Halifax PPI offer - is it correct?

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

Also interesting is the plummeting uphold rates in favour of the consumer so looks like plenty of complaints have little or no merit.
This is a worrying thing. I guess there is pressure from 'above' to reduce the payouts. I have just had an appeal refused by the FOS with the flimsiest of reasons.

I would suspect the easy clear cut ones will be what they have ago at first trying to get numbers down.
Yep, ring-fence the old ones so the new, easier clear-up rates look better.

So anything like a complicated dispute about the redress will be at the back of the line.

We have done the same with our MBNA disaster telling them we will take the cheque but are still in dispute about the size of redress.

This went into FOS in December and besides the letter to say they got it thats all we had.

It is time Channel 4 did a Dispatches programme on them with a couple of undercover reporters like they have just done with the UK Border Agency. Definitely room for some whistle-blowing too.

[ken100464]

Re: Halifax PPI offer - is it correct?

Sadly though the clear up rates will be higher as more and more people chat to someone down the pub who got £25000 with just one phonecall. This encourages people to claim for reasons that have no merit.

Saw one guy who had sent in a claim and was ripping into FOS because they hadnt upheld.

He hadnt gone to the company first or given them 8 weeks and admitted he had claimed on the policy and admitted it was worthwhile for him.

But was ripping into FOS for not getting him his money back because he was too busy to deal with it. Go figure that one out.

Think their real problem revolves around sophisticated financial institutions on one side and unsophisticated public on the other. We just cant get the problem over in a way the spotty minimum wage boy can understand (That said even a basic new boy starter is on £26000. Team leaders over £40000)

We live our complaints. They probably have piles upon piles of files. Only when a letter comes in do they deal with that point but have no time to get to the nitty gritty of the complaint.

Hence all the complaints about them forgetting. They forget because the workload is too much. The banks know this and by keeping FOS gummed up they are keeping the money and also getting some wretched decisions going their way.

Take my complaint. I think its worth about £2000 to us. Bank say no send to FOS. They pay £850. They get the adjudicator to side with them. It aint cost them £850 its saved them £1150. Only if they lose does it cost. And the more they win the more its worthwhile to take the risk. And the bigger the claim also makes it more worthwhile.

Like everything they do its all factored in. Personal to us, bottom lines to them. Nothing against you or me just worth their while to jerk people about. Nothing moral about it but in a morally corrupt industry it fits nicely.

[Never-In-Doubt]

Re: Halifax PPI offer - is it correct?

Turbo got in touch and asked me to remind you of some changes...

See this - allaboutFORUMS - View Single Post - Reference Information for Calculating Actual Redress

Loan PPI is redressed by refund of premiums (which includes PPI Interest) and 8% from date of EACH payment to the date of redress
And so are Credit Card Penalty Charges of course

BUT Credit Card PPI must be calculated as in example 6 Appendix 2 of FSA Handbook (page 115) as per post above.

* thanks Turboman

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

Thanks for the link Niddy.

The part I am mainly relying on is:

But if the debt was sold on to a third party and it cannot be bought back, or the business chooses not to buy it back, we might take a slightly different approach. That is because the consumer does not owe the business money – it owes money to the third party that bought the debt instead. When selling the debt the business made a commercial decision and accepted an agreeable price for the debt. In those circumstances, we would usually tell the business to calculate the compensation as normal at the point it sold on the debt – and to pay all parts of the compensation to the consumer. The business should also consider the possibility that the consumer might have incurred further losses since the debt was sold on as a result of PPI being included on their debt.

The debt was sold to Cabot in 2008 and cannot be bought back as a F&F was made last year.

DTMM

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

Right, still no sense out of Halifax despite several letters including one to the group CEO. At least the 8 weeks the FOS require before taking on a complaint has expired so the FOS complaint form is completed and ready to post.

We are chasing an underpayment of 8% interest amounting to £976 so well worth the effort. Pity it is only simple interest really.

Here's to the start of another 12 months of waiting.

DTMM

[ken100464]

Re: Halifax PPI offer - is it correct?

Good luck on this.

We have 3 in at FOS. Nothing since the turn of the year so their 12 month wait is looking increasingly likely sad to say

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

Good luck on this.

