HFC mis-sold PPI
HFC stands for Household Finance Corp, a finance company founded in the United States during 1878.
HFC claimed to be the first finance company to offer consumers the chance to repay their loan in instalments rather than a lump sum on the due date.
In the early 1980s, HFC was restructured and renamed Household International Inc. before it was bought by HSBC in 2002 for US$15.3 billion.
HSBC regret HFC purchase
As reported by Bloomberg, the acquisition of HFC was a poor investment by HSBC, “It’s an acquisition we wish we hadn’t done with the benefit of hindsight, and there are lessons to be learned,” explained HSBC’s chairman Stephen Green back in 2009.
HSBC’s venture into sub-prime lending through its purchase of HFC was abandoned after a little more than 6 years.
HFC fined for malpractice
In 2008, the Financial Services Authority (FSA) fined HFC a record (at the time) £1.09 million for mis-selling PPI. As reported in The Telegraph newspaper, HFC failed to gather sufficient information on their customers before recommending PPI to them.
Margaret Cole, FSA director of enforcement explained that HFC’s actions had “put its customers at risk of buying unsuitable protection insurance and the financial impact on them of unsuitable advice was likely to be significant.”
Make your HFC PPI claim
If you have had a loan or credit card with HFC in the past there’s every chance you’ll have been paying for PPI.
We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.
So….how do you start your claim?
#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your HFC PPI claim.
#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.
Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.
So….why wait, let’s get started!