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“At the time I took the loan out with HFS (now Capital...”

Written on: 12/09/2006 by chessman (1 review written)

Good Points
Able to apply over the telephone.

Bad Points
Charged a higher interest rate.
Have not been paid the interest back on my loan.

General Comments
At the time I took the loan out with HFS (now Capital One) home owner loans, they were offering customers all the interest paid back at the end of the term of the loan, subject to conditions being kept by the borrower.

At the time I was made aware that no more than 2 repayments must not be late and that you had to claim the interest back within 21 days of the loan ending. My loan ended in September 2006. I rang Capital One to enquire regarding claiming my interest back on the loan. They asked me to ring another number. The number was for the Administrators of the Loan (The Oval Group). The Oval group said that I was not registered to receive the money back. Apparently, I had to complete a small A5 size form within 14 days of taking the loan out, and then return it to them, and then I would receive the necessary form to claim the interest back.

The small form was stapled between similar size forms, and I feel it was done intentionally so it would be overlooked. I have written to Capital One asking them to allow my application for the interest back, but they are adamant that I should not get anything as I had not registered.

I feel completely let down. Not just me, but my family as well. We acted honourably in our dealings with HFS/Capital One. HFS knew the importance of returning the form, and they could have just reminded us. The OFT investigated the scheme, and HFS had to amend or delete some of the conditions of the Loan in 2003. I was not made aware of these changes. I suggest if anyone else was not informed of these changes at the time then please write to The Office of Fair Trading.

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