CC PPI - Stick or twist?

dazed_and_confused_3

Hi, just wondering if anyone can offer any advice about my Halifax CC PPI.

Basically I complained to Halifax in April about the PPI on my credit card. They responded pretty quickly saying they would refund me via cheque to “put me back in the position I would have been had the PPI not been applied” and also provide further details of how they calculated how much that refund would be. A week or so later they sent a cheque for around £650 but never provided any details of how they calculated that amount.

I have most of my statements from when the account was opened to now so I know how much was taken each month & the various interest rates that were applied to each charge over the years. And using only the statements that I have in my possession I’ve calculated that I am due an amount in the region of £1500. At no point was the account fully paid off & cleared so interest has been accruing on each PPI charge from the date it was charged until now.

I can only assume Halifax are attempting to claim that each time I made a payment to my account that money went towards paying off the PPI charges first & therefore each PPI charge was paid off by the following month’s payment (ie - I’m not due any refund on the compound interest, just the initial charges), but nowhere in Halifax’s T&C’s (past & present) have I seen anything stating this is the case. And in any event even if that were true the money that went towards paying off the PPI would have otherwise gone towards paying off the other debt so therefore I should still be due the compound interest.

I sent a response letter to Halifax a few weeks ago asking for clarification of how they calculated their refund (as they initially said they would provide), & stated that I would accept an offer of £1500. They have responded saying they "cannot provide me with a copy of my PPI refund calculation or a breakdown of the premiums I have paid" (no explanation why) & that if I am unhappy I should refer my concerns to the FO. They didn’t even bother to sign the letter! :mad:

Given I feel I have a strong case, can anyone advise whether or not they think I should go ahead & take my complain to the FO, or am I unlikely to be successful? :undecided I don’t want to lose out on any kind of refund altogether - I haven’t cashed their initial offer.

Sorry for the long post. Any help greatly appreciated. :cool:

maxdp

dazed_and_confused wrote: »

Hi, just wondering if anyone can offer any advice about my Halifax CC PPI.

Basically I complained to Halifax in April about the PPI on my credit card. They responded pretty quickly saying they would refund me via cheque to “put me back in the position I would have been had the PPI not been applied” and also provide further details of how they calculated how much that refund would be. A week or so later they sent a cheque for around £650 but never provided any details of how they calculated that amount.

I have most of my statements from when the account was opened to now so I know how much was taken each month & the various interest rates that were applied to each charge over the years. And using only the statements that I have in my possession I’ve calculated that I am due an amount in the region of £1500. At no point was the account fully paid off & cleared so interest has been accruing on each PPI charge from the date it was charged until now.

I can only assume Halifax are attempting to claim that each time I made a payment to my account that money went towards paying off the PPI charges first & therefore each PPI charge was paid off by the following month’s payment (ie - I’m not due any refund on the compound interest, just the initial charges), but nowhere in Halifax’s T&C’s (past & present) have I seen anything stating this is the case. And in any event even if that were true the money that went towards paying off the PPI would have otherwise gone towards paying off the other debt so therefore I should still be due the compound interest.

I sent a response letter to Halifax a few weeks ago asking for clarification of how they calculated their refund (as they initially said they would provide), & stated that I would accept an offer of £1500. They have responded saying they "cannot provide me with a copy of my PPI refund calculation or a breakdown of the premiums I have paid" (no explanation why) & that if I am unhappy I should refer my concerns to the FO. They didn’t even bother to sign the letter! :mad:

Given I feel I have a strong case, can anyone advise whether or not they think I should go ahead & take my complain to the FO, or am I unlikely to be successful? :undecided I don’t want to lose out on any kind of refund altogether - I haven’t cashed their initial offer.

Sorry for the long post. Any help greatly appreciated. :cool:

Hi There.

They seem to be giving you the run around. May I suggest that you ring the FOS and explain what has happened. I presume Halifax never mentioned "Goodwill gesture" in their original letter? Let us know how you get on with this. Good Luck

dazed_and_confused_3

maxdp wrote: »

Hi There.

They seem to be giving you the run around. May I suggest that you ring the FOS and explain what has happened. I presume Halifax never mentioned "Goodwill gesture" in their original letter? Let us know how you get on with this. Good Luck

Thanks for the reply Max. :cool:

They didn’t use the term “goodwill gesture”, they went for “this is done without admission of liability” instead.

Can I ask whether you think calling the FOS would be better than writing? I was under the impression that you had to fill out the FOS PPI Consumer Questionnaire before they would deal with your complaint. Does the fact that Halifax have agreed I am due a refund & made an offer (as opposed to them denying I am due anything at all) mean I don’t have to do that?

Cheers again.

di3004

The procedures are those of:

Complete the FOS questionnaire, this one to send to the company who mis sold the finance.

If your not happy with the decision by the final response, as some may give you the opportunity to write to them with further information, in the final letter they should give details of the FOS with a leaflet on how to complain, then the FOS have a complaints form to complete, you can do this online by downloading from their website, or ring to arrange to send you one through the post, or do this over the phone, but the business who mis sold must be given the opportunity to first and give a final decision.;)

More on how to complain to the FOS.
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Not to confuse the FOS questionnaire to the FOS complaints form.;)

maxdp

dazed_and_confused wrote: »

Thanks for the reply Max. :cool:

They didn’t use the term “goodwill gesture”, they went for “this is done without admission of liability” instead.

Can I ask whether you think calling the FOS would be better than writing? I was under the impression that you had to fill out the FOS PPI Consumer Questionnaire before they would deal with your complaint. Does the fact that Halifax have agreed I am due a refund & made an offer (as opposed to them denying I am due anything at all) mean I don’t have to do that?

Cheers again.

Hi There

They have made an offer but you do not agree with it. So if they do not give you what you are due you may have to take it to the FOS.

My point is to just give the FOS a ring and tell them your problem they are very helpful. You can then communicate with Halifax and explain what you were told by FOS. (If you see what I mean). They should tell you exactly how they came to the figures they gave you.

If you can sort it out at branch level it is much quicker than going through FOS.

Good luck

dazed_and_confused_3

Thanks both di & max. :cool:

I will give FOS a call first then & take their advice on the next step. From everything I've read I really do feel I have a strong case, and this Halifax tactic of attempting to claim your CC payments each month go towards paying off your PPI charges first (despite their T&C's saying nothing of the sort), therefore minimising the amount of compound interest you are due to be repaid seems a fairly common one so hopefully the FOS are aware of this.

Cheers for the help

di3004

dazed_and_confused wrote: »

Thanks both di & max. :cool:

I will give FOS a call first then & take their advice on the next step. From everything I've read I really do feel I have a strong case, and this Halifax tactic of attempting to claim your CC payments each month go towards paying off your PPI charges first (despite their T&C's saying nothing of the sort), therefore minimising the amount of compound interest you are due to be repaid seems a fairly common one so hopefully the FOS are aware of this.

Cheers for the help

Your very welcome, and the best of luck.;)