Halifax PPI Can I Get a Refund, Missold??

[ebonym]

Hi,

 

I called Halifax last week to find out whether I had been sold PPI with a £3,500 loan I took out for a car in mid-2004 and I was. I wasn't keen on the insurance - I just saw it as an additional cost and I think I do recall saying this. However when the documents came to me, they had already selected the PPI option and done all the calculations for the cost of the loan including the PPI and set the loan up with the PPI included - I signed anyway. The PPI was done in one upfront payment and added to the total cost of credit, with interest payable. They didn't offer me the option of being able to pay the PPI in monthly installments :-|

 

I found a cheaper loan about 7 months later and asked for a settlement fee - I was shocked to discover that the settlement fee was a few pounds more than the actual loan I had taken out in the first place - I was gutted as I'd made over £900 in monthly payments for "nothing"! I figured this was down to their 3 month payment "holiday" which they also gave me no option to decline, while they raked in the interest on the loan + PPI.

 

Can someone advise me if I was missold? Shouldn't I have at least got a refund on the proportion of the PPI I didn't use? (Loan duration was 4 years and I repaid in full after about 8 months. I feel as if they were pushy and didn't listen to me, but then I caved :-?

 

Thanks in advance

Edited April 6, 2010 by ebonym
missed something!

[birchave0]

Yes, if you feel you were mislead in any way over the PPI you can complain.

 

They must have done the following

 

1. explained the PPI was optional

2. informed you that taking the insurance would not influence the final decision on the loan

3. stated the full cost of the insurance

4. let you know that insurance can be purchased elsewhere, not just through the company supplying the loan

5. asked you if you have any medical conditions as they may have excluded you from claiming on the policy

 

Write to them with your complaint, Halifax are settling at the moment, my auntie just got around 5k back from a loan, it never even got to the FOS, good luck!

 

[ebonym]

Thanks for the encouragement birchave0 and congratulations to your aunty too!

 

I wrote a letter last night - just needs a little editing and I'll send recorded delivery today.8)

[ebonym]

Oh I forgot - question for birchave0 - how long did it take your auntie from the complaint to receiving her cheque? (If you know and don't mind my asking).

[birchave0]

it took about 12 weeks, she also complained about PPI she had on a credit card she had with them, they refunded that too, same sort of timescale

[ebonym]

thanks birchave0 - should have known they'd take a while... sent my letter yesterday wonder how they'll respond...

[ebonym]

This must be a record, they received my letter on 12th April, and the money was in my account from the 17th!

 

.. The speed makes me suspicious I might have been short-changed here as the it's less than I asked for (although I just asked for the whole lot, which when I think about it probably included interest that I'd not yet paid as I settled early?? :confused:- they say that I'd already had a partial refund when I settled the loan early.

 

I'm going to ask them to give me a full breakdown of the 2004 settlement and a full breakdown of how they came to the figure they're offering me so I can be sure. I'll write a letter telling them I don't accept this as full and final until they provide me with both breakdowns, with full calculations etc...

 

Any advice or has anything similar happened to you? Thanks in advance!

[birchave0]

you must be very pleased that you have a form of a refund, it sounds like you havn't signed an acceptance form so by all means write and ask for a breakdown of your refund. If you had an early settlement back in 2004 you may have had an insurance rebate then, however until you see the figures you won't know for sure.

 

You will also be entitled to 8% simple interest on your PPI refund as compensation, had it gone to the FOS or court you would have been awarded it.

 

Well done for getting this far tho, hopefully you will find out exactley what has been refunded.

 

PS don't forget to make a site donation - every little helps

 

Birchave

[ebonym]

Thanks Birchave,

 

Have just donated - cheers for reminding me!

 

They've issued 8% as I requested, so it's just a case of showing me that I did indeed get a refund and nothing has been missed. Thanks for your advice, much appreciated. I'd not expected a payout so soon!

:D