Halifax - Does this payout sound right

[stroudsco]

Hi All,

 

Having the same run around as a lot of other members it seems, I used a claims company for some credit card PPI claims and saw it was an easy process so I decided to go after Halifax myself, I had records that we had three mortgages with them:

 

1) 1994-1997

 

2) 1997-2000

 

3) 2000-2007 June 00 - July 07

 

I didn't have all the details so called halifax - they first said we didn't have any mortgages with them!! I gave all addresses and dates.

 

I had to go through some old credit files which gave me one roll number, then they found them all! what a surprise - at that point they confirm all three had poi - I asked for them to setup a complaint - I then had to prove who I was and supply other details..

 

This was done and they went forward with a complaint - I also found a document from our house purchase (3) which had a redemption figure and confirmation of the mortgage repayments insurance figure - £140.84 a month

 

After about 8 weeks we got a cheque for £16,800 which already had tax deducted - the rate on interest is at 8%, they have said they the overall amount we paid towards the MPPI is £9,539.24 although I have the letter stating £140.84 a month ( just mortgage 3 ) maybe it increased as the years went on.

 

They have put the interest at £9,270.90 based on the amount above and mention this takes into account the date we get paid back, maybe I have used the wrong PPI calculator but the figure I'm getting with interest is near £27k based on their figure of £9539.24, when I put in £148.284 a month its at £33.5k.

 

Am I getting the working out completely wrong?

 

The unbelievable thing is the wife said that doesn't sound right for all three mortgage's - we rang them up and they said, you have only made a complaint about the last mortgage - I said why would we go through everything listing all mortgages then only complain about one, they again confirmed the two previous had Mppi and set a new complaint process going - they even took our account details to hopefully make the payout quicker.

 

10 days later we have a letter dated 12th saying that they cant find any PPI on those two mortgages, the next day we have a questionnaire asking about why the PPi was taken out, did we claim etc.

 

I called and said we had it confirmed that Mppi was across all mortgages and said we were even given a rough monthly cost when we put in the original claim, the lady let it slip that in the last few days all systems have been updated and old records could have been lost as its so old, I asked her to confirm that this could have deleted the details she said yes.

 

I then said we have been in contact for two months and there must be a record somewhere, she asked me to send in any paperwork to the complaints dept!

 

Great!

 

Thanks for any advice.

[maroondevo52]

Hi,

 

Did you ever send them a Subject Access Request.

[stroudsco]

Thanks for your reply, no I just rung them and started the complaint that way.

 

Does the payment on the 3rd mortgage sound right?

[maroondevo52]

 

Does the payment on the 3rd mortgage sound right?

 

I'm not sure, you should send them a Subject Access Request which should show you exactly what you have paid on all accounts, that way you will know what the payouts should be.

[stroudsco]

Thanks so much for your help, what I'm querying is even based on their figure of £9,500 total paid in from June 2000 - July 2007 using a calculator from here the interest would be at £17,000 not £9,000 as they have paid.

 

Thanks again and I will send a SAR request tomorrow.

[maroondevo52]

Hi,

 

Sorry I'm not great on the calculations but if you manage to get the information from them, working out what is due will be a lot easier.

[dx100uk]

Did the mortgages refinance each other in a chain?

[stroudsco]

Hi,

 

I don't think so we paid each one off,

to be honest on two we had huge early repayment fees,

the the last mortgage it was £14,300.

 

We might of remortgaged during loan 2 - I think we increased our mortgage borrowing money to start a business.

 

But to confirm all three mortgages ran concurrently

we moved from house to house staying just with Halifax,

The missus just said they knocked off the early repayment fees between 1 and 2 as we stayed with them.

[stroudsco]

Hi,

 

What spreadsheet should I be using to calculate the right Interest owed on this paid claim ?

 

And should I run it to the paid date obviously adding a 0 when we paid the mortgage off.

 

Thanks

[dx100uk]

Statint spread sheet

 

So you have the statements now?

[stroudsco]

Hi Dx,

 

I have sent off a SAR today, I have already been paid on one Mortgage Mppi (3) as follows:

 

Total Refund £9,539.24 (letter states the refund amount has been calculated by looking at the overall amount we paid towards our mppi policy)

 

Compensatory Interest £9,270.90 (letter states interest rate of 8% and that is calculated to the date of payout sent and received)

 

Obviously we have then been deducted tax etc.

 

I have a letter from Halifax dated November 2006 which breaks down our payment (we should have picked up on this then really) which includes a note of our Mppi monthly payment amount at £140.84

 

"" I have just worked out the refund on the correct excel sheet, I was using the one below the Statint - which is why my figure was coming out much higher, using the correct sheet based on their refund figure, the payment figure is the same more or less.

 

I will now wait to see what we were paying monthly to see if we were in fact paying the £140.84 all the way from the start of the mortgage.

 

I am also trying to find out if I have any paperwork which relates to the other two mortgages which they are now saying they have no MPPI record of due to the time passed maybe the SAR paperwork will bring up something there to.

 

Thanks for your help as always.

[dx100uk]

Hope the sar helps you

Unless you can prove int on you mortmortgage was compounded stating is the one

 

Halifax are main stream so don't usually pull stunts like Kensington or he smpl etc did

[stroudsco]

Hi,

 

We have sent off the SAR with a payment and reported to the FOS.

 

Just have to wait now.

 

Thanks again