Hooray Halifax success - help checking figures

[KaneCole]

Hi

 

Had claim with Halifax for misselling PPI on a loan from 2003. Received letter today advising that although they still believe we were not missold they are prepared to put us back in the poisition we would have been in had we not taken the insurance as we are valued customers.

 

I am really thick when it comes to working out what we are owed with this and hoping someone could take a quick look to see if what they are offering is correct.

 

These are the details :-

 

Cash loan £4000

credit for loan £2270.60

total loan £6270.60

Insurance loan £1252.31

credit for insurance £668.77

total insurance £1921.08

 

84 monthly payments £97.52

 

Annual percentage 13.9%

monthly rate 1.094%

 

They have offered the following :

 

refund of premiums £566.39

refund of 13.9% £333.41

interest at 8% £273.37

total £1173.17

 

we had this loan for 2 years from april 03 to april 05 and when we settled we had to pay £3848.95.

 

I appreciate any help in advance. Still have 2 claims against first plus that have been with the ombudsman since may and received a letter yesterday to say still awaiting an adjudicator.

 

thanks

 

Kanecole

[alanalana]

Hello kanecole,

 

I would like to ask is this a goodwill gesture with no admission of liability?

 

You may wish not to answer and that will be fine.

aa

[bathgatebuyer]

Well done! In their legal defence against me they deny that there is even such a legal concept as 'mis-selling'.

 

Of course, they also tried telling me that part of HBOS listed as being part of HBOS on their website and in their annual report was not part of HBOS.

 

Chocolates and fireguard? Inflatable and dartboard?

[adamski]

Cash loan £4000

credit for loan £2270.60

total loan £6270.60

Insurance loan £1252.31

credit for insurance £668.77

total insurance £1921.08

84 monthly payments £97.52

 

Annual percentage 13.9%

monthly rate 1.094%

 

They have offered the following :

 

refund of premiums £566.39

refund of 13.9% £333.41

interest at 8% £273.37

total £1173.17

 

Looks wrong to me even with the settlement figure taken into account there must have been charges or other fees which you seem to be unaware of maybe you need to do a SAR or just request copy statements to check their figures they may supply for free if it is regarding a complaint.

[KaneCole]

To Alanalana

 

The wording in their letter is this exactly does not say "gesture of goodwill" at all.

 

"From our review we have found no reason to believe you were not provided with the relevant information at the point of sale to make an informed choice, However, as valued customers we are prepared to put you back in the position you would have been in had you not taken the insurance. This is done without admission of liability and in full and final settlement of your complaint"

 

To adamski

 

I already have an SAR and I have looked through the figures and it shows we received a rebate at the time of settlement of the loan of £685.92 for the insurance

 

Kanecole

[adamski]

This does not add up even with the rebate it is still not enough unless I am reading it wrong, are there redemption fees or admin charges?

[alanalana]

hello kanecole,

 

To Alanalana

 

The wording in their letter is this exactly does not say "gesture of goodwill" at all.

 

"From our review we have found no reason to believe you were not provided with the relevant information at the point of sale to make an informed choice, However, as valued customers we are prepared to put you back in the position you would have been in had you not taken the insurance. This is done without admission of liability and in full and final settlement of your complaint"

 

 

This is Halifax saying we were not at fault, it lets them off the hook on the mis-selling, you will possibly have been asked to sign something to that effect.

It is nice to be offered some money back and it is a bonus if you thought it was money gone forerever. I have just turned down £2.6K because it was a gesture of goodwill without admission of liability. It could mean money lost if the FOS do not uphold my complaint but it is a risk I had to go with as the banks must know they face trouble for them to make these offers. These financial institutions are now seeing more fines being dished out by FSA, Liverpool Victoria are the latest with a £840,000 fine. They are starting to get twitchy so a small offer keeps you happy and them safe.

 

The valued customers bit is just another enticement to get you to accept.

 

However well done:D it is money back in your pocket after all, so enjoy;-)

 

aa

[KaneCole]

Hi

 

No we never signed anything, and cheque has already come today. It looks very much like it is nearly all of it bar some admin charges for settling early so we havent lost out at all.

 

Kanecole

[alanalana]

hello kanecole,

 

congratulations if you're happy that is what matters:D

 

enjoy the moment

 

aa

[OLIVE.FAMILY]

Hi there Kanecole.

 

I am just thinking about embarking on my own PPI claiming with HBOS for a loan taken with BOS in 2004. Can i just ask how long this process took from beginning to end and were they in any way a bit tricky to deal with.

 

Thanks Olives xx

[KaneCole]

Hi Olives.

 

I started the process in February this year and they agreed to refund last week.

 

We argued that it was never made clear we didnt require the protection and were never told it was optional or given figures without the protection. Also it was never made clear that the insurance was added as a lump sum and we would not receive a fair and proportionate rebate if we settled early. In addition to this a demands and needs statement was not completed to ascertain its suitability for us and we never required it.

 

We had about three refusal letters before the one where they agreed to refund. This last letter was sent after i was sent all my info following an SAR and I argued with them that there was nothing in there that would support any of their arguments.

