Changing the name doesn't change the company!
 Apr 1st, 2004
(Sep 7th, 2004)
Advantages:
Easy application & tempting introductory rates
Disadvantages:
Pushy staff, LOTS of spam mail/calls
Recommendable:
No
Detailed rating:
Staff courtesy
Promptness of service
Efficiency of service
Competitiveness of charges/rates
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  mattshaw4
About me:
Hey! Been quiet for a while now, busy with work & all that! Have got a few things to write about, ho...
Member since:19.03.2004
Reviews:10
Members who trust:2
Review rated by 23 Ciao members on average: helpful 
This review received a counterstatement by a party concerned
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A few years ago I bought a stereo & speakers for my car. I was offered an interest free credit agreement through HFC, which seemed acceptable at the time, & so started paying the minimum £20 a month. However I wasn't told just how high the interest rate was after the 6mnths (I know, I know, I should have asked) & so after 2yrs of paying over 27%, I eventually found myself with just one payment left. I then received a call from my local branch (which had just changed its name to Household Bank) offering me a flexible loan at a 'special' introductory rate of 14% for 6mnths. This was actually a good offer, as I used it to pay of my other store cards, which had double the interest. My total loan was just over £1800. Later that week I received my paperwork, which indicated I had a credit limit of £2000. 'Huh, where did that come from' I thought, at no point in the meeting was I made aware of this actually being an account. As far as I was aware it was a simple loan which I would pay of every month. But it doesn't stop there, twice the direct debit failed from their end (due to 'software updates') & I’m left wondering why I'm receiving calls asking for a late payment!
After the six months period, I decided I had had enough & wanted to get out of this scheme. So I rang up to get a settlement figure (see about customer service further down) & was horrified to find out I still owed £1802! In six months, I’d managed to pay just £50 of the loan!! How is this possible! I went back through my statements to try & figure it out & realised that I had only been paying £20 a month of the loan with nearly £40 interest added on top! So I had finally got the loan paid off & thought that was the end of that. But oh no, for the next month I got letter after letter, call after call, trying to tempt me back with credit cards, further loans etc. But the letters just got filed under B, & the telesales people got a short sharp NO!
Now onto customer service, first the local branch... Were they on commission for each product they sold or what?! As well as the loan I was offered Life insurance, Accident cover, Pet insurance, Health insurance, Credit cards & all I wanted was a simple debt consolidating loan. Fair enough they were chatty & friendly, but this just seemed liked a ploy to entice you in.
And as for the customer service line. Whatever you needed to know about payments, settlements, refunds etc, the local branch couldn't do anything. Instead you had to ring Birmingham & try to speak to a human rather than a machine. These were the exact opposite to the local branch, they offered as little information & help as they could & were very rude at times, speaking to you like you haven't a clue what money is. Overall, the worst finance company I have ever dealt with. I now have a loan through Cahoot who are unbeatable at everything (see my previous review), & have had no problems whatsoever.
Avoid this company like the plague, you’re not a customer to them, just a source of their money!
**UPDATE - 7/9/04**
They are relentless!! I think they actually are the Borg because resistance certainly is futile!! I paid of my loan & cancelled anything to do with the company nearly a year ago, but to my amazement, the other day I recieved my new mastercard through them with a £2k limit!! It would be worth considering if the rates were competitive but they are the same as the loan (24% APR or sumut) for balance transfers, cash withdrawels etc & no reward scheme!! Who in n their right mind would use this piece of evil plastic!! Pleeeeease stay away from this company!!!
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27.03.2005 10:41
So you knew that you was taking out a flexible account, but at no time figured that it was a new loan account?!! I agree that the staff in branches and the staff at their Head Office are totally different though!
07.09.2004 09:57
Everything you've said is soooo true - believe me, I can't wait to finish paying off my loan - I will never go near them again!
24.06.2004 13:33
I've been there & done that unfortunately... shame I wasn't a member of Ciao at the time! Vowed to never use them again, like you, will stick to First Direct or A N other reputable company! Soph