Reclaiming from halifax

SPECS

Took out a £10,000 unsecured loan in jan 07 ,wrote to halifax trying to cancel insurance in july 07 but was sent a letter back saying i would have to take out a new loan without ppi,so i just left it at that. Recently started reading the website and am enquiring whether i can claim back the ppi as it says on the website that some policies prior to march 2007 had this condition written in too some policies,have lost the policy just wondering if anybody has any experience in this situation.Any advice is welcome and much appreciated.

di3004

SPECS wrote: »

Took out a £10,000 unsecured loan in jan 07 ,wrote to halifax trying to cancel insurance in july 07 but was sent a letter back saying i would have to take out a new loan without ppi,so i just left it at that. Recently started reading the website and am enquiring whether i can claim back the ppi as it says on the website that some policies prior to march 2007 had this condition written in too some policies,have lost the policy just wondering if anybody has any experience in this situation.Any advice is welcome and much appreciated.

Hi there.

If you feel you were mis sold then yes you need to try and reclaim this back.

They should still allow you to cancel you ppi anytime, and then reschedule your repayments, although a new loan without ppi - I have heard others mention this too.

With my loan ppi, I had cancelled it a month after the cooling period, and although I had a complaint in to the FOS that this was mis sold to me, the loan company (Nemo) reduced the loan but not by that much, and when I settled this loan they still included the ppi that was added in with the loan but when resolved through the financial ombudsman service, I had every penny back of the ppi, plus interest etc.

I am sure others maybe able to give advice due to their experience hun, and I would also wait for other replies here.

If you believe you were mis sold, please add about this on the reclaiming/discussion thread, (PPI), thanks and someone will help guide you from here.;)

LILYBASS

i took out a 10k loan with halifax in 2003 and like you tried cancelling the ppi attached to it at a later date - 2005 and was told i would have to take out a new loan agreement with relevant application fees payable. i left the original loan in place rather than pay the new fees but was sent the documents should i choose to follow that option.

a couple of months ago i followed martin's step by step guide to reclaiming. i stated that 1) i was given the impression during the initial application that approval was highly dependant on taking out ppi. 2) when i tried to cancel halifax stated i would need to apply for a new loan minus ppi and pay fees to do this. luckily i had kept the paperwork and could quote references to them.

i got a very quick response saying they were looking into it and had 8 weeks to fully respond. a couple of weeks after i got another letter stating they were still looking into it but i could expect a response by a certain date in october. i got a letter this weekstating that they agreed my claim in prinicpal and would be making me whole - taking the loan down to the amount it would stand at if the ppi amounts were taken off. still waiting to hear what the exact amounts will be - i shall of course expect some interest calculations to be in there.

my advice to you is follow the reclaim guide and give as much information as you can. as i understand it, even if you have lost the policy document and whatever that stated the basic rule should apply - when you wanted to cancel ppi you should have been able to without having to pay any fees for a new loan.

thanks martin, half an hour adjusting your draught letter to my circumstances and the price of a stamp and the reward is going to be several hundreds of pounds back that i overpaid.

SPECS

thanks very much for taking time too answer my questions,will get straight onto halifax and will keep you posted on the results