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Thread: Halifax PPI Claim

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    Default Halifax PPI Claim

    Hi

    After successfully fighting off bailiffs & parking charges, with all your kind help and advise, I now need to get my head around reclaiming PPI. I've been reading the advise and info on the forum and have downloaded the Consumer Questionnaire.

    This was a Halifax Joint Personal Loan taken out 2/8/03 for £8000 and final payment was made on 13/11/10. I contacted customer services by phone to arrange this loan and during the process I was advised to take out PPI for 'peace of mind in case of illness, redundancy etc'.

    In 2007 following the publicity of mis-sold PPI, I contacted Halifax customer services to cancel the PPI, so that I could take out a cheaper stand alone PPI. I was told I would have to cancel the entire loan & PPI and refinance at a new interest rate (ex of PPI) which meant I would be paying a much higher repayment. I was given no option but to continue with the policy.

    I have since realised that the PPI is only in my husbands name. Would the fact I was working part time (25hrs a week) mean I was not entitled to this cover, although that was not mentioned at the onset, I assumed we were both covered.

    Question B5 - I'm not sure if this PPI is a (a)one-off single premium paid up front or (b)a premium paid each month. I assumed it was (b) but after reading other threads I'm not sure.

    £8000.00 cash loan
    £3163.60 total charge for credit
    £11,163.60 amount paid for cash loan

    £2158.48 Insurance loan
    £806.72 total charge for credit
    £2965.20 amount paid for insurance loan

    84 monthly payments of £168.20 - Annual % rate 9.9% - Monthly interest rate 0.798% - Total loan £10,158.48 - Total charge for credit for total loan - £3,970.32 = £14,128.80

    Your advise would be appreciated

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    Default Re: Halifax PPI Claim

    Hi Bigsis,

    This looks like a good case of mis-selling, but with an interesting 'slant' to it, in that the 'mis-selling' seems to have been compounded when you realised you didn't need this, and they then went ahead and - apparently - tried to 'mis-sell' you another loan at a higher rate !!!

    ...I'll be back....

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    Default Re: Halifax PPI Claim

    So will I later today
    My name is TurboMaximus, Commander of Celame's Armies of the North, General of the Spreadsheet Legions, loyal servant to my TRUE Empress Mo Turbo, Father to two Centurion sons, husband to a lovely wife.And I will help in this life or the next





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    Default Re: Halifax PPI Claim

    Yep--this is a Loan where the PPI is paid each month

    I anticipate Bill is latching on to the statement where they say that you would have to take a higher interest loan to cancel-comparing with the guidelines in the FSA Handbook

    I will also PM our PPI Colleague Di30 to look too

    So -lets say you are successful in claiming back--heres the figures

    In your case the Total Premium of £168.20pm was £132.90 for the Loan Advance & £35.30 for the PPI premium

    Total PPI Paymemts made due back = £2,965.20 (as in your post 1-which in fact is 84 x £35.30 as you have no missed payments)
    8% compensatory interest on those PPI payments (which include the 9.9% annual interest btw) from the date each was paid to the current date (assumed 30/9/2012) = £1,207.95

    SO ...Total Redress Expected as at 30/6/2012 = £4,173.15

    The following spreadsheet illustrates above-for your last payment to be 13/11/10 and 84 payments-I have assumed first payment was on 13/12/2003

    Bigis.xls

    We don't actually submit the figures when we make a claim btw---we just wait for the offer & then check it against what I've posted above
    Last edited by Turboman; 6th June 2012 at 10:08:AM.
    My name is TurboMaximus, Commander of Celame's Armies of the North, General of the Spreadsheet Legions, loyal servant to my TRUE Empress Mo Turbo, Father to two Centurion sons, husband to a lovely wife.And I will help in this life or the next





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    Default Re: Halifax PPI Claim

    Thanks for the PM Turbo.

    That is correct BigSis, it's useful to know roughly what to expect, and keep a record of your own figures as well, so if anything is amiss, you could question this matter with them once it's solved.

    However, when your ready to make a reclaim with your mis selling reasons, below are some useful details/links of PPI and how to make a reclaim.
    Always keep copies of what you send, this is in case you need to refer back to the case, or even complain to the Financial ombudsman service (FOS), this will save time later on.

    http://www.legalbeagles.info/forums/...I-Calculations


    The above is posted by our Turbo, although I note Turbo have already gone through some figures for now.

