Help getting started with Halifax loan PPI

chillipalmer

Hello everybody.

Just need a bit of help confirming that I have a case against Halifax. I first took a loan with Halifax in 2007 for £5.5k and was strongly recommended that I take a PPI out with it, even though at the time I was told it was optional I thought that it might help me get the loan.

Then in 2008 I needed to to borrow another £1k so went back to the halifax who then started a new loan to pay off my previous loan and give me the extra £1k. Again was strongly recommended that I have PPI on the loan and as the same as above it was optional but I felt that I should take so that it might help me get the loan.

In both times I was told that the payments for the PPI would be a certain amount on top of my monthly payments. Only when going back over the paper did I find out that it was single payment.

Can anyone adivse me if I have a case or should I forget about?

chillipalmer

P.S. Sorry its a bit longwinded

FeelStupid

I'd go for it, the fact it was single payment would convince me it's worth a try. HBOS seem to be auto-upholding at the moment, so get moving.

chillipalmer

Thanks. I have already filled out the questionnaire, is there any other letter that i need to fill out before i send off my paperwork?

FeelStupid

chillipalmer wrote: »

Thanks. I have already filled out the questionnaire, is there any other letter that i need to fill out before i send off my paperwork?

A cover letter stating the reasons why you thin you were mis-sold.

dunstonh

and was strongly recommended that I take a PPI out with it, even though at the time I was told it was optional I thought that it might help me get the loan.

So, in that respect it was not a mis-sale. (and same with the repeat loan)

In both times I was told that the payments for the PPI would be a certain amount on top of my monthly payments. Only when going back over the paper did I find out that it was single payment.

That is where your complaint is. You dont need multiple reasons. Just one reason is fine.

chillipalmer

Sorry about this I am little confused, because on the ppi checklist it does ask:

'Was very pushy when selling the product, so that you felt you could not say no?'

Surely in that should be a reason for mis-selling in my case?

Also if I can only use 'single payment' route how much money would I be able to claim?

And lastly where can I get a cover letter from?

dunstonh

Sorry about this I am little confused, because on the ppi checklist it does ask:

'Was very pushy when selling the product, so that you felt you could not say no?'

Surely in that should be a reason for mis-selling in my case?

Yes it is a mis-sale reason but how do you prove it?

Verbal accusations are notoriously difficult to prove. They also tend to be used by people putting in fraudulent/try-it-on complaints as well. Hardly any complaints will be upheld on that particular mis-sale reason.

Also if I can only use 'single payment' route how much money would I be able to claim?

you dont have to claim anything. You put your complaint in and the provider will work it out. Typically it is a refund of premium plus interest.

And lastly where can I get a cover letter from?

write one yourself. Personalised letters have a better success rate than template letters. Even the FOS say they prefer to see complaints in the person's own words. You could have your complaint written on a couple of lines. The shorter and to the point, the better.

chillipalmer

Ok so I think I understand now. Basically a verbal mis-sell is difficult to prove (a he said/she said case).

However, because I was sold a single payment and that it wasn't fully explained that I would be paying it upfront I can claim for a refund on that basis alone. Correct?

i have taken the advice given to me and drafted my own letter, please will someone look at it and give me some feedback?

Stay cool everbody

Dear Sir/Madam,
Re: Personal Loan reference ABCDEFG Payment Protection Policy No: 123456

I purchased the above policy from you in Febuary 2008 in connection with the loan referenced above. I regret to inform you that I believe that I was mis-sold this policy for the following reason that it was not explained to me fully that policy premium would be paid upfront and that it would be added to my loan amount and that it would attract interest by doing so, instead at the time of purchase it was explained to me that the insurance policy would cost me a certain amount extra per month on top of the monthly loan repayment

Therefore, I wish for you to investigate my complaint according to your normal complaint procedures.

If my complaint is upheld I require a refund of all premiums paid to the policy, plus any additional interest charged to me because of the PPI. I would also like to claim statutory compensation in view of the fact that I have been deprived of the use of this money.

Please now investigate my complaint within the eight weeks allowed to you.

Yours faithfully

chillipalmer

dilus

chillipalmer wrote: »

Ok so I think I understand now. Basically a verbal mis-sell is difficult to prove (a he said/she said case).

However, because I was sold a single payment and that it wasn't fully explained that I would be paying it upfront I can claim for a refund on that basis alone. Correct?

i have taken the advice given to me and drafted my own letter, please will someone look at it and give me some feedback?

Stay cool everbody

Dear Sir/Madam,
Re: Personal Loan reference ABCDEFG Payment Protection Policy No: 123456

I purchased the above policy from you in Febuary 2008 in connection with the loan referenced above. I regret to inform you that I believe that I was mis-sold this policy for the following reason that it was not explained to me fully that policy premium would be paid upfront and that it would be added to my loan amount and that it would attract interest by doing so, instead at the time of purchase it was explained to me that the insurance policy would cost me a certain amount extra per month on top of the monthly loan repayment

Therefore, I wish for you to investigate my complaint according to your normal complaint procedures.

If my complaint is upheld I require a refund of all premiums paid to the policy, plus any additional interest charged to me because of the PPI. I would also like to claim statutory compensation in view of the fact that I have been deprived of the use of this money.

Please now investigate my complaint within the eight weeks allowed to you.

Yours faithfully

chillipalmer

I would take out "regret" and replace with "am writing" and remove "If" and replace with "When" my complaint is upheld
Be positive, don't show weakness, show them you mean business, good luck and as dunstonh says you only need ONE good reason and upfront PPI is difficult for the bank to worm out of

chillipalmer

Thanks for the feedback. I have now made those changes. However, I am also think of adding the following:

In line with the Financial Ombudsman Service recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy;
Restructuring of the loan going forward so that the amount owed, the monthly repayments, the term and the charges reflect those that would have applied, if the original loan had been sold without the PPI policy.
In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that (company name) pays them back to myself.
Unless you can prove without doubt that this PPI policy is fair, reasonable and suitable for my needs, I demand to be placed back into the position I would have been had this PPI policy not been included. I will therefore demand a full refund of all of my paid PPI premiums plus 8% interest from (inception date) to (todays date).

Should I add this to the end, or is my letter strong enough as it is? and also do I still need to send in the questionnaire that I filled last night.

Many thanks

Stay cool