Halifax Total Mortgage Protection Plan PPI reclamation ?

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  • flower28
    flower28 Posts: 5 Forumite
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    has anybody been affected by the cap svr by halifax?
  • 3yearstogo
    3yearstogo Posts: 418 Forumite
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    Hi all...

    I took out my first mortgage with Halifax in April 2006 and the mortgage adviser who I spoke to at the bank told me I needed to take full TMP with halifax in order to get the mortgage even though I already had a mortgage promise from them and it had never been mentioned previously. For a mortgage of 56000 I was paying £50 per month for the TMP which included critical illness, death, unemployment, building and contents

    After about 6 months I realised it was too much and shopped around for another deal and ended up finding another TMP with halifax paying only £5 a month for the same level of cover minus building and contents! At this point I thought it was all great as I still had TMP so could keep the mortgage going. I moved in April 2008 and mortgage was 112000 and added my partner on so called halifax to let them know and this brought my TMP up to £20 a month which I have paid till now.

    I called them today to change my bank details and I started to think about this plan... I'm not 100% sure that I did technically need it before they would give me a mortgage and whilst I do now agree I need cover, I feel this policy was mis-sold and want to shop around for another provider.

    My question is, is it worth while to try and claim back anypayments under the fact that I didn't need to have this in place at the original price of £50 a month in order to get a mortgage?
    2011/12: Wii & mario cart £200 lego bundle Samsung Galaxy S3, 2 nights in London with flights, £200 spending money £1000 cash! Spongebob joke teller!

    2013: Wii U & spongebob game
  • dunstonh
    dunstonh Posts: 116,380 Forumite
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    I'm not 100% sure that I did technically need it before they would give me a mortgage

    In 2006, you didnt. However, you cant prove you were told that so its irrelevant.
    I feel this policy was mis-sold and want to shop around for another provider.

    That is not a reason for mis-sale.
    My question is, is it worth while to try and claim back anypayments under the fact that I didn't need to have this in place at the original price of £50 a month in order to get a mortgage?

    How you have worded your post indicates you were not mis-sold. Cost is not something you can complain about and Halifax could only offer their own product. The fact you now want something cheaper is not a valid reason for complaint.

    If you had complained earlier in the year then you may have got lucky as for a period, Halifax were automatically upholding everything whether you had a valid complaint or not (workload made that easier). However, that is no longer the case for new complaints being made.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • 3yearstogo
    3yearstogo Posts: 418 Forumite
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    I am fine with the cost of the TMP now at just £20 but it was the whole aspect of them saying to me at the time that they wouldn't give me a mortgage without it that concerned me. But I can't prove that at all.

    Thanks for replying :-)
    2011/12: Wii & mario cart £200 lego bundle Samsung Galaxy S3, 2 nights in London with flights, £200 spending money £1000 cash! Spongebob joke teller!

    2013: Wii U & spongebob game
  • hookes789
    hookes789 Posts: 29 Forumite
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    flower28 wrote: »
    Hi i have recieved a letter last week stating thier owe me £1984.31 and i got a letter to sign and send back if i am happy. I have been advised this is the best figure i will get on a £52000 mortgage i had.
    hope this helps.

    Hi, I was wondering how long you had had the tmpp for?? And how much of your refund was premiums/ interest. Thanks
  • -SDW-
    -SDW- Posts: 137 Forumite
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    I recieved a refund of nearly £22,000 from Halifax mis sold TMPP..
    9 years premiums plus 8% simple interest.:beer:
    HBOS charges..£7000.00 recieved.
    Egg cc..£1300 recieved.
    Barclaycard cc..£ 568 recieved.
    A&L loan..£1677 recieved..HBOS cc..£3500. HBOS.. loan £919.HBOS.cc charges. £1400 MPPI £21799 recieved
  • dunstonh
    dunstonh Posts: 116,380 Forumite
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    As mentioned earlier, Halifax have been auto upholding complaints even when there was no reason to due to backlog. All indications are that they are not doing that with new complaints received.

    If you got a payout then you almost certainly got lucky and it was not because you deserved it (meant in the nicest sense).

    MPPI has far lower success rates with complaints as it is very easy for a firm to show good advice was given. Even the FSA recognised this in their own review. The complaint stats also appear to indicate that as well. The UKs biggest IFA and mortgage broker network/compliance company had just 16 PPI complaints lodged at the FOS in the last period.

    It is very easy to see when MPPI has been set up wrong.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • -SDW-
    -SDW- Posts: 137 Forumite
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    mine took two years...and the fos ruled it was missold..eventually!
    HBOS charges..£7000.00 recieved.
    Egg cc..£1300 recieved.
    Barclaycard cc..£ 568 recieved.
    A&L loan..£1677 recieved..HBOS cc..£3500. HBOS.. loan £919.HBOS.cc charges. £1400 MPPI £21799 recieved
  • dunstonh
    dunstonh Posts: 116,380 Forumite
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    -SDW- wrote: »
    mine took two years...and the fos ruled it was missold..eventually!

    What grounds was it ruled mis-sold as it puts you in a minority (unlike loan/credit card where figures are right up at the 90% range)?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • MCGONIS
    MCGONIS Posts: 699 Forumite
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    Hi. I have a similar thread on here about the Halifax TMP. It concerns my parents' mortgage rather than my own. Based on posts I have read on this site, I chose not to contact the bank direct and instead went to a claims management company in the hope they can assist. Because the replies I got on here more or less said I had no cause to complain.

    I sent the paperwork back 2 weeks ago and have not heard anything back yet.

    If the claims company come back with nothing then fair enough. At least I can say that I tried to get something back for my mum and dad.

    Every case is different, but Halifax TMP precedents may be helpful to others I think.

    Will keep you posted.....

    :)
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