    To make a reclaim, the banks expect reclaim questionnaires to be completed now, these were issued by the FOS, you complete and send to the responsible business that arranged your loan, complaints/head office, always send by signed for/recorded delivery, to ensure proof of posting, via Royal Mail - Track and Trace.
    Keep a copy as already stated above.
    They should send you a written confirmation letter within a week, maybe 2, they will also confirm a timescale which is generally up to 8 weeks they have to deal with your complaint, from the date of when they received your actual complaint.
    Although they may still resolve sooner.

    http://www.financial-ombudsman.org.u...stionnaire.doc

    Hope this info helps. I shall be back and forth anyway, but we will help all we can.

    Good luck on your reclaiming.

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    Default Re: Halifax PPI Claim

    Hi Turbo

    Thank you for getting back to me and for going to so much trouble to work out all the figures and explaining it all so well, I could never have worked all that out! Just an up-date after checking my paperwork, the loan was taken out on 2/8/03 we had an initial '3 month repayment holiday' and the 1st payment was 2/11/03 and the final payment was 13/11/10, hope this hasn't messed up the calculations.

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    Default Re: Halifax PPI Claim

    Hi Di

    Thank you for your support and advice, I'll crack on and get the questionnaire completed, should I include a covering letter along the lines of the PPI Preliminary letter? Anyway will keep you updated.

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    Default Re: Halifax PPI Claim

    Many thanks to my PPI 'compadres' Di and Turbo. Thanks for doing the figures Turbo. With regard to Bigsis's query on question B5 in post #1, this appears to be a fixed-amount loan with a 'front-loaded' PPI premium - as opposed to a 'revolving credit' account where the premium is charged monthly. So - assuming it is 'front-loaded,' then the answer to question B5 would be (a) - even though the loan to cover the single-payment premium is repaid monthly. I just wanted to get that clarified.

    From what Bigsis has explained, there are already several reason why we can consider the PPI to have been mis-sold. But there could be more. In the attached list I have highlighted in bold text the reasons which I think already apply, but there may be more if Bigsis has a read through and thinks back to the original sale.

    I notice that one of the reasons why Bigsis says she wanted to cancel the PPI was because she wanted the freedom to purchase PPI elsewhere. Unless this is the ONLY reason for wanting to cancel, I always suggest that we do NOT mention this as a reason. If you take a look at the final reason in the attached list, I have explained this. I would also suggest that we treat this as a claim for mis-selling at the ORIGINAL time of sale, and only use subsequent events to support that claim - or as a 'fall-back' position. I hope that helps - and makes sense !!!
    Attached Files Attached Files
    Last edited by Bill-K; 6th June 2012 at 23:37:PM.

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    Default Re: Halifax PPI Claim

    Here's the "alternative Approach" stuff - for those who are interested:-
    .A..l.t.e..r.n..a..t.i.v..e.. .a.p..p..r..o.a..c..h.. .t.o.. .r.e..d..r.e..s..s.:. .s..i.n..g..l.e. ..p.r..e..m..i.u..m... .p..o..l.i.c..i.e..s.............................. ......Where the only breach or failing was within ■ DISP App 3.6.2 E (9) and/or
    ■ DISP App 3.6.2 E (12), and in the absence of evidence to the contrary, the firm
    App
    3.7.7
    may presume that instead of buying the single premium payment protection
    contract he bought, the complainant would have bought a regular premium
    payment protection contract.
    If a firm chooses to make this presumption, then it should do so fairly and for
    all relevant complainants in a relevant category of sale. It should not, for example,
    App
    3.7.8
    only use the approach for those complainants it views as being a lower
    underwriting risk or those complainants who have cancelled their policies.
    Where the firm presumes that the complainant would have purchased a regular
    premium payment protection contract, the firm should offer redress that puts
    App
    3.7.9
    the complainant in the position he would have been if he had bought an
    alternative regular premium payment protection contract.
    The firm should pay to the complainant a sum equal to the amount in
    ■ DISP App 3.7.3 E less the amount the complainant would have paid for the
    alternative regular premium payment protection contract.
    App
    3.7.10
    PAGE
    9
    FSA Handbook ■ Release 118 ● October 2011 App 3.7.10
    DISP Appendix 3 Handling Payment Protection Insurance complaints
    3
    The firm should consider whether it is appropriate to deduct the value of any
    paid claims from the redress.
    App
    3.7.11
    Additionally, where a single premium was added to a loan, ■ DISP App 3.7.4 E
    applies except that in respect of ■ DISP App 3.7.4 E (1)(a) the cancellation value
    should only be used if the complainant expressly wishes to cancel the policy.
    App
    3.7.12
    The firm should, for the purposes of redressing the complaint, use the value of
    £9 per £100 of benefits payable as the monthly price of the alternative regular
    App
    3.7.13
    premium payment protection contract. For example, if the monthly repayment
    amount in relation to the loan only is to be £200, the price of the alternative
    regular premium payment protection contract will be £18.
    Where the firm presumes that the complainant would have purchased a regular
    premium payment protection contract and if the complainant expressly wishes
    App
    3.7.14
    it, the existing cover should continue until the end of the existing policy term.
    The complainant should pay the price of the alternative regular premium payment
    protection contract (at ■ DISP App 3.7.13 E) and should be able to cancel at any
    time. This pricing does not apply where ■ DISP App 3.7.4 E (1)(b) applies.
    So that the complainant can make the decision on the continuation of cover
    from an informed position, the firm should:
    App
    3.7.15
    (1) offer to provide details of the existing payment protection contract;
    (2) inform the complainant that he may be able to find similar cover more
    cheaply from another provider in the event that he chooses to cancel the
    policy and take an alternative but remind the complainant that if his
    circumstances (for example, his health or employment prospects) have
    changed since the original sale, he may not be eligible for cover under
    any new policy he buys;
    (3) make the complainant aware of the changes to the cancellation
    arrangements if cover continues;
    (4) explain how the future premium will be collected and the cost of the
    future cover; and
    (5) refer the complainant to www.moneyadviceservice.org.uk as a source
    of information about a range of alternative payment protection contracts.

