Halifax Offer Help

Drumsie

Hi,

as you can see I'm new to this but I am needing some help with an offer for PPI refund from a Halifax credit card.

I have used the forms on MSE and a gone through the claim process to the point that the FOS has ruled in my favour and Halifax has made me an offer but they have only given me a limited breakdown of how it is made up and it seems low to me.

I took out the credit card in April 2003 and the PPI was removed around August 2005 but the credit card has remained live since then.

The breakdown of the offer is as follows:

£970.67 for Premium Refund
£342.30 for APR
£187.83 for Rebate Refund
£1500.80 Total Repayment

My credit card balance has been over £1000 for the vast majority of the time so I am puzzled by the rebate refund as its called (FOS 8% flat rate simple). Also as my APR on my card is 29.9% APR any PPI would have been on an interest rate far higher than is indicated by the APR refund given the time they have had my money.

Can anyone advise if this offer is correct? I have called Halifax but they have taken my unhappiness as another complaint that will take another 4 weeks before someone will get back to me.

Thanks

Andrew

[Deleted User]

You only had PPI for two years. It's irrelevant whether you had the card (and spent on it) subsequently to this.
Unless you have evidence to show you paid more PPI during this period accept the offer.

Drumsie

Hi,

Sorry if I was clearer, I am not disputing the premium paid but the interested added.

As they have held this money for 10-8 years I assumed they had to pay interest for this time?

This would be at the rate of my credit card or 8% flat rate simple but compounding these for this time would result in a higher interest payment

Thanks again

Andrew

-taff

Compound interest isn't paid, and asociated interest is only paid if your acount would have been in credit if the PPI were paid towards the debt...

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html#_Redress_for_mis-sold_

Drumsie

Have I not been having interest applied to my balance that would not be there if I did not have the PPI payments for the last 8 years? At the rate of my credit card?
This is the part that is confusing me

[Deleted User]

Drumsie wrote: »

Have I not been having interest applied to my balance that would not be there if I did not have the PPI payments for the last 8 years? At the rate of my credit card?

The redress is defined and you'll get no more unless you have evidence to show that you paid more.
Read the link
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html#_Redress_for_mis-sold_

Drumsie

Hi,

OK thanks for your help

Andrew

-taff

The redress should take the interest applied due to the PPI into account when they offered you the redress [which the link explains]