soozanne 1

soozanne

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Member since:30.11.2002

Reviews:6

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HFC, High Financial Charges

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14.12.2002

Advantages:
easy to be accepted

Disadvantages:
very high apr

Recommendable No:

Detailed rating:

Staff courtesy

Promptness of service

Efficiency of service

Competitiveness of charges/rates

Online - Content/organization of site

Online - Reliability/speed of site

Online - Ease of applying for products

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7 Ciao members have rated this review on average: helpful See ratings
very helpful by (20%):
  1. blueflo_1705
  2. natzx1
  3. andyellam
helpful by (73%):
  1. sue.51
  2. aurian
  3. wiggglypufff
and 8 other members
somewhat helpful by (7%):
  1. zoe_page

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A few years ago I received a phone call from HFC bank. I had bought a computer on hp and the 6mths interest free credit had run out. HFC were offering me a loan to pay off the computer and also pay off my credit card. They asked me to come into the branch for a meeting. Very bewildered I went in the next day. I went in taking with me payslips from the last 6mths. At the time I was working two part-time jobs. They accepted me for a loan for £1500, a loan that they gave me a cash-card, and a cheque book!? It was too easy.
They also encouraged me to take out a 5yr life insurance policy. Then they hit me with it, after everything was signed I found out that the interest rate I was paying was 27.9% !! What!!
I had that loan for a couple of years not strong willed enough to not take money out anytime it was someones birthday or I was going on holiday. The interest I paid ate up my monthly payments and at the time I couldn't afford to pay off any more.
The best thing feeling was when I paid off the last of my loan and I asked them to close the account. "We could keep it open for you, you might want to use it again" they told me, in the two years I had that loan I had given them almost £1000 in interest, and they were not getting a penny more out of me!

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Comments about this review »

blueflo_1705 07.09.2004 10:54

The exact same thing happened to me - I'm still paying off the loan now (with difficulty) - if only I'd read this review before they collared me :(

mattshaw4 01.04.2004 12:07

Spot on with the review!! I had a very similar experience & have just put my views in the form of a review.

andyellam 14.12.2002 20:11

Really 28%? That's a horrific rate.

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Review Ratings »

This review of HFC Bank plc has been rated:

"very helpful" by (20%):

  1. blueflo_1705
  2. natzx1
  3. andyellam

"helpful" by (73%):

  1. sue.51
  2. aurian
  3. wiggglypufff

and 8 other members

"somewhat helpful" by (7%):

  1. zoe_page

The overall rating of a review is different from a simple average of all individual ratings.



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