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    Default Re: Halifax PPI Claim

    Hi,

    Good points raised Bill.

    Bigsis, do not worry about a cover letter, by all means if you need to add further info where you need to continue on another sheet that is fine.

    Good luck.

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    Default Re: Halifax PPI Claim

    Hi Bill K

    Thank you for your input and explaining question B5! I've read the PPI mis-selling reasons and the ones you've highlighted are certainly the correct ones for my case. I understand your reason that 'cancelling to purchase cheaper PPI' could be used against me. So I'll stick with all of the other reasons along with 'I was pressurised to purchase by the generally insistent advisor', all of which are true. Do I take it I should not include the last reason 'I tried to cancel but was told I needed to refinance' at this stage. Hope I've understood things correctly, perhaps you could just confirm.

    Many thanks

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    Default Re: Halifax PPI Claim

    Yep - add any other reasons that you honestly think applied to the original sale.

    The "I tried to cancel, but..." is OK to include, as it compounds the earlier reasons. But - your reasons for wanting to cancel weren't because you realised you could have bought the PPI more cheaply elsewhere, were they ?

    ...Capisce ? ...

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    Default Re: Halifax PPI Claim

    Cheers Bill K........capisce!

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    Default Re: Halifax PPI Claim

    Quote Originally Posted by Bigsis View Post
    Hi Turbo

    Thank you for getting back to me and for going to so much trouble to work out all the figures and explaining it all so well, I could never have worked all that out! Just an up-date after checking my paperwork, the loan was taken out on 2/8/03 we had an initial '3 month repayment holiday' and the 1st payment was 2/11/03 and the final payment was 13/11/10, hope this hasn't messed up the calculations.
    Just alter cell E17 (Date of First Payment) to 2/11/2003---which then ups the total to £4,200-ish all but 2 p
    btw you will see in cell L16 that the claim increases by £3.10 for each day - after 30/6/2012

    Quote Originally Posted by Bill-K View Post
    With regard to Bigsis's query on question B5 in post #1, this appears to be a fixed-amount loan with a 'front-loaded' PPI premium - as opposed to a 'revolving credit' account where the premium is charged monthly. So - assuming it is 'front-loaded,' then the answer to question B5 would be (a) - even though the loan to cover the single-payment premium is repaid monthly. I just wanted to get that clarified.
    Bill
    re question B5--I'm filling one in as you know at moment ( lol) so I see that question B5 is worded thus:

    "How did you pay for this insurance?"
    a)-With a one-off single "premium" paid up-front
    b)-With a "premium" paid each month
    c)-Not sure

    I think the emphasis here is on the word pay and hence I would suggest therefore the answer must be b)--yes???
    Last edited by Turboman; 8th June 2012 at 10:48:AM. Reason: spelling
    My name is TurboMaximus, Commander of Celame's Armies of the North, General of the Spreadsheet Legions, loyal servant to my TRUE Empress Mo Turbo, Father to two Centurion sons, husband to a lovely wife.And I will help in this life or the next





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    Default Re: Halifax PPI Claim

    Quote Originally Posted by Turboman View Post
    re question B5--I'm filling one in as you know at moment ( lol) so I see that question B5 is worded thus:

    "How did you pay for this insurance?"
    a)-With a one-off single "premium" paid up-front
    b)-With a "premium" paid each month
    c)-Not sure

    I think the emphasis here is on the word pay and hence I would suggest therefore the answer must be b)--yes???
    (b) would be the answer for a credit card account, but for a front-loaded loan, it is paid "with a one-off single premium paid upfront." This payment is financed by the PPI loan. It is loan repayments that are made each month, not premium payments.

