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Halifax terms and conditions on ppi policy?


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Dear all

can anyone help regarding loans and ppi . My girlfriend has ended up with a loan of £19050.00 over 7 years , paying back a total of £40545.12!

She originally had 2 loans

 

loan 1 £11000.00 8.9% 1.4.2004

ppi £2855.99

£13855.00

Int £4895.00

Tot £18751.32 84 x 223.23 from 1.7.2004

(£6250.44 - 28 x 223.23 payments

made till 16.11.2006)

 

 

 

 

Loan 2 £5300.00 10.9% 12.1.2005

ppi £1062.09

£6362.09

Int £1582.39

Tot £7944.48 48 x 165.51 from 12.4.2005

(£2979.18 - 18 x 165.51 payments

made till 16.11.2006)

 

When she saw the Halifax in Nov 2006 she asked for help regarding these 2 loans and some other debt including her Halifax credit card.They said they could lend her a new loan of £19050.

 

Loan 1 £9492.76 (this was left on the loan )

£771.58 PPI refund

£8721.18

 

Loan 2 £4029.26 (this was left on the loan)

£194.54 PPI refund

£3834.72

 

Loans 1 and 2 after fefund £ 12555.90

Halifax credit card £ 2401.13

Extra money £ 4092.97

£ 19050.00

PPI £ 8572.51 + interest on the PPI of £4010.69!

Interest on the £19050.00 of £8911.92

 

Total £ 40545.12

86 payments of £482.68

 

I cant see how they can be allowed to take 2, insured seperately, loans, add more money to make a new one, then subject this total to combined ppi and interest, albeit after a refund on ppi. If shed been sold a seperate loan then i think there wouldnt have been such a massive total to pay off at the end.

 

Loan 1 down to .......£9492.76 Inc PPI Nov 2006

Loan 2 down to........£4029.26 Inc PPI Nov 2006

Loan 3 (example) £5527.98 Inc PPI

Total £19050.00

 

Example Loan 3 £5527.98 10.9%

PPI £1100.00

£6627.98

Interest £1600.00

Total £8227.98 48 x £171.42

 

Payments left on the now 3 loans would be;

 

Loan 1 ; 56 payments of £223.23 left . £12500.00

Loan 2 ; 30 payments of £165.51 left . £4965.00

Loan 3 ; 48 payments of £171.42 left . £8227.98

 

Total £25692.98

Instead of £40000.00

 

Her payments would be ;

£560.16per month for the first 30 months

£394.65 per month for the following 18 months

£223.23 per month for the final 8 months.

 

Ive written to the ombudsman about this who says that the Halifax did this to lower her monthly ougoings .The new loan would be cheaper for the first 30 months as it would be £482.68. But this would go on for a total of 86 months!Theres a £15000.00 difference in the 2 loans final payments. I think thats worth fighting for.

Hope this hasnt been TOO boring.

 

Thanks

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Maggie

 

see Loan 1 statement

 

Ok so the credit of 8751.38 shown for 11/03/04 was the difference between the 2nd loan of 13000 and the cheque they paid you 4248.62.

 

That leaves two entiries unexplained

 

11/03/04 nib 749.99 credit.

 

This may be a refund of PPI because the loan was payed off early. Ask them if this is so and also how it is calculated. If you get into the position of receiving the premiums back because of misselling you need to know if they may have refunded part of the premiums already - if you go to FOS or court it would be as well to have the figures correct.

 

11/03/04 Int2 199.80 debit. Ask them what this is and how it is calculated. You have paid it so you need to know what it is.

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  • 1 month later...

Well,Well...........

This afternoon we received a phone call from the Halifax,and after a lot of waffling,I have been informed that we will receive all documents from our SAR request FROM 2006, by the end of this week,plus terms and conditions of both loans etc:

What they do not realise yet,is some information I sent them on an insurance policy my husband has from over 15 yrs ago,and which he will be covered for until retirement,I also sent to the FOS on another PPI thread I have,seems to have satisfied the FOS that we were mis-sold that PPI,and yet the Halifax have deemed to try and pick holes in this insurance policy,and have said no to refunding the PPI from loans taken out with them.

If the FOS have accepted the insurance policy cover ,and have awarded us the refund from my other thread,then I can see no reason why the Halifax can,t either.If it,s good enough for the FOS,on the mis-selling of the ppi,it will stand in court against the Halifax for the mis-selling of their ppi.

I do have another spanner to throw in their works,but I will not divulge what it is,until I receive the remaining documentation in a few days time.

 

Maggie

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  • 3 weeks later...

Well I received the documents for the PPI 2 weeks ago.I have read thru each one,but there is no transcript of any conversation between the banks salesperson and ourselves,from both loans.

So now ,I don,t know if they have witheld this info intentionally,or they have no copies of the transcripts on taking out the both loans.I definitely know ,my husband told them he had been having trouble with a medical condition ,and had been back and fore to our gp .Therefore.......they were informed of a pre-existing medical condition and still sold him the PPI.

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  • 4 weeks later...

Sent another letter to Halifax,stating that my hubby informed them ,at the time of taking out the loan of the pre-existing medical condition,but because he had recovered by then,she stated that was ok,and sold the ppi.I have had a final letter last week ,telling me their decision stands.Also ,I am receiving D.LA.,for the same condition ,before he took out the loan,so if he had to finish work to be my carer,the ppi would,nt pay out.

