Halifax ppi

Pickles28

Hi , I'm new on this site and just need some advice . Had secured loan with halifax since 06 , having been paying 87.00 per month on ppi ,sent a complaint letter just got their final decision letter for 990.00, just can't understand how they have come to this decision. Help :mad:

dunstonh

Halifax did not retail a standalone PPI plan in 2006. They had a multi-segment protection policy "TMPP". This allows them to put different types of insurance into a single policy (very common to this). You could have any combination of life assurance, critical illness cover, MPPI and income protection.

If you complained about the PPI segment then you would only get a refund on the PPI part of the policy. Not the other parts. Halifax tend to roll over easily on PPI and especially so on amounts of that size (£990) as its cheaper to settle than argue. However, they will not roll over on the other segments as they are not PPI and do not suffer PPI issues.

Pickles28

Thanks for your reply, but even though we have been paying every month 87.00 ,for something that at the time we were not told was optional , because that's a grand a year over seven years , so I'm just really shocked and I don't know if I should accept this or dig my heels in and say no

Pickles28

To add to my previous post yes it did include life,accident etc but we did not need this as we already had tmp cover on our morgage

dunstonh

To add to my previous post yes it did include life,accident etc but we did not need this as we already had tmp cover on our morgage

That would have covered the mortgage. Not the further advance. It is normal to have an additional policy covering the further advance.

even though we have been paying every month 87.00 ,for something that at the time we were not told was optional , because that's a grand a year over seven years , so I'm just really shocked and I don't know if I should accept this or dig my heels in and say no

Just because you have not claimed, does not mean its not worthwhile. It is better to be alive and not claimed than be dead and have the policy pay out.

You dont have to accept it. However, if the payout is a goodwill gesture and you refer the case to the FOS, then Halifax may withdraw the offer as its almost certainly only being made to avoid the £850 FOS fee. If you go to the FOS then they will have to pay that fee and firms can withdraw that offer if you do that. So, you could end up with nothing.

It will also be hard to see how you could succeed in saying you didnt know as unlike PPI, the rest of it would be medically underwritten with you completing a health and medical questionnaire at point of sale. An illustration of benefits would have been issued at point of sale and followed up when accepted. You are married, so that indicates life assurance was needed. If it has critical illness, then that would be needed unless you had savings to around 4-5 times your income plus all liabilities. As you were borrowing money, that is unlikely. So, from a suitability point of view, it would appear to meet needs. This is why you see so few complaints to begin with and even fewer being upheld if people do complain on things like life cover and CI.