Halifax TMPP reclaim, advice needed please

Trunks

Riiiight, now I get it......

Thanks -taff, I will try working that out now. I thought it was meant to compensate you as if you had deposited the full sum for the full term, but my mistake, that's daft... your theory sounds right.

Thanks

-taff

I just tried to get my head round that and failed miserably...something about doing the first years at 8, then adding the second years and first years at 8....errr...yeah anyway, have fun with that

[Deleted User]

The calculation is on a sliding scale so you receive less in the final years than in the earlier ones. This is probably your mistake in trying to calculate the redress.
Wait for the breakdown from the Bank...

Trunks

Hello again Moneyineptitude

Thanks for your posts. You're right. I have decided to take your advice and will contact the bank and ask for a full breakdown of how they have calculated the interest.

Will let you know how I get on.

[Deleted User]

Trunks wrote: »

Will let you know how I get on.

Please do as it's helpful for other potential claimants...:)

Trunks

I rang the Halifax and requested a full breakdown of the interest that they have offered but it has yet to turn up. The man I spoke to said he had to email another section and could only post the information out to me rather than send an email as I initially requested. He also advised that the interest was at the statutory 8% as per the FSA guidelines.

A cheque has arrived however, for the full amount offered. Haven't banked it yet as waiting on breakdown but don't think it will arrive. May call Halifax again after the Bank Holiday.

Trunks

Hello

Just an update to the whole episode. Received a cheque for all premiums paid plus interest. No breakdown was forthcoming, but having tried to work it out myself it seemed about right. Cheque banked and overdraft paid off. Also decorating half the house on the proceeds.

Thanks for the advice and good luck to anyone else in the same boat.

Trunks