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

[Danny J]

I'm just about to put this claim in (finally) with Halifax.

 

My reasons are:

 

1) I was not shown a total figure for the loan including the Single Premium policy figure at the time of purchase, just a monthly figure.

 

2) I was not told I was also being loaned the money for the PPI policy.

 

3) I was not told about any cooling off period.

 

4) I was not told I could buy PPI elsewhere from an independent broker.

 

5) I was told I had to take out a new loan if I wanted to cancel my PPI (Which form memory worked out more than what i was paying monthly WITH my PPI!)

 

I know this has taken me ages to do, but I am not a very confident person and keep putting it off each time I get close to starting a claim.

 

Are the reasons above valid for a claim?

 

PS - My policy has been active within the last 6 years: taken out in August 2002 and settled early in July 2007.

 

Thanks, Danny.

[ims21]

Hi

 

Wondered where you'd got to

 

They sound good to me. Regarding point one you could put some emphasis on that by saying that you were never advised of the "true and full" cost of the PPI being a single premium policy.

 

On point 5 you could put some emphasis on that by saying that consumers have been able to cancel policies at any time without the need to take out a new loan and being told that a new loan would be required is a no no

[Danny J]

Ok, I'll make sure I get the wording spot on. I've heard of a few people just speaking to Halifax on the phone in order to claim their PPI back. Is there any mileage in this or should I write to them with a filled out FOS questionairre and a breakdown of what i'm claiming back?

 

Danny

[dx100uk]

we typically find its better to hit them with F)S CQ + SOC + covering letter

 

shows you know what you are on about and dont get fleeced.

 

dx

[brett48]

Hi Danny

 

If it is any help, I recently successfully claimed on a single premium PPI on a Halifax loan dating back to 1997 using the standard loan spreadsheet template on this site to calculate simple 8% interest. I found that the accuracy of the spreadsheet does not matter too much because Halifax will do their own calculations to derive a settlement figure. In my case, this worked out at almost double the amount I claimed.

I also received a similar uplift on the claimed amount (again using the standard spreadsheet template) on a Halifax credit card from 2002.

 

Brett

[Danny J]

Just sorting out my FOS CQ & SOC. I have downloaded a new spreadsheet from the PPI thread, but it's giving different figures to the sheet I originally used.

 

Would someone mind taking a look and seeing which one is right?

 

Many thanks,

 

Danny

[ims21]

StatIntSheet v101 is the correct one to use

[Danny J]

Thanks for the quick reply. Do you know why the figures are different on the other one?

 

Do i need to take into account the loan APR or anything like that? If you look at post 16 I made way back in 2011 (longest PPI reclaim in history!) does my spreadsheet make sense?

 

Many thanks

[ims21]

Looks to me like the other one compounds the 8% rather than treating it as simple interest.

[Danny J]

Okey doke, brilliant, thanks

 

So, SOC is now done. I've almost finished the FOS CQ. Do we have sample cover letters on the forum?

 

Danny

[ims21]

No template for the submission letter.

 

All explanation for mis-sale will be (or should be) in the fos questionnaire.

 

All you need to put is something to the effect that you now realise that you were mis-sold PPI and you enclose your completed fos questionnaire and a spreadsheet of your workings.

 

Now, give me my money back.

 

Keep it simple IMHO

[Danny J]

Brilliant

 

Do I get an award for having the oldest reclaim thread on the forum?

[ims21]

[dx100uk]

no i've done 1994!

 

Dear Sir or Madam,

Re:

 

I am writing in relation to the above payment protection (PPI) policy which i believe was mis-sold to me in relation to my

I believe you have not treated me fairly for the following reasons;

· The PPI was added without my knowledge..

· You have been punished by the Financial Services Authority for failing to treat customers fairly and I do not believe that the PPI I bought was sold in my best interest.

Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I demand a full refund of all premiums, and subsequent interest on these payments, that I have paid in relation to this policy. I also expect 8% interest to be added to each payment I have made as this is the statutory amount a court would pay.

I look forward to your full and prompt response to this letter. If this matter is not settled within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.

