HFS Loans Ltd Review

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HFS Loans Ltd
1.3 stars
Average rating for this product is: 1.3 out of 5

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Alan Manser's Review of HFS Loans Ltd

25th Oct 2005

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Bad Points

Interest back loan that isn't. More catches than a
trawler.


General Comments

I too have been caught out by the small print used in this HFS Loans Ltd scheme. I missed the bit about a registration form in amongst the 12 pages of A4 small print and especially the bit that put the onus on the borrower to notify HFS if the registration form wasn't received. This was amongst the 21 points that HFS had to delete or amend after The Office of Fair Trading had finished with them (see OFT bulletins 21 and 22, unfair terms and conditions).

Not surprisingly then they soon ceased with this interest back offer after this ruling from the OFT. To me that tells it's own story.

My circumstances are slightly different to previous reviewers as I never received the form in the first place. HFS say they sent a recorded package with the form in but Royal Mail couldn't deliver it and we never collected it from the sorting office. If a card had been put through our door for a recorded letter I would have collected it as it would be important or valuable.

I asked for proof of posting and HFS sent a photocopy of a window envelope (so obviously no address shown) with a recorded delivery sticker which could relate to anyone and anything.

These can only be traced back 2 years and our loan was taken out 5 years ago. The date they claim to have sent this is even stranger as it's the date their agent called to our house to sign us up so why didn't he bring it, get us to sign it with all the other documents and take it with him for processing?

Answer: Because it would have removed one of their get out of paying up options. HFS don't inform you they haven't received the form and you will not be able to claim your interest back because they know you would borrow from a reputable lender at half the 12.9 APR they were charging (very high for a secured loan) and pay their loan off. The first you know of the problem then is when you try to claim back the interest at the end of the loan term.

We stand to lose £4000 mainly through their use of ambiguous wording i.e. "on the completion of the loan" I would have thought this would mean at the end of the loan term but no this is the date the loan agreement is signed!! When it's time to claim though the wording "completion" changes to "commencement" in the small print.

I would avoid this company like the Asian bird flu if you know what's good for your health. For those who don't know they have joined Capital One so I'd avoid them also until evidence of Capital One changing the culture at HFS is evidenced.

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Alliance & LeicesterGood8.00%8.00%£7,500.00£14,950.00No
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