 

They again told me ,I had six months from the date of their first reply,to contact the O.F.T.

HELP!!!!!!!!!!!

What do I do Now.

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I dont think they will take this seriously until you do refer the case to the OFT and they are useing it as a stalling tactic and proberly hopeing you wont take it further and will just go away (but we know better).

 

this seems to go the same way as bank charge claims, the first letter tells you that no way will you get a refund and the last letter is a refund.

 

stick with it, it will come good in the end

 

best wishes BB

:mad:LF53
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I'd agree. I've been writing to them for months now about missold PPI on a credit card and they've always said, "No - go away", even when I've accused them of falsifying documentation. They've sent me a 'full and final' letter and recommended I go to the FOS, but I've lodged Court papers instead. They have until the 12th May to respond to the Court.

Bank and credit card reclaims - £9,806

Sainsburys CCA non-compliance with FOS;

Natwest reclaim of £340 in progress;

Egg credit card reclaim in progress

 

 

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  • 5 weeks later...
  • 3 weeks later...

After a long time,and several written attempts to receive copies of tapes/transcripts/etc ,between the banks advisor and us ,on taking out the both loans,they have sent me a letter stating that there are no such tapes/transcripts etc;;as it was a face to face interview on both loans.at our local branch.

Now all day,I have sat here trying desperately hard to work out the total amount of refunds,on both loans ,I should ask for up to todays date,on the spreadsheets,and I am ashamed to admit ,that I haven,t got a blutty clue on what I am doing.

 

 

So Guys,please,please,can some kind soul help me out on the figures.I have tried to work it out from the interest tutorial by steven,but I feel like tearing my hair out.

 

Also.I asked that we cancel the ppi on the 2nd loan ,in January this year,by letter.The reply we received was that we would have to personally go to our local branch ,to cancel the ppi on the present loan.Is this correct???????

 

HELP

Maggie

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  • 1 month later...

Hi All,

I have now passed all info of the ppi over to the F.O.S.

It is only the 2nd loan PPI ,I have informed the F.O.S .The first loan would not have been in the appropriate time frame,so I will wait for the outcome of the second loan with the F.O.S.,then I will decide on what action to take on the PPI ,on the first loan in 2001.

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Maggie - wishing you luck with this! There are quite a few success stories with HBOS being posted on the MSE site where they've offered full and final settlements after FOS referrals. Hopefully yours will be a success story soon!

 

It's obviously just me they don't fancy sharing their goodwill gestures with :rolleyes: (I'm still waiting my court date)

Bank and credit card reclaims - £9,806

Sainsburys CCA non-compliance with FOS;

Natwest reclaim of £340 in progress;

Egg credit card reclaim in progress

 

 

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good luck maggie,

 

wishing all the best with FOS. I have spoken to them today and boy are they busy. My complaint goes to them tomorrow special delivery with 47 items of correspondence a LOT of paper.:eek:

 

be patient;)

 

aa

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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  • 3 weeks later...

Hi Bathgate and Alanalana,

Thanks for your good wishes,and fingers crossed.Yesterday I received a reply from the OFT,informing me that they have safely received my complaint.

So,let the games begin.

Maggie

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  • 1 month later...

Won,Won Won Won Won Won.**************

 

I received a letter from the FOS today telling me the Halifax is going to refund all monies of pppi paid.

interest charged on nthe premiums

additional interest of 8% on the premiuims.as compensation for loss of interest.

remove any outstanding payments and interest remaining on the ppi.

 

WHOOOOOOOOOOOOOOOPPPPPPPPPPPPPPPPPPPEEEEEEEEEEE

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So damn excited,I forgot to ask if someone would help me work out the amount I should expect to receive,as I am blutty,blutty hopeless at figures.

 

Maggie

 

Hello Maggie,

 

:D:D:D Well done. Good news on both complaints

 

Ok come on then what are the butty figures, If I can help you, I will try.

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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Hi HHNF,

Right here are the figures.

 

Cash loan =£13,000

Total charge for credit for cash loan=£2893.40

total amount you pay for cash loan £15,893.40

 

Insurance loan=£2760.91

Add total charge for credit for insurance loan=£614.69

Total amount you pay for insurance loan=£3,375.60

 

annual percentage tate 7.9%

monthly interest rate=0.639%total loan=£15,760.91

 

total charge for credit for total loan =£3,508.09

Total amount you pay.=£19,269.00

 

60 monthly payments of £321.15

 

This is how it is written down on the credit agreement.

 

Thanks Hellhasnofury,

you are an angel.

Maggie

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Hi HHNF,

Right here are the figures.

 

Cash loan =£13,000

Total charge for credit for cash loan=£2893.40

total amount you pay for cash loan £15,893.40

 

Insurance loan=£2760.91

Add total charge for credit for insurance loan=£614.69

Total amount you pay for insurance loan=£3,375.60 This is the bit that you are after, when was the loan taken out???????

annual percentage tate 7.9%

monthly interest rate=0.639%total loan=£15,760.91

 

total charge for credit for total loan =£3,508.09

Total amount you pay.=£19,269.00

 

60 monthly payments of £321.15

 

This is how it is written down on the credit agreement.

 

Thanks Hellhasnofury,

you are an angel.

Maggie

 

Left a comment in red:-D

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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