PC World Store to cover payment for goods purchased (New Computer). Following the SAR I was lucky to get a copy of the CCA from time of application (November 2004) with a clearly pre-printed YES in the box for the "Optional PPI". The Figures were as follows:
Amount of Credit - £1,738.95
Add Interest (Charge for Credit) - £797.37
Total Amount Payable £2,536.32
Monthly Repayments - 48
APR - 21.8%
Monthly Repayment - £61.29
Following this there is the statement that says the optional PPI will be 13.793% of the Monthly Repayment = £8.45
Now for the sneeky bit, which had I have looked at it at the time I would have realised, Not until I calculated 61.29 x 48 = 2,941.92 did I realise that no-where on the CCA does it state a total charge for the PPI (£405.70)
So as my PPI was a percentage of my monthly repayment, am I correct in saying that this 1st loan is a 'revolving credit' account as my premuim was paid monthly?
My 2nd loan was a refinance of the 1st and the 3rd a refinance of the 2nd - finally paid off in November 2011!!!
As I have been trying to work out the PPI rollover from 2 to 3, am I now correct in assuming that no PPI is likely to have rolled over from loan 1 if it is indeed a 'revolving credit' account??
Any help or advice greatly received and appreciated during my waiting period
Having read much about the success of others I recently decided to put in a claim to HFC for mis-sold PPI on three loan agreements with them, I particular big thumbs up to Di30, I have followed your HFC battles with interest!
Following a succesfull SAR Request to HFC in December, I have recently sent off my complaint letter and FOS Questionaires to them and I am currently (somewhat impatiently!!) going through my 8 week wait!
Whilst waiting I thought it a good idea to try to work out what approx redress I could expect if my complaint is upheld (and trying not to think how to spend it!)
From my three loans I know that the 2nd and 3rd had Front-Loaded PPI applied (I have the figures for the PPI Premium and Interest Added in relation to this figure), adding an un-known / unexplained to me, loan within the loan!
Hopefully someone will be able to clarify my position on the first loan.
This was taken out in a PC World Store to cover payment for goods purchased (New Computer). Following the SAR I was lucky to get a copy of the CCA from time of application (November 2004) with a clearly pre-printed YES in the box for the "Optional PPI". The Figures were as follows:
Amount of Credit - £1,738.95
Add Interest (Charge for Credit) - £797.37
Total Amount Payable £2,536.32
Monthly Repayments - 48
APR - 21.8%
Monthly Repayment - £61.29
Following this there is the statement that says the optional PPI will be 13.793% of the Monthly Repayment = £8.45
Now for the sneeky bit, which had I have looked at it at the time I would have realised, Not until I calculated 61.29 x 48 = 2,941.92 did I realise that no-where on the CCA does it state a total charge for the PPI (£405.70)
So as my PPI was a percentage of my monthly repayment, am I correct in saying that this 1st loan is a 'revolving credit' account as my premuim was paid monthly?
My 2nd loan was a refinance of the 1st and the 3rd a refinance of the 2nd - finally paid off in November 2011!!!
As I have been trying to work out the PPI rollover from 2 to 3, am I now correct in assuming that no PPI is likely to have rolled over from loan 1 if it is indeed a 'revolving credit' account??
Any help or advice greatly received and appreciated during my waiting period
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