Help With HFC Bank PPI Reply on Sold Loan to TBI Financial Services

[madgreek]

Hi All,
I have chased this myself as my claims company in 2010 were about as much use as a chocolate fireguard. Basically HFC apparently made an offer in 2010 via the claims company which I never received. After not hearing I totally forgot about my claim until recently when i contacted HFC bank. Apparently they had made an offer of £2600 but they wanted to pay this to TBI Financial Services. I never received any of this correspondance. I wrote to them challenging this as it according to this forum and other forums not legal to pay a third party the PPI refund. I have taken a photo of their latest letter ( we are going round in circles ) and they state this is their final response. Could someone take a look and advise please as I am not one to let this outfit get away with this.There phrase " we have the obligation to forward the PPI on " is surely not a legal one?

[di30]

Re: Help With HFC Bank PPI Reply on Sold Loan to TBI Financial Services

Hi and welcome to LB

and how frustrating.

I have added a link below that you may find useful, if the bank's fully assigned your debt and sold it, where they will no longer have any liabilities of the account, in this case any refund realistically should come back to you.

There are a few ways the bank may have sold the debt, where they may still have liabilities but joint with the debt collections company, so do check the link below posted up originally by CurlyBen.
I do believe this happens to many.

I understand that bank/businesses may have their own collection company, in this case they will automatically collect any monies/refunds owed back to them, but if fully sold on to a debt collecting business as fully assigned (i believe), then the collections company have no right for the refund.

Hopefully one of the folks here will know more of this and post soon. Do check the link as well though ;-)

Good luck.

http://www.legalbeagles.info/forums/...and-assignment

[madgreek]

Re: Help With HFC Bank PPI Reply on Sold Loan to TBI Financial Services

Thanks for the quick reply Di, yes I looked into the transfer of the loan and it was done by deed of assignment ...

[madgreek]

Re: Help With HFC Bank PPI Reply on Sold Loan to TBI Financial Services

Hi, Please find my letter back to HFC, could you let me know what you think any ideas / builds appreciated.


__________________________________________________ __________________________________________________ ___________________________________

I am in receipt of your letter dated 2^nd April 2013. I note with disappointment you have written this is your final response , however I am writing to ask HFC Bank to reconsider this decision, as upon examination by my solicitor there are several areas of your decision which are incorrect legally and morally.


Firstly I must point out that HFC Bank transferred the account to TBI Financial Services by “Absolute Assignment “ , this deed was sent to me my TBI Financial Services ( unless HFC bank are telling me otherwise which would constitute a fraudulent act ) . On doing this HFC Bank passed their right, title and benefit and therefore HFC bank have no right, title or benefit under the assignment. HFC bank do however have to administer the redress amount offered.


There is case law that confirms such as situation - 3rd party set-off....Edlington Properties - v- J H Fenner which I again draw your attention to.


Secondly I draw your attention to your quotations from the Financial Ombudsman, which are not relevant to this case . The financial Ombudsman clearly describes their stance below on the situation where the account has been sold ( as above ) to a third party.


“ the consumer does not owe the business money, it owes money to the third party which that bought the debt instead. When selling the debt the business made a commercial decision and accepted an agreeable price for the debt. In those circumstances we would usually tell the business to calculate the compensation as normal and to pay all parts of the compensation to the consumer. The business should also consider the possibility that the consumer might have incurred further losses since the debt was sold on as a result of Ppi being included on their debt” ( which I have indeed been ).


The “placing back in the position you would have been “ quotation in your letter dated 2^nd April is therefore clearly not appropriate for this case for the reasons above .








So based on all the facts , legally and morally ,HFC Bank should make a refund directly to myself and passing it or attempting to pass to TBI Financial Services is misappropriation.


TBI Financial services has no right to this money, as it was never a part of any agreement with HFC Bank.


Therefore your “ obligation “ as per your letter dated 2^nd April is unjust, illegal and immoral.




I respectfully request then ,within 14 days ,full remittance of the entire premium, any interest charges as a result of the PPI and 8% interest. If I do not receive this I will issue immediate legal proceedings against HFC Bank to recover my money.


I look forward to your remittance within the time-scale provided.


Yours sincerely,

[di30]

Re: Help With HFC Bank PPI Reply on Sold Loan to TBI Financial Services

Excellent!!!!!!

WOW that is fab, get it off as soon as poss by signed for delivery if you can.

Good luck. ;-)

[madgreek]

Re: Help With HFC Bank PPI Reply on Sold Loan to TBI Financial Services

Hi, reply today from HFC regarding the above. Looks like making some real progress but I need some advice as they are wriggling.
Basically a way prior to them selling to TBI , we entered into an IVA but then decided that it was too costly and made arrangements to pay off the debts direct with the lenders. As you will see HFC are asking for some documentation regarding this , however as they sold the debt onto TBI I cannot see how this has any relevance to my claim. Obviously if I am incorrect please let me know. Letter Attached, please advise how to reply to this . We do not think we have any of the documentation they are asking for , but to be honest cannot see why they would require it as they sold the debt.

[di30]

Re: Help With HFC Bank PPI Reply on Sold Loan to TBI Financial Services

Hiya

Hopefully someone who knows or has experience of these actual matters will post up soon, but I see what you mean though.

If you do find that you do actually require information via other business etc, you can contact the business and request for the info required, or they may suggest you send a subject access request (SAR) with a one off payment fee of £10 cheque or postal order, they have up to 40 calendar days to comply.
If you wish to do this, one of us will be more than happy to provide the SAR letter template to you.

But I would certainly ask first before sending a SAR, as you only require some evidental document(s).

Hopefully someone will be along soon.