HFS Loans Ltd Review

Overall Rating

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HFS cash back loan:

I never knew I had to complete a registration form until my 5 years were nearly up, and I wanted to claim back my interest.
This is very misleading. I received a letter from HFS congratulating me on completing the loan. If it's completed, I assume no further action needs to take place? If further action is required i.e fill out the registration document, they don't mention it in the letter !!. However I did receive a registration form (only pointed out to me last week). It's a small A5 piece of paper cleverly hidden between forms for referring a friend/further product request forms. Strangely enough, at first glance all these A5 forms look identical and there is no heading on the registration form to tell me that it's a registration form for my attention, you have to read the small print !! I think this is deliberate masking attempt, in order to avoid paying back the money. That in itself is deceitful.

Also, I think that if the product I was originally sold over the phone, is no longer the product I am receiving i.e cash back loan, at the very least HFS should inform you that you have missed the registration period. That way I could have paid off the loan a lot earlier saving on the interest. I only continued it for the full 5 years because I thought I'd have to in order to receive my cash-back.

HFS don't make it clear that there are two separate agreements, one with Paragon (for the lending of the money) & one with HFS (for the cashback), although all the dealings and forms are sent to HFS.
I think HFS should at least have sent their Terms & Conditions first, before I signed on the dotted line with Paragon Finance for the loan. That way I could have made the decision as to whether this looked a bit dodgy with all the form filling necessary to obtain the cash-back.

I also feel that HFS terms & conditions should be on the actual forms I sign ,and NOT on the back of a promotional leaflet.

I certainly won't be letting this bunch of criminals get away with my money, even if I have to phone them 20 times a day for 5 years.

HFS can easily push the blame on to it's customers, or the postal system for not having to make payouts, but I wonder whether I'm a minority here ?

If any one has any similar stories, advice/ news updates, please keep us posted.

Members' Comments onHFSarecrooks's Review

• balgowan on 13th Mar 2006

  I returned the 'registration form' to HFS (having discovered it carefully stapled between 2 pieces of customer feedback information) but unfortunately lost the recorded delivery receipt. So far I have had no luck in claiming the interest back as HFS state they never received the form.
  
  Has anyone managed to obtain the interest back?

• kpage on 9th Oct 2006

  My family and I have had the same problem with HFS Loans. We were banking on the cash back to solve a cash flow problem, but this is a massive let down. Companies like this must know how much stress this causes families, but they don't seem to care. Perhaps none of them have any family values.