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If you have had or currently have a Hire Purchase agreement in the last 6 years we could reclaim money which is rightfully yours:-

  • Reclaim Early Repayment Charges on an HP agreement settled early.
  • Reclaim the Loan Repayment Insurance on an HP agreement if mis-sold.

 

What is Hire Purchase?

Hire purchase (HP) is a common way of paying for major items, such as, cars, furniture and computers.
With other forms of credit, such as a loan or credit card, the goods you buy belong to you straight away. When you use HP:

  • You don't legally own the goods until you've paid back all the money you owe. This means that you cannot modify or sell them without the lender's permission
  • Your contract is with a finance company (not the retailer) who will own the goods until the final payment is made
  • The finance company can take the goods back if you don't keep up your repayments
  • You will be liable for any damage caused to the goods during the contract period.

Under a hire purchase (HP) agreement, you pay an initial deposit followed by monthly payments (a portion of the money you borrowed plus interest) over an agreed period. At the end of this period, you have the option of owning the goods outright, although your lender may require you to pay a fee (check because this could be high).

Reclaim Early Repayment Charges on Hire Purchase.
What is an Early Repayment Charge?

A charge levied on the customer in the event the amount of the loan is repaid in full or in part before a date specified in the contract. The amount can vary depending on the original loan value and when any charge is applied. However, the finance company must charge a fee that reasonable reflects their financial loss, if any in your choosing to terminate your agreement early. We argue that fees of this nature must reflect the true cost in cancelling your agreement and not act as a source of profit, in addition to other areas to support any claim we make on behalf of clients.

Reclaim Loan Repayment Insurance on HP agreement!

If you have ever borrowed money and taken out Payment Protection Insurance for a loan, HP Finance, mortgage or credit card? You could be one of the estimated 20 million PPI policyholders that have been mis-sold Payment Protect Insurance.

Anyone who has or has had a personal loan, HP finance secured loan, credit card, store card or catalogue credit may be able to reclaim £1,000s. The mis-selling of Payment Protection Insurance (PPI) on these products has been so severe, some people might not even know they have it.

PPI Compensation

The majority of people who engage with a financial institution on the basis of obtaining a loan, credit card or HP agreement will probably have taken out some sort of Payment Protect Insurance, commonly known as PPI. What many people are finding out in the event of a default on their repayments it that their PPI does not cover them. It has recently come to light that many people who have purchased PPI may have been mis-sold and therefore entitled to PPI compensation. PPI is frequently sold alongside credit agreements and is meant to protect a borrower against the risk of being unable to make repayments be it through sickness, an accident or unemployment; it frequently fails to do so. If you believe you may have paid for aspects of a policy which do not apply to you or not applicable to you, you may be entitled to PPI compensation.

How Bank Complaints can help you reclaim what is rightfully yours?

Bank Complaints are financial claims management specialists whom work on a ‘no win no fee’ basis, which means you will not be liable to pay Bank Complaint any monies until you have been successfully refunded, at which point our 25% inc VAT fee will be due. Simply download our paperwork or e-mail us for information regarding the reclamation of what is legally yours!

When it comes to matters of a financial nature it really does make sense to consult the specialists, at Bank Complaints we pride ourselves on our extensive knowledge of bank complaints and bank charges for business and personal account holders and our aim is to help you get what your are owed. Aside from our extensive knowledge base regarding financial institutions and their charging procedures we also pride ourselves on our customer service and realise that each customer and their complaints are unique and subsequently take the time to assess each enquiry on its own merits and associated complexities.

How many people actually realise that their monthly quote includes an insurance premium already paid on top of the loan and costing thousands of pounds? If you have or had a loan in the last 11 years we can look at recovering the insurance premium.

If you are confused as to whether you can make a claim a brief list below details the areas where mis-selling could have occurred. You may have been mis-sold if you fit into one or more of the following categories:

  1. Are you self-employed, unemployed, redundant or retired?
    If you have been paying for a policy which includes ‘unemployment’ cover, a reclaim may be possible. If you don’t need unemployment cover.
  2. Have you had medical problems in the past?
    Most policies exclude existing medical conditions, meaning you are unlikely to be covered for any medical problems you have had in the past. If you were not informed the policy could be affected by medical problems or were never asked about your medical history a claim could be possible.
  3. Were you sold a ‘single premium’ loan policy?
    A single premium policy is where the whole cost of the insurance is added as a big lump sum at the start of the agreement, which is then repaid over the term of the loan. If you had one of these polices and left or changed the agreement part way through, you may be eligible for a part refund.
  4. Were you given full details of the insurance?
    This covers anything from being told the insurance was compulsory, to not knowing you had even purchased PPI when taking out the loan. As you should be told about the full terms of your insurance, any lack of information could make the sale unfair.
  5. Have you consolidated your borrowing?
    If you have had a bank refinancing package or consolidated an outstanding debt or debt, an insurance premium is likely to have been added and could potentially be recoverable.

You might not be sure if you have been mis-sold Payment Protect Insurance (PPI) or have been charged an Early Repayment Charge. However, Bank Complaints is able to offer professional advice on a no-win, no fee service so why not call us on 01803 782266, download our paperwork for completion or email us at hp@bankcomplaints.co.uk as it could be time to reclaim what is legally yours!