Claiming back PPI on Halifax loan from 2002 **WON FULL AMOUNT REFUNDED**

[Danny J]

Hello Everyone

 

I took out a loan with the Halifax back in 2002 which i paid off in 2007. It had a single payment upfront PPI policy attached.

 

The cost of the PPI was £1488.63 + £ 347.97 credit charge for the insurance.

 

I have a couple of questions as i am a little confused.

 

Am i still able to put in a claim for misselling on this policy even thought the loan was taken out more than 6 years ago? I have read a few sites that says yes i can as the policy was active within the last 6 years. I also have all the paperwork for the loan & the PPI still.

 

Also, can you claim the statutory 8% interest against this amount like i dd on my bank charges claim? If so, how does this work? how do you calculate it?

 

Finally, what is the first stage in starting a claim and are there any templates i can use here in the website?

 

Thanks in advance,

 

Danny

[royalscot]

Hi Danny , i successfully claimed back loans from HBOS from 1999 onwards and got the 8% statutory interest aswell , the first step is to send a Subject Access Request to Halifax , you will find details of how to do this in the stickies at the top of the page .

 

regards

 

rs

[Danny J]

Hi

 

Thanks for the reply. Do i still need to send a SAR even though i have the original loan documentation?

 

Danny

[dj1971]

Danny,

 

You do not need to do a SAR.

 

Just add the total charge for PPI plus the charge for interest. Then add 8% per annum to each monthly repayment for PPI from the date of each repayment to date of settlement. As you cannot know the date of settlement at this time, personally I would use 1st September 2010.

 

For interest calculator I use www.bllaw.co.uk/...for.../simple_interest_calculator.aspx

[Danny J]

Hi, thanks for the info. The link doesn't seem to work though

 

Do you have any idea how i work out how much i can claim back? Sorry im not too sure what im doing!

 

Danny

[dj1971]

You work out the cost of PPI per month, should be able to get that from your credit agreement. Will also need ot nkow the dates you made your first and last payments. Then we can help you out.

 

DJ

[Danny J]

Believe it or not i STILL haven't started this claim yet! Are you still able to claim back on loans this old or has anything changed recently that would prevent me?

 

I'm going to start this off tomorrow.

[dx100uk]

PPI is never limited to 6yrs

 

dx

[royalscot]

Believe it or not i STILL haven't started this claim yet! Are you still able to claim back on loans this old or has anything changed recently that would prevent me?

 

I'm going to start this off tomorrow.

 

The banks are seeking clarification , but this does not stop any claim going forward .

 

The six years start when you realised that you were missold the PPI

 

it may take longer due to the backlog thats built up

 

good luck

 

rs

[Danny J]

Hello All

 

I'm wondering if someone can help me working out my claim amount for PPI? I've had a look at the calculator on here but can't seem to get it to work.

 

I have all the paperwork from the loan (Single Premuim PPI Policy)

 

The total loan amount was £7500 over 5 years.

 

The monthly payments were £187.03 per month.

 

The first payment when out approxiamtely 10/11/02. I settled the loan slightly early on 21/08/07.....so i think i made about 57 payments each month in total.

 

The interest was 8.9% APR.

 

I really am a bit lost with it all. I have all the original paperwork from the loan, so what would the first step be in starting a claim?

 

Sorry for so many questions, hope someone can help. If any more info is required please let me know.

 

Kind Regards,

 

Danny

 

The PPI cash lump price was £1488.63 (*and it says in another box under it 'total charge gor credit for insurance loan')

 

The

[dx100uk]

use this one

 

dx

[dx100uk]

and have a read of the fos site

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

 

calcs are there as well as the complaint form and case examples in pdf format

 

dx

[Danny J]

That's great thanks, so who do I complain to first of all? Do i write to my bank requesting a refund or complain straight to the ombudsman? Also, when working out the reclaim value on the calculator, so i just calculate using the PPI value then add the 8% interest, or do i add the 'total charge gor credit for insurance loan' to the PPI figure and then the 8% onto the the combined total?

