Halifax PPI - amount to claim?

[gkmotorsport]

Hi all,

 

Just a quickie - i have received my CCA for a loan i took out with Halifail in 2002, and it shows the PPI that, even at the time, i was pressured into.

 

The question is - how much should i be claiming back? A copy of the agreement is here:

 

z0mbee images - Halifax Loan/CCA 1a

 

The thing i'm not sure about is how much to request back - i'm assuming the charge for insurance + the charge for credit on insurance, but is that it? I keep seeing mention to contractual interest but i'm not sure how that applies.

 

Any advice greatly appreciated

[gkmotorsport]

Minor Bump - anyone able to help with the above? I think i've gotten it right, but i would appreciate someone else's opinion before i send them a letter

[gkmotorsport]

Ok, been doing a little more digging myself - would i be right in thinking i can ask for 8% statutory interest on top of the total? Is this 8% of the total, or is it worked out on each payment as with bank charges?

[the_count]

Its 8% on each individual payment you have made mate not just the total.

[gkmotorsport]

Ah, thanks for that - that's exactly what i wasn't sure about

 

Just to be 110% sure, would i claim back 8% on the proportion of each payment that is for the PPI, or the whole lot? I've worked it out thusly:

 

Monthly payment = £46.71

Portion for loan = £37.75

Portion for PPI = £8.96

 

Would the simplest way to work it out be to put the payment schedule into one of the available spreadsheets, and just put £8.96 in as the monthly payment?

[the_count]

Its 8% interest on each individual PPI payments from the date of payment up to the present day.

eg,if you paid £20 per month PPI starting 20 months ago.

thats £20 with 8% over 20 months, £20 with 8% over 19 months, £20 with 8% over 18 months etc etc

Its compound interest so not easy to work out best using one of the spread sheets or calculators available.

Hope this helps and good luck.

[the_count]

And yes its just the PPI part you can claim the 8% on.

[gkmotorsport]

Ok, now i'm *really* confused!

 

First, i added the charges up on the Complex (bank account) Charges calculator here, and it totalled £642.47, which is £158.63 statutory interest on top of the PPI + Charge for credit.

 

However, i also tried the single premium calculator here, and this one adds up to a whopping £1380.61 - it seems to add the PPI + CFC to the individual payments and 8% interest.

 

I've got to say, i'm stumped. £1380.61 is a ridiculously number - in a good way, of course! - but i would be just as happy to go after them for the lower amount. I just need to know which is right!

[gkmotorsport]

Quick (and promising) update - i sent them a letting asking for the PPI plus interest, and they have replied with what looks like a standard letter. Basically, they are going to 'pay me an amount which will put me back in the position i would have been in had i not taken the insurance.

 

Naturally, this is done without admission of liability

 

Apparently, it has been passed to their 'redress team', who will 'complete the relevant calculation and make the appropriate payments within the next 14 days'. They will also send me a letter with numbers on.

 

Is this pretty much par for the course? Are their sums generally correct?

[misspiteri]

Hi - yes the Halifax just did this for me and refunded all that i calculated - and added the 8% without even asking.. i will say though - you think about it - had you not had the insurance you would have paid off the loan earlier. you have therefore paid additional interest and made more payments than necessary. Why not work out how many years it would have taken had you not had the insurance - and ask for a refund of the difference?

[gkmotorsport]

Good news! A cheque came through the door this morning for £662.67 - a full £20.20 more than what i asked for!

 

Thanks for all the advice - the cheque is going in the Moving Fund pot

[Secretjay]

Well done gkmotorsport.

 

Can I ask when you added on 8% interest was it just for the duration of the loan or did you include it up to the date you put your claim in?

 

Thanks

[gkmotorsport]

Hi,

 

I used the first interest calculator that i linked to in post 8 - i calculated it up to the date of the letter, on the basis that they effectively withheld the money until i was given it back - bear in mind that they continue to owe you the money on mis-sold policy even after the loan is completed, so the interest can continue to accrue.

 

I would point out, however, that i didn't actually mention they 8% on the letter - they added it on of their own accord

[misspiteri]

They will automatically add on the 8% - but beware, this may not be for the correct period - eg mine was calculated from 2006, not 2004. I was offered over £2000 and they cheekily put it straight into my account - but i am contesting both the interest and amount calculated. If you are happy with what they gave you well done though!

 

This calcluator was great

Compound Interest Calculator

[misspiteri]

I'd calculate the interest from the START of the loan - they may naughtily add it from either when it finished, or when you may have cancelled the policy.

[gkmotorsport]

Hi all,

 

I'm now having them for the PPI on my credit card - however, this one seems a little more complicated.

 

I received all the info in a SAR, as i'm also reclaiming charges, but there isn't anything specific about the PPI, other than some screenshots of my entry for it on their system. However, i can see 'Repayment Protection' payments on my statements, so fairy enough. Oddly, they just stop in 2005 - i don't remember calling them to cancel it.

 

Am i still able to claim? I was definitely mis-sold, as per the loan. Also, can i claim it back inclusive of the APR they charge on the card, or just 8%?

 

Thanks in advance.

[gkmotorsport]

Well, i've had the standard letter back saying that they will 'put me back in the position i would have been in without PPI' malarkey, but one thing has caught my eye.

 

They seem to imply that they will refund the amount back to my account if it still open. My account appears to have been sold to a DCA, so surely it isn't open? Can it be considered open if i am unable to use the services? I note that it is only over the limit because of their charges, and their seemingly deliberate lowering of my credit limit to below the balance.

 

Am i entitled to be paid by cheque? I think I read somewhere that they can offset some of the refund against any arrears, but what about the rest?

[misspiteri]

HI -you should request a cheque. They cannot refuse. They are putting you in this position and on a few occasions I have had a refund due to their interest going over the limit. My case is currently with senior management as due to their errors I (and you) have spent longer paying off any amounts due, because of the miselling of the loan. On Credit card it is worse, go to moneysavingexpert and see what he says. I'd ask for the whole debt to be wiped (unless it is less than the amount they are going to pay back to you)