Halifax PPI redress Payments

ccb

Has anyone check the example workings in the Halifax refund letter? I've just had a look, and I can't make sense of them.

Example 1
4 year loan of £2500, PPI of £519.43, taken out in July 2003, APR 13.1%. Loan ran to the end.

PPI paid (including interest) £665.66
Simple interest £326.07
Total to be repaid: £991.73

Now I know how to work out simple interest, but nothing I try adds up... the only thing I can think of, is if they're using different dates for the date of the refund. I really don't want the hassle of having to dispute the amount once I get an offer from them.

IANC

ccb wrote: »

Has anyone check the example workings in the Halifax refund letter? I've just had a look, and I can't make sense of them.

Example 1
4 year loan of £2500, PPI of £519.43, taken out in July 2003, APR 13.1%. Loan ran to the end.

PPI paid (including interest) £665.66
Simple interest £326.07
Total to be repaid: £991.73

Now I know how to work out simple interest, but nothing I try adds up... the only thing I can think of, is if they're using different dates for the date of the refund. I really don't want the hassle of having to dispute the amount once I get an offer from them.

So, the PPI payments totalled £665.66 and they were paid for 48 months, which means that the PPI premium was £13.86 per month.

The first £13.86 was paid in July 2003 so using July 2011 as the redress date, that premium was paid 8 years ago or 96 months.

So the 8% simple if I think is £13.86 x 8% divided by 12 x 96 = £8.87

The next payment would be £13.86 x 8% divided by 12 x 95 = £8.78

And so on.

I think that is correct anyway :rotfl:

Is that how you have been working it out?

ccb

The point of 'simple' interest is that you use one calculation to arrive at the end figure, rather than a cumulative (compound) figure. At least that's how I've always understood it. It's been more than a few years since I studied it, so I could be wrong though.

So simple interest should be calculated:
Amount x percentage x # of years. (I knew it, but had to look it up to check)
£665.66 x 8% x (96/12) = £426.02

The figure that the Halifax have used can only be arrived at if it has been 73.5 months since the start of the loan... *confused*

Banks0mewin

Still nothing.....:(:(:(:(:(:(:(:(:(

dizzeeblondee

Well, about a month after the OH lost his job, and day 22 of the waiting game, I looked in the bank account of impending doom, and the overdraft is on its last legs.:(:eek:

I gave yet another call to the Halifax, and after 22 minutes(longest one so far) hmmmm thats a co-incidence day 22, and 22 mins....but I digress......

I got onto another advisor who again said the usual of 'theres nothing on screen for a calculation, I'm really sorry'. I told him the account of impending doom is empty, I need some good news that might help keep the wolves from the door a little longer, so he put me on hold after I told him my circumstances, has passed on my phone numbers to his manager, and they'll see if theres any way of fast tracking.
Now I'm not holding my breath for any change, but this fella :Awas the first I've spoken to thats said something other than

'computer says no, I'm painting my nails, which is far more important than asking someone higher to help you further'

Fingers crossed, I might get a little news quicker than I was expecting, which would be nice:)

pigsmightfly

dizzeeblondee wrote: »

Well, about a month after the OH lost his job, and day 22 of the waiting game, I looked in the bank account of impending doom, and the overdraft is on its last legs.:(:eek:

I gave yet another call to the Halifax, and after 22 minutes(longest one so far) hmmmm thats a co-incidence day 22, and 22 mins....but I digress......

I got onto another advisor who again said the usual of 'theres nothing on screen for a calculation, I'm really sorry'. I told him the account of impending doom is empty, I need some good news that might help keep the wolves from the door a little longer, so he put me on hold after I told him my circumstances, has passed on my phone numbers to his manager, and they'll see if theres any way of fast tracking.
Now I'm not holding my breath for any change, but this fella :Awas the first I've spoken to thats said something other than

'computer says no, I'm painting my nails, which is far more important than asking someone higher to help you further'

Fingers crossed, I might get a little news quicker than I was expecting, which would be nice:)

Sending good luck for you. You could try emailing the CEO too to push it along then you've got it in writing as well that you also asked?

IANC

I was on the phone to my claims handler, being told that there was still no update, when she noticed a note go on the system to say that my CC has been sent for redress.

You could literally have knocked me down with a feather.

This basically means that someone now has to trawl through all 189 statements and put the figures into the system. Once that is completed, it will be checked and then a cheque will be issued to me.

They should be working on the loans as well in a different department, but no notes had been put on yet to the effect.

My cliams handler will check on Monday if nothing is heard before then and call me Tuesday with an update.

I know I don't have money, or even figures yet, but I'm all excited like a big kid :rotfl:

pigsmightfly

IANC wrote: »

I was on the phone to my claims handler, being told that there was still no update, when she noticed a note go on the system to say that my CC has been sent for redress.

You could literally have knocked me down with a feather.

This basically means that someone now has to trawl through all 189 statements and put the figures into the system. Once that is completed, it will be checked and then a cheque will be issued to me.

They should be working on the loans as well in a different department, but no notes had been put on yet to the effect.

My cliams handler will check on Monday if nothing is heard before then and call me Tuesday with an update.

I know I don't have money, or even figures yet, but I'm all excited like a big kid :rotfl:

Yey, hope they get in touch soon for you :T

Banks0mewin

They do say 'another day, another dollar' obviously the banking industry is unaware of such a comment....still waiting...:mad::mad::mad::mad::mad::mad:

prestonplumber

I have just email the CEO of lloyds, who is now in charge of the Halifax requesting information for ppi payments, as full final offer to refund all ppi premiums with intrerrest has been made on the 24/08/2011, same as most waiting for figures and payment. the CEO email address is [EMAIL="!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"]!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!![/EMAIL] what everyone should be doing now, is to submit a request for all information regarding ppi complaints, refunds, amounts, dates, times etc, time sacles under the freedom of information act 2000 and lets see how long its takeing for claims to be processed through to completion with full payout.