Halifax PPI claim on bank loan

laneybel2002

Hi all

I am new to this forum and have been looking everywhere for advice.

I had a loan from the Halifax in 2003 for 5 years, I think it was for around 9K, can't find the paperwork for it. But the following year I was in financial trouble and signed up to a IVA, which I still have about £600 to pay Halifax back. Looking on my payplan account the amount of what I owed Halifax totals £10,410.68 - this may include interest I am not sure ... just as well I was in a iva as I found all the account details there.

I wasn't even going to claim for this ppi but a friend did, so I thought I would give it a try.

They replied this week offering me £2790.62. I wasn't expecting anything, but what I want to know - are they paying the right amount or should I reject it and kindly ask that they review their offer ?
Has anyone else had an offer and rejected it - & then received a better offer. I don't want to be greedy, but don't want them to then turn around and take the original offer back ?

They did list out the PPI premiums, interest at loan rate and the 8% interest on top of that.
thanks for any advice in advance.
Cheers

dunstonh

are they paying the right amount or should I reject it and kindly ask that they review their offer ?

They supply a breakdown of the calculation. Does it look right?

Has anyone else had an offer and rejected it - & then received a better offer. I don't want to be greedy, but don't want them to then turn around and take the original offer back ?

Its not a competition to see if you can haggle. The redress method is defined.

magpiecottage

laneybel2002 wrote: »

I don't want to be greedy, but don't want them to then turn around and take the original offer back ?

I have not been in this situation with PPI but back in the days of the pension review, the company I worked for was sending out offers of redress calculated according to the formula specified by the regulator.

If the customer accepted the offer it was simply paid, no questions asked. If they did not accept it then it landed on my desk.

My job was to go through ALL the evidence. Sometimes I DID increase the offer - usually because the regulator had amended the formula slightly.

More often, though, I would find that no redress was due, or at least substantially less. In one instance, I realised a mistake had been made and reduced an offer from over £100,000 to about £20,000. If the customer had not been rude and tried to demand more I would never have seen the file.

PPI figures are far smaller but the risk is still there.

On the other hand, a friend asked me to check his offer from a different company. I identified a very specific error in the calculation and although the firm would not accept that it was wrong, FOS eventually forced the firm to pay twice as much.

laneybel2002

Thanks for your advice, I have no idea if the calculations are right - as I do not have the paperwork of the loan to hand - so don't even know what amount of PPI I paid. It just says "refund of premiums paid & the value"

Dunstonh, I know this is not a competition I just want back what I think I should be entitled to. As following the loan etc I went into great financial difficultly & the Halifax were largely to blame charging me large amounts of bank charges, which I never got back.

Having put my details into the various claim calculators - it comes back with a very different figure.

I still don't know what I should, the extra will help as my partner is now out of work - so all I want to know if I refuse this & FOS agree with the Halifaxs' offer, will they still offer the first amount or will I lose out completely.