Halifax PPI offer - is it correct?

[pompeyfaith]

Re: Halifax PPI offer - is it correct?

Yes hold onto the cheque until you get a response to your letter and then take it from there according to there reply.

[pompeyfaith]

Re: Halifax PPI offer - is it correct?

The FSA is dishing out fines at the moment for the way PPI complaints have been handled lloyds bank was the latest last week and I am sure more will follow.

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

The offer letter before the cheque was sent says, "As our final response, we are offering you a payments of £2787.20 to bring your complaint to a conclusion". There was nothing to sign and return.

The letter attached to the cheque says, ".... please find enclosed our cheque in settlement".

The cheque is incorrectly made-out; showing Mrs instead of Miss so maybe the bank would not accept it in any case.

The money isn't desperately needed right now so I will just hold the cheque until they respond to my letter asking for a full breakdown.

I am trying to get my head around why the are not paying the 8% interest from August 2006. They defaulted the account in 2006, sold it to Cabot in 2008 and it was settled (F&F) late last year. It wasn't terminated after the default, presumably because it was a credit card account. I don't know when statements stopped (years ago) but the SAR should answer that.

The PPI was cancelled (by them) when the account was defaulted.
So I guess they are going to claim it was still an open account with a negative balance and the 8% is only payable for the time the account is, or notionally would have been, in credit.

Credit card companies seem a lot more devious with PPI reclaims than other lenders.

Thanks for all the advice. Other opinions or comments still welcome.

[MattyA]

Re: Halifax PPI offer - is it correct?

They are simply trying to short change you / get away with paying you less than they need to.
Tell them so and ask them to show that they have calculated your redress in accordance with the FOS guidelines......because as it stands you dont believe that they have.

Matty

[MattyA]

Re: Halifax PPI offer - is it correct?

I'd also take the opportunity to ask them about the refund of default sums and associated interest.

Might as well go for the lot at this juncture.

Matty

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

My friend got a telephone call from the Halifax PPI team yesterday. She told them, "Everything in writing, please". They tried to get her to go through the security questions but she refused (I have hammered that into her). Within 30 seconds they telephoned me so I gave them the same treatment, of course.

Makes you wonder what it is they want to say on the phone but don't seem to want to put in writing, doesn't it?

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

Here is the latest from Halifax:

On one hand it says the PPI calculations are right and then says it will be passed to the payments team.

Hard to tell what they are waffling on about, opinions sought please.

[di30]

Re: Halifax PPI offer - is it correct?

Here is the latest from Halifax:

On one hand it says the PPI calculations are right and then says it will be passed to the payments team.

Hard to tell what they are waffling on about, opinions sought please.

Hiya

Thank you for posting this up.

Just a thought, when it was passed on to the recoveries team did they freeze the interest? (If this is the case, maybe that is what they mean, is that they are paying to that actual date it ceased with them).

If interest was still chargeable then in my opinion, this should also be included in the refund.

I think they are passing it on to the payments team to check the account, maybe they will find that there is further interest to come back.
I would give a further week and if nothing heard, is to contact them, or email the chief executive officer (CEO), tell him that you want to avoid taking the matter to the FOS if possible, but want the matter to be resolved as soon as possible.
(Obviously by explaning the interest issue) ;-) (Your friend of course)

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

Just a thought, when it was passed on to the recoveries team did they freeze the interest? (If this is the case, maybe that is what they mean, is that they are paying to that actual date it ceased with them).

If interest was still chargeable then in my opinion, this should also be included in the refund.

I think they are passing it on to the payments team to check the account, maybe they will find that there is further interest to come back.
I would give a further week and if nothing heard, is to contact them, or email the chief executive officer (CEO), tell him that you want to avoid taking the matter to the FOS if possible, but want the matter to be resolved as soon as possible.
(Obviously by explaning the interest issue) ;-) (Your friend of course)

They stopped interest when it was defaulted in 2006 so I don't expect any accumulated interest after that date.

My argument is that:
(a) they owed a refund of £2787 in 2006 so 6+ years at 8% pa should be added to that, or
(b) they sold the debt in 2008 (effectively taking the equivalent of a F&F from Cabot) so 4+ years at 8% should be added.

If that makes sense.

[MattyA]

Re: Halifax PPI offer - is it correct?

They are talking utter bollocks and are trying to short change you.

Why have they only included 8% up until 2006?

Why not contractual rate interest ?

Depending how long standing this account is and what the balance is there is also a case for contractual interest & 8% simple interest in some instances.


You are correct in your thoughts that you should be paid 8% from 2006 to date , whether or not the account had beed sold on.

All of mine had been defaulted prior to my starting my PPI reclaims.


They are trying to con you - It is soooooo wrong.

How much info have you got in the way of statements etc?


Matt

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

Matt, you are a tonic. I just start to doubt my own reasoning and along you come and put me right back on track.

We paperwork have got... what's the phrase....oh yes, bugger all, but my SAR has 11 more days to go. Having said that, I don't expect to get much back from the slippery buggers.

Keep popping in and driving me on mate.

[di30]

Re: Halifax PPI offer - is it correct?

I agree with Matty, he explained that very well.

Get writing to the CEO about this

[MattyA]

Re: Halifax PPI offer - is it correct?

Matt, you are a tonic. I just start to doubt my own reasoning and along you come and put me right back on track.

We paperwork have got... what's the phrase....oh yes, bugger all, but my SAR has 11 more days to go. Having said that, I don't expect to get much back from the slippery buggers.

Keep popping in and driving me on mate.

Lets see what the SAR brings....

It must go back far enough to back up their calcs......should it not?

If not that can be questioned right away.

When you get it , let me know & I will help all I can.

Matt

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

Lets see what the SAR brings....

It must go back far enough to back up their calcs......should it not?

If not that can be questioned right away.

When you get it , let me know & I will help all I can.

Matt

Cheers mate, that makes sense. Hope to get something from them sooner rather than later. In the meantime I keep looking at their cheque laid here.
I'll keep the thread up to date.

Thanks again.

[DoTheyMeanMe]

Re: Halifax PPI offer - is it correct?

[QUOTE=Do They Mean Me?;290798]

Halifax Credit Card
Balance at default approximately £13,000
Commenced 2003
Defaulted 2006
Sold to Cabot
F&F agreed and paid to Cabot in 2012 = £3300.

Immediately after the F&F payment was made a PPI reclaim was made to Halifax.
05-02-13 SAR sent.
06-02-13 Halifax offer a payment of £2787.20.
16-02-13 Letter requiring breakdown of their PPI calculations sent.
19-02-13 Cheque received for £2787.20 - not cashed
27-02-13 Reply to my letter of 16-02-13 (see post #22) saying my complaint has been referred to the Payments Team.

So here we are with no reply from the Payments Team and no SAR information whatsoever.

Time, I think, for a letter to the Chief Executive promising him two complaints unless both matters are resolved promptly.

1. A complaint to the FOS about their failure to give me a breakdown of the PPI.

2. A complaint to the ICO about their failure to action a SAR.

This shower are the shadiest bunch of inefficient morons I have ever had the dis-pleasure of dealing with - no wonder my LBG shares are worth bugger all.

Can anyone point me to the address for the Lloyds Banking Group CEO please?

Opinions, comments and suggestions welcome.