Halifax ridiculously low ppi offer?

jmb1

Hi need some advice.

Ive had a few successful ppi refunds over £1000 from lloyds and natwest. Recently claimed against halifax for a cc from several years ago, i dont recall in truth what value the debt / interest amount was. they initially declined to offer anything so i went through fos. several months later and some chasing later they came back offering, and have written a cheque for, wait for it... 31p! including all interest and everything. Thats not even worth the price of their postage let alone the time i spent filling in forms / chasing.

It might be this is correct amount, maybe i was owed only pennies, but along with the offer letter it mentions financial 'assumptions' theyve made, so wondering is it possible this is a standard thing they try to get away with, not looking further into what im actually owed - anyone else had such paltry amounts? i cant imagine how even the interest could be so low. Is it worth pursuing and if so via who initially? or do i just cut my 'losses' and not waste any time on it?

dunstonh

Thats not even worth the price of their postage let alone the time i spent filling in forms / chasing.

And to think it cost them over £800 in FOS fees as well. Although its more likely that the FOS have given them an opportunity to settle without incurring the FOS fee and given its just .31p, logic dictates they go with that option.

so wondering is it possible this is a standard thing they try to get away with

No. The refund method is defined. Premiums paid minus any rebate/refund minus any amount paid out on a claim plus interest.

anyone else had such paltry amounts?

Yes. Indeed, some have had zero.

i cant imagine how even the interest could be so low. Is it worth pursuing and if so via who initially? or do i just cut my 'losses' and not waste any time on it?

If you think the figure is wrong then supply Halifax with your proof of how much you paid.

jmb1

given ive got no proof or knowledge it was anything greater i guess i just forget it then....

roonaldo

they often only keep the statements for 6 years so they are refunding the tail end of the PPI premiums on your account which is pence, plus interest of pence equals your 31p refund. unfortunetely the only way to counter this is to provide statements which you dont have. not even FOS are going to change this.