 

Hope that helps.

 

Kanecole

[alanalana]

Hello again kanecole,

 

in addition to my congratulations post.

 

I started the process in February this year and they agreed to refund last week.

 

We argued that it was never made clear we didnt require the protection and were never told it was optional or given figures without the protection. Also it was never made clear that the insurance was added as a lump sum and we would not receive a fair and proportionate rebate if we settled early. In addition to this a demands and needs statement was not completed to ascertain its suitability for us and we never required it.

 

We had about three refusal letters before the one where they agreed to refund. This last letter was sent after i was sent all my info following an S.A.R - (Subject Access Request) and I argued with them that there was nothing in there that would support any of their arguments.

 

Hope that helps.

 

 

I have an ongoing with RBS are you up for hire looking at your early result?

 

aa

[KaneCole]

im thinking i maybe just got lucky on this one. The one I have with First plus is with the FOS now and like you i turned down an offer of £4k but the difference is that they owe me more in the region of £14k whereas the Halifax have given a full refund.

 

Kanecole

[pennypenny]

Hi Kanecole

Congratulations with your success:)

It looks like I have received the same letter as you, although I am still waiting to see how much they are going to refund. I sent my prelim letter in April and finally received their reply last week.

This is my thread:

 

Halifax Loan PPI

 

Penny:)

[alanalana]

Hello kanecole,

 

im thinking i maybe just got lucky on this one. The one I have with First plus is with the FOS now and like you i turned down an offer of £4k but the difference is that they owe me more in the region of £14k whereas the Halifax have given a full refund.

 

Not sure if it is luck or certain institutions looking to avoid the FSA fine list:eek: which could open the flood gates for more claims.

 

I don't believe Halifax have had a fine imposed yet!

 

aa

[Demtootief]

They have offered the following :

 

refund of premiums £566.39

refund of 13.9% £333.41

interest at 8% £273.37

total £1173.17

 

I have had an offer much the same as yours KaneCole, however my argument is the fact that Halifax has chosen to totally forget the actual PPI, with no mention of refunding any of that. All they have offered me is the actual premiums that I have paid to date, plus interest etc. I do not think that this is right as all the other banks that I have had refunds from have all given back the PPI and not just the premiums.

 

I also asked HBOS to send me a breakdown of what part of the monies htat I was paying monthly was repayment of the Loan, and what part was repayment of the PPI. This was their reply, 'the information that was sent by HBOS did not breakdown what part of the loan was repayment of the insurance as this is unlawful under FSA rules'. IS THEIR ANY TRUTH IN THIS? I am writing a letter to them as I still intend to refer their handling of this to the Ombudsman - as I do not think what thedy are doing is legal, but they have realised that people are willing to take what little they offer and not challenge them (credit crunch and everything else), but I fully intend to take it further.

 

Can any legal eagle or sparrow tell me if this thing about the FSA is true?

 

Thanks

[alanalana]

hello kanecole and demtootief,

 

I have had an offer much the same as yours KaneCole, however my argument is the fact that Halifax has chosen to totally forget the actual PPI, with no mention of refunding any of that. All they have offered me is the actual premiums that I have paid to date, plus interest etc. I do not think that this is right as all the other banks that I have had refunds from have all given back the PPI and not just the premiums.

 

I also asked HBOS to send me a breakdown of what part of the monies htat I was paying monthly was repayment of the Loan, and what part was repayment of the PPI. This was their reply, 'the information that was sent by HBOS did not breakdown what part of the loan was repayment of the insurance as this is unlawful under FSA rules'. IS THEIR ANY TRUTH IN THIS? I am writing a letter to them as I still intend to refer their handling of this to the Ombudsman - as I do not think what thedy are doing is legal, but they have realised that people are willing to take what little they offer and not challenge them (credit crunch and everything else), but I fully intend to take it further.

 

Can any legal eagle or sparrow tell me if this thing about the FSA is true?

 

The red bit from hbos is IMHO rubbish I would give the FSA a call and clarify.This is the link...Financial Services Authority

 

You should be able to find a contact number in here somewhere to ask the question. It seems to me that a lot of financial instututions are taking it upon themselves to make assumptions on what the Financial Ombudsman Services actions will be:eek: When they send out their final response letters. I ask how arrogant is that:confused: for a financial organisation to presume what a Regulatory Authority will respond with:eek: to a claimant.

 

THE MIND BOGGLES as to the assumed power these people think they have.

 

The reclaim on mis-sold PPI may depend upon which grounds you are claiming.

In my case of Pre existing medical conditions I am convinced the PPI was mis-sold as the customer care checklist did not include appropriate questions to me on possible exclusions that the PPI would include and therefore prevent me from making any claim. The paperwork I have received so far (and remember I have complaint with ICO for failure to fully disclose the data) under the SAR backs this up and also every bank statement from 1991 shows a receipt of money every month for WP (War Pension) yet no questions about what that meant. To the bank it was income which would cover the loan repayments including PPI.

 

Yours in reclaiming

aa;-)