Mis-Selling Compensation Calculations

Halfa_Florin

Thanks to this thread I decided to make a mis-selling claim against the Halifax. Halifax has somewhat surprisingly upheld my case on mis-selling a Standard Life policy (this was sold in 1984 and matures 2009). They have now asked how I would like the compensation to be worked out, along with a warning that no compensation may be due and the option I choose could affect the level of compensation . The options are either for them to work out the compensation based upon their assumptions, or for me to provide information on my mortgage history ( which looks quite cumbersome)
My questions are : Has anyone had experience of Halifax and these particular options and,
has anyone got a number cruncher which would help work through each option.

dunstonh

A 1984 policy probably has LAPR tax relief (pre March 1984 policies had it) and that will make a big dent in any redress. Assuming you have LAPR, at the time of taking this out, the endowment mortgage option would have been cheaper than repayment and even though LAPR was abolished in 1984, those that had it on existing plans kept it. This tax relief will be taken into account in the comparison.

My questions are : Has anyone had experience of Halifax and these particular options and, has anyone got a number cruncher which would help work through each option.

The calculation method is generally standard and as long as the figures are input correctly, there is no reason to doubt them. If you can provide the rates and dates of your mortgage since 1984, then good luck working it out without paying for the calculation. Its this reason why the SVR option exists as most cannot supply or are not willing to spend the time finding out.