 

Thanks.

[dx100uk]

workout what you paid PCM for the PPI [work out the total % the PPI was of the total loan - then work out that % of the repayment]

 

thats what you claim each month from its paid date to the date of your claim.

 

if you look on thre elevent PPI PDF for you type of loan on the fos website

it shows you how to calc it at the end of the examples.

 

else ping ims21

 

dx

[ims21]

Hi Danny

 

Just picked up this thread.

 

If you want help with your claim calcs just shout in this thread and I'll pick it up and join in.

 

Regards

 

ims

[Danny J]

Hi ims21,

 

If you could give me a hand with the calcs i'd really appreciate it!

 

Details are as follows -

 

1st loan payment was approx 10/12/02, last payment approx 21/08/07 so paid 57 payments of the 60 in total then paid off the rest early, however, im sure this early settlement figure probably included a PPI cost in it? So unsure whether or not to base the claim on 60 payments over the full 5 years.

 

Loan was for £7,500 @ 8.9% apr over 60 months.

 

The 'total charge for credit for cash loan' was £1885.20

 

Total amount i pay for cash loan was £9,385.20

 

PPI cost was £1488.63

+ 'total charge for credit for insurance loan' was £347.97

so, total charge for credit for PPI was £1836.60

 

Montly payments were £187.03 over the 5 years.

 

So, the total for everyhting i paid was £11,221.80, which = £187.03 @60 months.

 

£1836.60 (PPI inc interest) divided by £11,221.80 (Total loan) equals 16.36%.......

 

16.36% of £187.03 (monthly payment) = £30.61

 

---OR---

 

Put simply just divide the total PPI cost of £1836.60 by 60 payments and that equals £30.61 a month???

 

I have put it into a spreadsheet that was in this thread and i have worked it out to be a total claim of £2966.60 of which £1836.60 is the original PPI with the interest charge, plus the 8% simple interest from the date of each claim.

 

Does this looke right as I'm really confused!!

 

Thanks very much, Danny.

[ims21]

Hi Danny

 

Happy to help

 

I'l have a look but might not be able to post a reply till tomorrow

 

ims

[Danny J]

Here are my calcs in a spreadsheet, no idea if its right or not!

attemptnew.xls

[Danny J]

No worries! Appreciate any and all help

[ims21]

Hi Danny

 

Nice easy one for me to look at.....your spreadseet is fine.....you even got the final payment correct, i.e. the lump sum.

 

Nicely done

 

ims

[Danny J]

Great stuff! That's reassuring to know!

 

So what's the first step?

 

Do i write to Halifax requesting a refund for the mis-selling reasons that I have and include the spreadsheet as a breakdown? Or do i complain to the FOS? Or both? :???:

 

Danny

[ims21]

Great stuff! That's reassuring to know!

 

So what's the first step?

 

Do i write to Halifax requesting a refund for the mis-selling reasons that I have and include the spreadsheet as a breakdown? Or do i complain to the FOS? Or both? :???:

 

Danny

 

Hi Danny

 

Next trip is to the fos website where you will find some templates and info about your next step.

 

Download their questionaire and fill it in.

 

Send your preliminary letter ( template on fos site I think) together with your spreadsheet and the questionaire to Halifax. Wait for their response whcih can take up to 8 weeks for them to give a final decision.

 

If they don't cough up then you have a decision at that point as to whether to let fos handle it or take it to court.

 

Cross that bridge when you come to it.

 

Incidentally, just tidy up your spreadsheet by putting your personal stuff in the top and in Column A, for each entry put "ppi Payment"

 

ims

[Danny J]

That's absolutely fantastic - I'm finally clear on what I have to do!!

 

Thanks again for all your help!!! :D

[ims21]

You're

[ukaviator]

Have a read up on Section 32 of the Limitation Act 1980, you may need to refer to that in any future correspondance, especially if you are going back more than 6 years. Its here :

 

http://www.legislation.gov.uk/ukpga/1980/58

 

Postponement of limitation period in case of fraud, concealment or mistake.