they have also stated that it is their policy that if we have a halifax account that is in arrears they will use the refund to pay the balance off any account that is in this state. We have a loan account but it is upto date with payments and we are always within our agreed overdraft limit so one assumes that as these accounts are not in arrears they must refund it ? If they argue was there some FOS guidance on this one ?

perhaps I am mis-understanding something on single premium loan details Insurance loan (cash price of insurance) = 3454.86 add: total charge for credit for insurance loan = 907.26 Total Amount you pay for insurance loan = £4362.12 I always thought that total charge for credit was interest added to the insurance part of the loan over the period of the loan, but in fact do they then charge you interest on the total plus insurance aswell ? So in effect canning you twice ? Hence why I am claiming ther total cost of PPI in charges plus statutory or compound ?

thanks for that - the statutory interest works out more than the compound anyway. scales tipped

hiyah dude - so are you saying they will most likely pay what we are owed plus contractual interest from 16th February 2005 to date totalling £5,666.38. **just to be clear the loan premium was £4,362.12 inc the interest but as per the SS you sent me there is contractual or statutory to be claimed on top

Hiyah Peeps Just a quick query on somethng which may not be clear to a number of people on compound and or statutory interest the details of our claim are as follows Insurance loan (cash price of insurance) = 3454.86 add: total charge for credit for insurance loan = 907.26 Total Amount you pay for insurance loan = £4362.12 pompeyfaith very kindly also calculated that in addition there is compound interest on top of £1,278.52 or statutory interest of £1,326.98 on top to add to the claim. So put simply - are the banks obliged to put you back into a position you were before the PPI was added but pay you the additional Statutory Interest and/or Compound/Contractual interest on top ? by the way we won and a donation is on the way to CAG as soon as we get the dosh, and a good few beers to pompeyfaith for his help

hiyah dude - any update on this and whether they would be paying you interest on top of your claim etc ?

Just had a letter from Halifax - they are going to pay out they state they are going to put us back in the position we would have been had we not taken out the PPI insurance. what I want to know is whether they actually pay out a rate of interest on top. For example we are claiming the £4,362.12 premium charge refunded with contractual interest from 16th February 2005 to date of £5,666.38. I also require statutory interest on £5,666.38 at 8% from 16th February 2005 to date of £453.31. The total claim is therefore £6,199.69 Has anyone been paid out by Halifax and did they pay out with the contractual interest and the statutory 8% or did they ignore what you were asking for and just pay out exactly what you have paid so you are back where you started. Or did they calculate interest at what they think they should be compensating you with and add it ? Either way - did you get more back than the PPI plus any interest they were charging ?

ceri so to be hijacking your thread as such I have had the loan papers back from halifax, its a revised credit agreement, same APR, same term left. However they are still saying it will not resume until 3 months after they receive the signed papers back. ( I know they will charge interest on the loan during this period but a 3 month payment holiday would come in handy) does all this sound ok to you ? and I assume it will not affect my is-selling complaint for the PPI on this loan ? incidentally they have issued a new account number and stated the current loan account number as old on the papers, is this normal?

Alanalana - thank you for your response too, I understand what you mean, my wife's been paying back the loan for 4 years of a 7 year agreement and the loan payments minus the PPI only went down from £269 to £262. Woman said that only £211 was left to pay on the insurance over the course of the loan. (Insurance and interest totalled around £4,500) I though it was bit low and there is no rebate coming back either (although I am using the fact that my wife was not told there was a pro-rata rebate for cancelling the loan on a single premium PPI as an example of mis-selling) Guess I will wait for the papers and breakdown to come through in the post

ahh cheers dude, it could well be a document to modify the first agreement, but she was not clear on the phone, I will check everything and read the small print before the wife signs anything. Might well pop back in this thread to get some advice. If it is a new loan and the old one is cancelled, the new loan is the same apr and loan term and nothing has changed, if the wife did sign it, it will not affect any mis-selling claims going through I assume ? Thanks peeps.

curiously in cancelling our insurance in the loan, we are being sent out new papers to sign as the loan monthly payment is being reduced. the apr is remaining the same as is the term but she said in effect you are taking out a new loan so we have to sign a new agreement (we also will not have to pay for 3 months - halifax do this as std wth their new loans) is this right ?

hiyas was just on the phone to halifax to cancel the ppi on her existing loan, interestingly I asked how many years this covers, she said 5 and the term of the loan is 7. is this an example of mis-selling as the product does not cover her for the full term of the loan, therfore she is paying for a product she is not receving ? I did slap this in my letter to them ooo and one more quick thing aswell, they are sending out cancellation papers and re-keying the loan, we have to sign and return the papers to the loan insurance department of halifax - by signing these papers we are not jeopardising our current claim in anyway are we? take it there is no hidden stuff saying if we sign the papers we somehow cannot claim ? Bit nervous about the wife signing something but she is now married and will be signing with her married name not her old maiden name she had at the time of the loan being taken out.

lol - pompey is some of your post missing ?

