PPI Reclaiming Discussion Part 5

paul1066

Hi all, I've been trawling around for an answer to this, and so far no luck so I'd be grateful if someone can offer an opinion. We took out a mortgage in 1995 for about 104% of the house value as we has negative equity on the house we were selling. The lender, Halifax, back then, offered a mortgage conditional on us paying them a non-refundable non-negotiable Indemnity Premium (to cover Halifax in the event that we defaulted on our mortgage) - it was something like £4,000 on top of a mortgage of £105,000. We we given no option to seek and find an alternative premium supplier so essentially we were told take it or leave it. Given we were desperate to move, we paid the premium.

Do I have any redress with Halifax given we were given no option other than accepting this additional cost?

Many thanks

Paul

dunstonh

paul1066 wrote: »

Hi all, I've been trawling around for an answer to this, and so far no luck so I'd be grateful if someone can offer an opinion. We took out a mortgage in 1995 for about 104% of the house value as we has negative equity on the house we were selling. The lender, Halifax, back then, offered a mortgage conditional on us paying them a non-refundable non-negotiable Indemnity Premium (to cover Halifax in the event that we defaulted on our mortgage) - it was something like £4,000 on top of a mortgage of £105,000. We we given no option to seek and find an alternative premium supplier so essentially we were told take it or leave it. Given we were desperate to move, we paid the premium.

Do I have any redress with Halifax given we were given no option other than accepting this additional cost?

Many thanks

Paul

None whatsoever. MIG has nothing to do with PPI and it was a condition of borrowing.

deptfreefinally

I beleive my ppi has been paid to my partner what can I do

amersall

What makes you think that?.
Contact the bank and find out.

Bookie_monster

Hi. I went with a claims company, didn't think I had a chance by myself as claiming for my ex partner as well and didn't want to contact her. plus we had claimed on the policy for illness, anyway was told cmc would find out and take the case for a third of any compensation, got billed off them today and they want a third plus vat! this does not seem right, before I get on to them is there anything I can do to argue this point

[Deleted User]

Rather than "get on to them", read their terms and conditions. A Claims Company's "services" are indeed subject to VAT. This goes to the government and is not somehow negotiable.

dunstonh

Bookie_monster wrote: »

Hi. I went with a claims company, didn't think I had a chance by myself as claiming for my ex partner as well and didn't want to contact her. plus we had claimed on the policy for illness, anyway was told cmc would find out and take the case for a third of any compensation, got billed off them today and they want a third plus vat! this does not seem right, before I get on to them is there anything I can do to argue this point

It is clearly right because that is the agreement you made when you employed them. It is a bit late arguing after the event. Maybe in future you should take more care before you enter into contracts.

Are they billing you against the full amount? (including your ex partner's cut)

Bookie_monster

No it was not what I agreed too, I verbally agreed 33.33%! not 33.33% plus 20% VAT of which I assume they will be able to claim some back, Is there any way to argue this or am I wasting my time, they billed me on their cut. thanks in advance and for taking time to respond.

[Deleted User]

Bookie_monster wrote: »

I verbally agreed 33.33%! not 33.33% plus 20% VAT

You don't have only a verbal contract. The legal agreement you signed will have detailed the charges and VAT. Please don't say you have no written contract, the company would not have proceeded to complain on your behalf without it.

Bookie_monster wrote: »

I assume they will be able to claim some back,

The VAT goes straight to the government, how would the company be able to claim this back?

Bookie_monster wrote: »

Is there any way to argue this or am I wasting my time,

The latter.

Bookie_monster wrote: »

they billed me on their cut.

Yes, the government did.

dunstonh

No it was not what I agreed too, I verbally agreed 33.33%! not 33.33% plus 20% VAT of which I assume they will be able to claim some back,

You signed a contract. The contract would have given the charge plus VAT.

You would be wasting your time as what they do is VATable. It is not something you can negotiate.