Help/advice needed re:halifax ppi offer

dda

I have a secured loan with Halifax of approx £25000. In 2005/6 I had a claim rejected under my PPI policy due to pre-existing medical exclusions which were never brought to my attention. Halifax were very aggressive in delaing with me at the time. Refused any reduced payments (even though I was only in receipt of incapacity benefit) and simply increased arrears on my account with charges etc. they also insisted I pay for one of their debt consultants to visit me. I have today had an offer from them to refund me the premiums I have paid plus 8% interest - the total is £1528.41. I don't feel this is a fair offer:
It does nothing to refund all of the arrears charges applied or the cost of their adviser.
Had they accepted the claim - I would have received approx £200 per month (for 12 months)
There is no recognition in their offer of the extreme pressure their behaviour brought to bear as a result of the declined claim under a mis-sold policy.

Can anyone please advise? I have no idea how to progress this or even if I have a case with which to go back to the Halifax with.

Thanks!

amersall

You should now put a claim in for the other issues,do as you did with the claim for mis sell and see what response you get.

What was the actual ppi and the monthly payment for that,is the loan finished or still running?.

dda

Many Thanks for that. I've drafted a response to their offer declining and enclosing copies of letters going back to 2007/08 when the bank were refusing to reach a reduced payment arrangement and collections were calling me 5 times a day. All because my claim was rejected after mis-selling. My monthly payments were around £200 and insurance premiums approx £15/month. I would have received 12 months of approx £250 had the claim been accepted. The loan is still running and in arrears (due to that period although I have kept up full regular payments for over 12 months in addition to £50 extra to reduce the arrears)
I have also asked them to take into consideration the charges made at time, to review the complaint and make a meaningful offer that reflects all these issues. I hope that's the correct course to take?

amersall

That is the correct course to take,good luck with this and let me know how you get on.

DOR249

Hello,
can anybody advise on how to work out what my refund should roughly be from Halifax, Loan was for £25,000 over 20 years ppi
was £17.99 to £21.99 a month for 7 years. loan is now paid off, have had an offer of just under £3000. Should i except?? Thanks in advance, any help appreciated.
Regards M.E

dilus

DOR249 wrote: »

Hello,
can anybody advise on how to work out what my refund should roughly be from Halifax, Loan was for £25,000 over 20 years ppi
was £17.99 to £21.99 a month for 7 years. loan is now paid off, have had an offer of just under £3000. Should i except?? Thanks in advance, any help appreciated.
Regards M.E

Hi DOR249,
If you take the high figure of £21.99 per month for PPI payments then the offer sounds good. I have worked it out as below

Redress
PPI £1847.16
8% standard interest £ 499.80

TOTAL £2346.96

It looks like they have also included whatever you were paying APR over the 7 years and probably deducted any rebate of PPI when you settled early I would be happy to accept the offer Well done and congrats on your success :T