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HFC Loan

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  • 04-12-2008 1:03pm
    #1
    wasim21k
    Registered Users Posts: 438 ✭✭


    hi guys,
    any one ever closed loan account with HFC? i borrowed from hfc in July and paid so far 814. but my original loan amount gone up :mad:
    when i rang cs they told me if i want to settle this loan acount i have to pay 391.17 cent extra


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Well of course it would. You would have to pay off the interest that you've accrued up to today and possibly a penalty/fee for closing a fixed rate loan early (if it was one) as you agreed to take the loan out for X years and are now breaking that agreement.

    It would have been spelt out in the loan agreement that you made with them, so you probably should check that out.


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    #3
    wasim21k
    Registered Users Posts: 438 ✭✭wasim21k


    it was variable rate loan and at the time i asked about paying early. but 391 is to much :confused:


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    #4
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    wasim21k wrote: »
    it was variable rate loan and at the time i asked about paying early. but 391 is to much :confused:

    HFC are regarded as sub-prime lenders. Unfortunately, you get what you pay for. From what I hear, the 391 isn't all that bad. But without knowing how much you borrowed, the rate, and the nature of your repayments, I couldn't say!

    Check your Credit Agreement to see what it says. All the info should be there, including the breakage costs, surcharge rates etc. If not, they could be in breach of CCA regulations.

    P.S. Real banks don't charge a breakage fee for variable loans.
    P.P.S HFC are no longer open for new business! So at least once you repay the loan, you (nor anyone else!) will never have to deal with them again.


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    #5
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    HFC not open to new business? Does this include shops like Currys who use them for finance?


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    #6
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    No idea (Their website). Wouldn't be surprised to see them operate under a new name or something. All these sub-prime lenders should be just banned


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    #7
    wasim21k
    Registered Users Posts: 438 ✭✭wasim21k


    they are ok when you buy some thing on finance like 12 month free or 18 month but to get loan or go over agreed finance term they cost fortune:mad:


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