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Halifax Bank


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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

Edited by PompeyFC
amended to what I sent PompeyFaith
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Hiya Pompey,

 

Ive just sent you a PM those are very good grounds for being mis-sold.

 

If you do not have the docs you can get copies of by sending an S.A.R request to the Halifax the mimimum you will need is the agreement as it has the figures on to work out what is owed to you.

 

Ill post some links here for you

 

The PPI template letter is here just edit to suit your needs

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/118145-sar-ppi.html

 

Now you will need to enclose a £10 fee as this is statutory for them to do a search of there data bases.

 

Also you have to give them a time limit of 40 days so mark a calender or put a note o your mobile when the 40 days are up.

 

I will go though the next stage after 40 days if they dont come up with the goods.

 

If you do get a copy of the agreement you can post it on here removing personal details then we can go though the figures and work out what is owed and then send of a letter requesting the return of this money to you.

 

Regards

 

PF

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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  • 2 weeks later...

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,

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yup pompey spot on PF

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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  • 2 weeks later...

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 ?

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Pompey give them the 8 weeks as this is statutory time aloud to deal with complaints.

 

Make you calender or mobile phone when the 40 calender days are up.

 

come back then and ill tell you what to do next.

 

Regards

 

PF

 

P.S Excellent news on pompey - the future is bright the future is blue

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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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.

Edited by PompeyFC
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  • 1 month later...

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 ?

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Hiya PompeyPFC,

 

Right going by your first paragraph and reading into that it sounds like they will return all including Contractual interest but not S69 statutory interest.

 

So IMO you should send them a letter stating that as you have denied me this money for a considerable amount of time and which you would have invested and earned from it I expect any offer to include S69 Statutory interest at 8%.

 

You could also put that any offer you make i wish to see in writing before i accept.

 

I would get this drafted and in the post for sunday evening strike while the iron is hot so to say.

 

Regards

 

PF

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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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

Edited by PompeyFC
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Hiya PompeyPFC,

 

Well going by what they quoted to you" put you in the position you would have been in had you not had the PPI"

 

I take that as the payments you have made to the policy including any interest that was paid.

 

If the Loan was paid up then they will return the policy cost to you also if it is still ongoing then the policy cost will be rebated back into the loan there by reducing the amount owed.

 

It would be a good idea for you to ring them on Monday to clarify exactly what they are paying.

 

As i say if they gave you the S69 interest on top that would put you over and above what you would have been in before you took the loan out.

 

Now dont get me wrong im not saying you are not entitled to the s69 interest because you are hell they have denied you that money over a considerable period and earned from it im just trying to see into there eyes and make sure you make the right moves.

 

Regards

 

PF

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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Now on a side note i wish pompey would get there backside in gear and end this uncertainty.

 

PF

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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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 ?

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