    After 5 years, or whenever the PPI policy expires, and cover ceases - the loan repayments continue. This is because they are loan repayments and not premium payments. That's my take on it, anyway.

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    Default Re: Halifax PPI Claim

    Just a quick question, do I send the completed questionnaire to the address of my local branch that appears on all the paperwork and statements or to the Customer Relations, PO Box 548 or PO Box 761? Thanks.

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    Default Re: Halifax PPI Claim

    LOL - unless Turbo and I can agree on (a) or (b), it looks like you have to pick one for yourself, based on our humble submissions - or just go for (c) "Don't know."

    It's not a crucial question, so no need to worry too much, IMHO.

    PO Box 548 is the one they suggest here, Bigsis. That's where I would send mine:-

    http://www.bankofscotland.co.uk/cont...ain-about-ppi/

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    Default Re: Halifax PPI Claim

    Bill--I totally agree with you in retrospect---a) is the item to select

    I was getting hung up on the word PAY and thinking that a "one off single premium paid-up front " was just that-ie money changed hands out of bank account---of course-if someone is taking a loan then they haven't got the cash to pay another 20%-ish upfront there and then anyway

    I think the question could have been worded better---but the FOS are (standing back and thinking generally) wanting to know if it was a typical PPI SPI cf with a monthly credit card payment

    Sooooooooo-----well done you Grumpy Sod------you've converted me--lol (Bigis---the abuse between us btw is par for the course in here)



    Quote Originally Posted by Bill-K View Post
    (b) would be the answer for a credit card account, but for a front-loaded loan, it is paid "with a one-off single premium paid upfront." This payment is financed by the PPI loan. It is loan repayments that are made each month, not premium payments.

    After 5 years, or whenever the PPI policy expires, and cover ceases - the loan repayments continue. This is because they are loan repayments and not premium payments. That's my take on it, anyway.
    My name is TurboMaximus, Commander of Celame's Armies of the North, General of the Spreadsheet Legions, loyal servant to my TRUE Empress Mo Turbo, Father to two Centurion sons, husband to a lovely wife.And I will help in this life or the next





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    Default Re: Halifax PPI Claim

    LOL @ Turbo. We agree ? !!! I think you need to check you've been taking your meds !!! So - there you go, finally then, Bigsis - consensus (whatever that is !!!)

    And yes - I agree mate - that question should be worded more clearly.

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    Default Re: Halifax PPI Claim

    UPDATE - got confirmation letter 14th June and today came home to 2 letters from Halifax. One dated 3rd August offering £4,242.24 and one undated letter with a cheque for same amount, so pleased over the moon, god knows what I'd be like if I won the lottery lol!

    After telling 3 of my work colleagues I was reclaiming PPI, one was about to go through a claims company, I told her do it yourself and I'll help you. So brought them in questionaires and told them what to do, quoting all your advice. Last week one got £450, another got £1700 and the third got £6500. I was a bit miffed after helping them I'd heard nothing, so it was great coming home to this today.

    So between the 4 of us we've got back just under £13,000 thanks to you wonderful guys. Many thanks to Bill-K, Turboman and Di30.

    Got to sort out some more now lol

    Bigsis xxx

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    Default Re: Halifax PPI Claim

    Bigis

    So so pleased for you and your friends---see---it can be done--this forum is better than a 100 CMC's
    My name is TurboMaximus, Commander of Celame's Armies of the North, General of the Spreadsheet Legions, loyal servant to my TRUE Empress Mo Turbo, Father to two Centurion sons, husband to a lovely wife.And I will help in this life or the next





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    Default Re: Halifax PPI Claim

    Well done, BigSis, and congrats to you. And well done, too, for passing on what you've learned to your workmates. Your patience was finally rewarded !!!

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    Default Re: Halifax PPI Claim

    Quote Originally Posted by Bigsis View Post
    UPDATE - got confirmation letter 14th June and today came home to 2 letters from Halifax. One dated 3rd August offering £4,242.24 and one undated letter with a cheque for same amount, so pleased over the moon, god knows what I'd be like if I won the lottery lol!

    After telling 3 of my work colleagues I was reclaiming PPI, one was about to go through a claims company, I told her do it yourself and I'll help you. So brought them in questionaires and told them what to do, quoting all your advice. Last week one got £450, another got £1700 and the third got £6500. I was a bit miffed after helping them I'd heard nothing, so it was great coming home to this today.

    So between the 4 of us we've got back just under £13,000 thanks to you wonderful guys. Many thanks to Bill-K, Turboman and Di30.

    Got to sort out some more now lol

    Bigsis xxx
    Excellent news! Congratulations! Xxx

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