Halifax mortgage plan denial

Magiceyed

Hi
Not sure about this one have tried Halifax but they deny it is linked to PPI, they called it a Home protection plan?
I took out a mortgage with Halifax in the 90s not a word about protection as I already had a plan to protect against redundancy and illness. a few years ago I wanted to know how the plan was doing, I asked two questions how much had I paid in and how much was the plan worth. I had paid in over the years £42,000 + but the plan was only worth £26,000 that to my reconing was £16k short asking why they told me it was insurance cover. My reason for asking was that I had paid off my Mortgage with Halifax a few years before, but wanted to continue saving to the end of the term for a lump sum of around £65k They paid me £26k and kept the rest, the savings were made up of tessa's and ISA's but the money that was taken away was for their own brand of insurance?
My question is this related to PPI, as they are denying it saying it is an insurance against my savings plan, not a good one you might say as they have taken a third of the money I have paid in to pay for this insurance.

dunstonh

My question is this related to PPI

No. It is not PPI and nothing like PPI (PPI is short term insurance issued by general insurance companies. What you describe is a long term life assurance issued by a life assurance company).

opinions4u

Halifax Home Plan?

That's a stocks and shares ISA that would be an investment intended to repay an interest only mortgage.

I'm struggling with your post to be honest. The level of confusion you seem to have has probably multiplied further when you've typed it in.

Magiceyed

Maybe, it has been confusing to me. Basically I took out a mortgage loan with Halifax, the plan was to be made up of paying in money to buy ISA's before the end of the plan I was made redundant and paid off my mortgage, but agreed with Halifax to continue paying in to have a lump sum at 65.
about four years ago I went to see them to see how my investment was doing, asked the two questions above and got the answers posted. I asked why the insurance cost was in the plan and why it had taken 16k of my paid in monies, they gave me no answer except it was Ill health or redundancy insurance on the loan. I already had another policy to cover me on that, and did not need this insurance. they have kept the monies. Hopefully that is a bit clearer. One more thing I have never been told about this insurance until the day I went for a revue, all I was ever told was my ISA's were not doing as well and I needed to put more money into the plan.