We have 3 in at FOS. Nothing since the turn of the year so their 12 month wait is looking increasingly likely sad to say

It has 'only' taken the FOS 11 days to confirm they have received the complaint.

Yesterday's news was a bit reassuring - Lloyds Banking Group in bother with the FOS for refusing so many PPI claims.

What we need now is some publicity about their regular attempts to short-change us on those that they have to pay.

[ken100464]

Re: Halifax PPI offer - is it correct?

Least you now have a reference number and its in the great big cavern under FOS growing mushrooms for a year.

Dont think the banks do themselves any favours. They been caught out by the scandal but the underlying ethos of them hasnt changed.

I do understand they have to sift out the spurious and try it ons but that should be easy.

If the bank has no paperwork and the claimaint has none then game over. If the bank has proof the claimant is a porky pie man then game over. If there is doubt pay the bloody consumer as per the FCA/FOS rules not how they would like the rules to be.

But if they treated the consumer with some decency CMC's and the try it ons wouldnt have prospered.

Of all the ones we have tried only one has actually been decent, admitted it, dealt with it and paid out without all this letter writing.

Every other one has been ducking and diving like some greasy spiv.

Good luck with this all the same.

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

Well, I would like to think the FOS complaint has Halifax's attention now. Today they phoned and left a message to phone them back. Needless to say, a letter is going off reminding them that we have already said 'everything in writing'.

As if I would trust these bar-stewards to be honest on the phone.

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

Almost 9 months since I appealed this one to the FOS.

FOS have upheld my appeal and Halifax have agreed to pay-out the balance of the interest from the date they closed the account up to the date of payout. By my reckoning this should amount to about seven plus years at 8% simple on a payout of £2787 so about £1600.
Of course, they now have eight weeks to contact me on the matter so I will wait and see. I suspect it still will not be simple but progress is progress.

Banking the original cheque for £2787 last summer seems to have had no adverse impact on my claim.

I hope this gives heart to a few others who are going through a similar process.

Thanks to everyone on here who advised me and encouraged me to appeal the first payment.

[ken100464]

Re: Halifax PPI offer - is it correct?

Well done DTMM.

Do ask for their calculations. I have just revisited my claim from Halifax from 18 months ago.

Despite them saying they would take out charges due to the PPI, (Think Overlimits and lates if the account went into credit here) they didnt.

I didnt really have the ability back then to check as forum spreadsheets just couldnt mimic the PS10/12 exp 6 method.

Once you get the actual calculations off Halifax pm Bill K and am sure he will guide you to a place you can be sure if its correct or not

But well done am chuffed for you

[IF]

Re: Halifax PPI offer - is it correct?

Hiya DTMM, it's nice to hear from you and I'm so chuffed, I do love good news on AAD, I know I always say this but it really does make my day......well done to Di and Ken too

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

Remember me saying, "Of course, they now have eight weeks to contact me on the matter so I will wait and see. I suspect it still will not be simple but progress is progress."?

Predictably, still bugger all from this shower. The eight weeks the FOS gave them is up and not even a letter, never mind a payment.
The only (small) consolation is that the 8% interest is still being added.

The FOS letter of 13th November says, "If you have not heard about the settlement within the timeframe, please notify Bank of Scotland..." But their letter of 10th January says. "if the business has not contacted you within eight weeks of the date of this letter, or you have problems with the settlement, please let me know".

I am inclined to write to the Halifax and also write to the FOS, enclosing a copy of my letter to the Halifax.
Or should I do it the other way around?

Advice most welcome.

[ken100464]

Re: Halifax PPI offer - is it correct?

DTMM.

Write to everyone including the CEO of Lloyds the parent of this disgraceful company. I am having something similar. The big cheeses have just awarded themselves major bonus but they just treat us with distain. Start making them work for thei money.

To save me running through your thread have you got a SAR off them and therefore all the statements?

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

Hi Ken

SAR was fulfilled in April last year. Statements provided only go back to August 2005. The account was in trouble by then and it seems the PPI was cancelled when the credit card went over its limit so only details of 'repayment cover' (PPI) until March 2006. Account was defaulted and terminated later in 2006.
It was sold to Cabot in 2008 and we made a (small) F&F settlement in 2012.