This letter is in respect of the above account that was issued by

Yours faithfully

 

 

or

 

The Complaints Department

[Lender’s address]

[Date]

Dear Sir/Madam,

Ref – policy number

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £xxx loan/credit card at your [branch name] branch on [date] and also bought a payment protection policy which would cost me an extra £xxx over the life of the loan. [The name of the salesperson who sold me the policy is …] The total amount of my premiums plus interest is £ xxxx.

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

Possible additional paragraphs – include any which apply to you

[i also told your salesperson that I had adequate insurance cover through a separate income protection policy.]

 

[i said I did not need the PPI as my employer provides a generous illness and redundancy package.]

[You are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in the quoted interest rate, which you did not do.]

[in forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.]

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

I am requesting a full refund of all my insurance payments, plus interest, which total [£ xxx].

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

Yours faithfully,

 

 

dx

[Danny J]

How does this letter look? Is the wording on my reasons ok?

 

Anything else needed in it?

[dx100uk]

cant see the point of no.5,

 

as you were applying for a new loan & you didn't alerady have one

i cant see how can you be told you need to a new loan to cancel a ppi policy you dont have

 

unless you were already pre-approved the loan

and you just went in to sign paperwork...

 

 

1+2 are in effect the same.

 

you were not advised of the PPI elements' true cost

nor that it attracted interest over the full term of the loan

but only covered you for a limited period,

 

how did you apply for the loan?

 

IMHO i would not 'speculate' upon what was wrong on the sale process

because if you dont know

you will get a 'speculative' reply.

 

i also dont pers adhere to the scattergun approach of multiple reasons

 

if you wre told in a closed room that it was compulsory

that needs to be your only reason for mis-sale stated anywhere.

 

dx

[davsib]

Brilliant

 

Do I get an award for having the oldest reclaim thread on the forum?

 

Hi Danny

 

I'm going for that award, dx has it at the min

I'm going for 1986 and it's HFC

davsib:-)

[Danny J]

Ok then. Is this good enough? I'm worried it's now a little vague as there were multiple failings at the time of the sale.

 

XXXXXXXX

XXXXXXX

XXXXXX

XXXXXX

XXX XXX

February 20, 2013

HalifaxPLC

CustomerRelations

POBox 548

Leeds

LS11WU

Re: Mis-selling of PPI on Personal Loan X/XXXXXX-X

Dear Sir or Madam,

I am writing in relation to the above payment protection insurance policy which I believe was mis-sold to me inrelation to my personal loan, taken out at your Chester St Werburgh Row Branch on the 1stof August 2002.

I believe you have not treated me fairly for the followingreason:

• I was not shown a total figure for the loan including the Single Premium policy figure at the time of purchase, just a monthly figure. I was not advised of the true and full cost of the policy.
  

Unless you can prove that the policy was fair and reasonable and that I wastreated fairly when I was sold the insurance, I demand a full refund of allpremiums, and subsequent interest on these payments, that I have paid inrelation to this policy. I also expect 8% interest to be added to each paymentI have made as this is the statutory amount a court would pay.

I look forward to your full and prompt response to this letter. If this matteris not settled within eight weeks of this letter I shall be contacting theFinancial Ombudsman to investigate my complaint.

This letter is in respect of the above account that was issued by Halifax.

Yours faithfully

XXXXXXXXXXX

[Danny J]

Has anyone had a chance to have a look at my revised letter? Does it look ok?

 

Kind Regards

 

Danny

[dx100uk]

you can put what you like as yourmain point

 

but at the end of the day

 

all your 'failings' in the proces sare mentioned in your FOS CQ.?

 

dx

[Danny J]

All docs are ready, i think. Any chance someone could cast their eye over them for me before I submit them? I dont want them to get bounced back.

 

Regards

 

Danny

[dx100uk]

all look ok

 

dx

[Danny J]

Thanks

 

Could someone please have a look at my FOD CQ before I send it all off?

 

I have limited my reason for the claim in my covering letter to one reason, and expanded on this in my CQ.

 

In the section listed 'why are you now unhappy with the insurance' I have added to fact that I was told that I would have to take out a new loan when I tried to cancel...is this ok?

 

I have removed all personal info from the FOS CQ.

 

Almost ready!!!! :-)

[dx100uk]

your name is visable! on the first page

[dx100uk]

i would not answer you'd getless than 3mts pay

6 or more atleast

 

also i would not say you diddn't want it

you could not avoid taking it