Halifax offer seems low?

Jamboo

Hello everyone,
Just wondering if you could give some advice. I had a mortgage from 1995 till 2002 with the Halifax and recently put in a claim for compensation in connection with an insurance cover plan I had with them. At the time they stated I might not get the mortgage without it and I was pressured in to taking their insurance out with them.
Anyway, I have recently been offered £1,400 as a settlement figure and think this is pretty low considering I was paying this cover plan for 7 years!! Just for comparison I received £1,142 from LLyods for misold PPI on a loan I had for just over 2 years so think Halifax's offer is really low.
Halifax do state that they can not find any documents on my mortgage payment details for that 7 year period, also state that they are unable to confirm or deny my allegations but are going to accept my complaint and offer the £1,400. Was thinking about asking them to reconsider considering my LLoyds offer, if not then to send me a breakdown on how they have come up with that figure so I can pass that information on to the Ombudsman for a second look. I know some people reading this will think "be happy with what they have offered you" but at the end of the day it was MY money they were taking from me.
Any advice would be appreciated please.

dunstonh

Halifax are auto paying out on the PPI segment of their plans but not on any other insurance type.

Mortgage payment protection is typically a lot cheaper than loan payment protection. Loan PPI is front loaded. Mortgage is not. If we go by a typical £5 per hundred pounds cover and say your mortgage was £300pm then that would be £15. £15 for 7 years is £1260. So, not a million miles away from your offer.

I know some people reading this will think "be happy with what they have offered you" but at the end of the day it was MY money they were taking from me.

The main issue is that currently it is a goodwill payment. If you go to the FOS and force the case to be investigated it may well turn out there is no evidence pointing to mis-sale and they withdraw the offer. If the unprovable verbal allegation is your only complaint reason then you may be taking a big risk.

Jamboo

Thanks very much indeed Dunstonh, I read your reply carefully and after reading it I 100% fully agree with you on hindsight. I understand about the lower payments for mortgage protection and you have a point about withdrawing the offer, I think I will take the offer and thank you very much for taking the time to reply to my question.:beer: