WooHoo 3rd Success, But Awkward Payout

antdon

Hi All
Just had my 3rd claim with the Halifax accepted.....woohoo!!

Now for the awkward bit

They have obviously lost all details of my first mortgage and PPI policy.... So they have agreed to pay £5000 (very fair) but they want to pay it to myself and my now ex-wife....

The payment for the PPI came from a joint account,
But, the policy was in my sole name.....
(my ex-wife was in university at the time, so wasnt on the mortgage or obviously PPI)

I still have the original joint account open and could just pay the cheque into it....
But this then raises questions of whether the taxman would come after my ex-wife (no contact with) for the tax on her half (even though she has no claim on the refund)

Would the Halifax accept a copy of the original endowment policy as proof that the mortgage and ppi were in my sole name???

Any comments or suggestions would be very gratefully recieved.

di3004

Hi there

First of all well done on your success!:beer:

Hopefully someone will be along who may know how this works shortly, but what I do know is, if the policy was in joint names, even though it was only the first applicant covered for the PPI, the 2nd applicant has the responsibility of the loan which includes the ppi within the loan balance.

Bumping this up for you anyway, for the correct advice, good luck.

antdon

Thanks for the reply...

The mortgage, PPI and endowment were in my sole name, but because they have lost the documents, they are going to payout in the joint names that the payments came from (joint account)

Really awkward...
I could just bank the cheque into the joint account that is still open (with £1 in it for the last 10 years... lol)
Then argue the toss with the inland revinue......
___________

Previously
The Halifax returned the payments that were taken after this mortgage changed to my second mortgage.... Saying that the mortgage roll no. should have changed to reflect the new mortgage and did not, and that this was their fault.....

BUT they refused to pay out in my sole name and just payed the money back into the joint account that it came from...

___________

If I argue the toss with them, they could just insist that they have no records that this was a sole account, and then just pay half the money, retaining half, and leaving me to try and proove It was a sole policy......

The only document I have is a copy of the endowment that was in my sole name...

I just cant decide whether to just take the joint cheque and argue with the tax man. Or, take the risk and argue sole ownership with the Halifax

oscar52

Remember that only tax on the interest is due, not the repyment of the PPI itself.

Depending the amount of interest, it may not be beneficial for the taxman to persue payment.

amersall

antdon wrote: »

Hi All
Just had my 3rd claim with the Halifax accepted.....woohoo!!

Now for the awkward bit

They have obviously lost all details of my first mortgage and PPI policy.... So they have agreed to pay £5000 (very fair) but they want to pay it to myself and my now ex-wife....

The payment for the PPI came from a joint account,
But, the policy was in my sole name.....
(my ex-wife was in university at the time, so wasnt on the mortgage or obviously PPI)

I still have the original joint account open and could just pay the cheque into it....
But this then raises questions of whether the taxman would come after my ex-wife (no contact with) for the tax on her half (even though she has no claim on the refund)

Would the Halifax accept a copy of the original endowment policy as proof that the mortgage and ppi were in my sole name???

Any comments or suggestions would be very gratefully recieved.

Ring the Halifax and ask,if you show them the endowment would they accept this.
This is the only way you know for sure what they can do.

antdon

amersall wrote: »

Ring the Halifax and ask,if you show them the endowment would they accept this.
This is the only way you know for sure what they can do.

Yes this is probably the answer....
My concern is that if I tell them I am divorced, they may see the opportunity to say No they wont accept the endowment.... and then only pay (what they think) is my half....

A real catch 22......

antdon

oscar52 wrote: »

Remember that only tax on the interest is due, not the repyment of the PPI itself.

Depending the amount of interest, it may not be beneficial for the taxman to persue payment.

Thanks or the reply

Just read this http://www.bbc.co.uk/news/business-15701101
on the bbc business homepage..... apparently the taxman is comming after ppi's.....
Or is it just a scare story to get people to contact them??

So far I have had a £6000, £3000 & now a £5000 refund

So I think they may contact me...... Boo....:(

amersall

antdon wrote: »

Yes this is probably the answer....
My concern is that if I tell them I am divorced, they may see the opportunity to say No they wont accept the endowment.... and then only pay (what they think) is my half....

A real catch 22......

:eek::eek::eek: yes ..........
Was the divorce settled,and your wife got what she was entitled to and cannot come back for more?.
If this is the case do you have the divorce papers or anything from the solicitor to verify this?,it may just help you.

antdon

amersall wrote: »

:eek::eek::eek: yes ..........
Was the divorce settled,and your wife got what she was entitled to and cannot come back for more?.
If this is the case do you have the divorce papers or anything from the solicitor to verify this?,it may just help you.

The divorce is not really the issue. The issue is that the Halifax may not accept that mortage, endowment & PPI were in my sole name, because they have obviously lost the paperwork for my 1st mortgage (and more or less say so in the offer letter)

The problems are
1. They could just pay half
2. If they pay it so me in joint names, the taxman may then contact my ex-wife demanding her tax (I am sure she doesnt want any contact either)

Surely the Halifax must accept my endowment paperwork as evidence that the ppi was in my sole name....

If you got a joint mortgage and ppi in the 1980's was the endowment automatically in joint names???

amersall

We had an endowment mortgage in joint names in the 80s and the policy was in joint names.


Magpiecottage or Dunstonh are best placed to answer this query regarding the endowment,try posting here

http://forums.moneysavingexpert.com/forumdisplay.php?f=187
Hopefully one of them will know if the endowment in your name only would cover a joint mortgage,this is what you need to know,as if it can, Halifax wont accept this.

antdon

Just an update...
I phoned the Halifax and they were going to pay the cheque in both names...
So I sent them a few documents.
One showing the mort roll no. and me as the sole account holder...
another showing a link to the endowment policy also in my sole name...
and last a copy of the endowment policy in my sole name....

but obviously I havent any documents mentioning the PPI policy (it was 1986.... they didnt issue docs)

Given that they have lost all reference to the mortgage and PPI

I am hoping that the fact that the docs have shown me as the sole named on both the mortgage and endowment, will convince them that it is reasonable to assume the PPI was also in my sole name.....

I will report back when I get the reply for anyone interested