cool, just out of interest how do you stop halifax renumerating the funds against your loan, we do not want them to do that ( loan is on-going) we want a cheque and for them to then re-adjust the loan accordingly

oh yes billionaire me up fella. lol - cheers and regards B

hiyah peeps heard back from halifax with the std letter of we are sorry you have an issue and have cause for complaint, our investigation may take some time and the FSA allows us upto 8 weeks and its our intention to deal with this within 8 weeks blah bah blah so do I leave them to get on with it or contact them again within 2 weeks if I do not get an update ?

hiyah peeps does this look ok for a first demand ? Dear Sir or Madam, Re: Complaint and request for return of Payment Protection Insurance premium and contractual interest. Account no: XXXXXXXXXXXXXXX On the 16th February 2005 I took out an unsecured loan with your bank. That totalled £22,669.92 When I took it out, I signed up for Payment Protection Insurance [PPI]. At the time I was told that I had to take the PPI out at the same as the loan or not at all, whilst I was urged to do so because of my new commitment to your bank. I was also never explicitly told that I could obtain insurance elsewhere to cover myself for this new commitment to your bank or shown any comparisons for other products in the industry. It was in no way made clear that I was being sold a single premium policy and that I would be paying interest on the loan plus the insurance premium for the duration of the loan. I also believe that I may not be covered for the duration of the loan term as most PPI policies run for 5 years, my loan runs for 7. I as also not told that there were other options than a single premium policy, i.e. that I could take a pay monthly one. No claim has ever been made under the policy. I now realise following the recent OFT and FSA investigations, that you mis-sold me this insurance policy, which I did not want and did not need. I believe I signed up for the insurance under some economic duress and without being presented with the full facts and that your actions were unconscionable I am writing to ask you to refund the premium paid together with interest equal to your APR at the time under the accepted principle of mutuality and reciprocity. Your responsibilities I would draw your attention to the terms of the contract which you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law. I am frankly shocked that you have operated my loan account in this way as I had always reposed confidence in your integrity and expertise as my fiduciary. Finally, I believe insurance contracts are contracts uberrimae fidei (contracts of the utmost good faith) which imposes on you a “duty of disclosure of all material facts because one party is in a strong position to know the truth.” Inter alia, I believe that you should have disclosed to me that the type of policy you sold me, a single payment premium, did not give a pro-rata refund in event of early settlement. I believe you should have made it clear to me that the policy generated large profits for you. You also should of ensured the Terms and Conditions of the small print were explained fully. You failed to do this. I believe that you have also therefore failed in your duty of disclosure. Your failure to disclose is misrepresentation at common law. What I require Your concealment of the act of mis-selling has prevented me from asserting my right until now. I believe that there are strong grounds for action against you under common law, statute and consumer regulations. The original premium was £4,362.12 debited to my loan account on 16th February 2005. I require the £4,362.12 premium charge refunded with contractual interest from 16th February 2005 to date of £5,666.38,. I also require statutory interest on £5,666.38 at 8% from 16th February 2005 to date of £453.31. The total claim is therefore £6,199.69. This is NOT to be REFUNDED to the loan account but paid in the form of a CHEQUE. I have calculated interest at 6.7% APR., which I estimate was your APR at the time, reflecting the principal of mutuality and reciprocity. I am sure you will advise me if the APR at the time was different. Alternatively I will ask the Court to allow me statutory interest at 8% under S69 of the Count Court Act. I enclose my spreadsheet used for my calculations. My targets to resolve this matter I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets. I will give you 14 days to reply to me accepting, unconditionally, my request in principle and letting me know a date by which I will receive payment. If you do not respond, or you do not respond positively, within this time period, I shall send you a letter before action giving you a further 14 days in which to reflect. I believe that this time frame is sufficient for a large company such as yours with its dedicated staff and departments. After that, there will be no further communication from me and I shall issue a claim at the expiry of the second deadline. Yours faithfully,

cheers dude, for all the info

one more thing - sorry - do I sign this letter or print my wife's name ?

cool, can I claim the statutory interest or contractual ? Stat is more, do I need to break down the figures for what I am exactly claiming?

yep have replied fella. Nice one

could do with the template / a good starting point letter for the 1st demand for a refund. I have seen it here somewhere ? Is it up there in the pinned section ? Cheers PF for all your help so far

cheers dude, dropped you a quick note aswell

dude - what address for Halifax did you use to send your PPI claim to ? Need to send one myself. thanks in advance

Hiyah Back in 2005 my missus took out a Halifax loan in the region of £17,954 including loan protection which I think was around £3,500 over 84 months. I want to cancel this insurance or claim it back if need be. Do you have to have verbal/written evidence that you were not told its optional or can be obtained elsewhere or that it does not have to be part of the loan you are agreeing too? If you have taken it out and signed are these questions covered in the agreement saying you accept the PPI loan and have been informed you can obtain it elsewhere or that it is not a requirement of the loan to have this etc? I have a feeling it was applied as a single premium at the start of the loan, how do I find this out? Do I start with a CCA request ? If this is the case have I got a claim anyway if they cannot prove they told me this would be the case? One further question if the insurance is only valid for 5 years and the loan is over 7 is this another reason to claim ? If so how can I find out what period the insurance covers? Sorry for all the questions and I understand if you are unable to help. regards Brett