Help with PPI offer

HarrysGal

Hi

I was hoping someone could advise me whether the offer I've had from Halifax is fair please?

It relates to ppi on a credit card which I held from 2003 to approx 2005 when I think I paid it off with another loan. I had taken the card out because I wanted to do a balance transfer, and for the time I had the card the balance was around 3500. I have a statement from may 2005 which I sent in with my complaint which confirms this balance.

Anyway the offer has come in at £111. The paperwork just states my balance was 0 at September 2005. I called them and they said I only made two ppi payments in Dec 03 and Jan 04 which amounted to around £57. I have no recollection of ppi being added or having cancelled it, which was the basis of my complaint, alongside the sick pay I get from work (public sector).

So, I'm just wondering whether this sounds like a fair offer?

Thanks in advance

HG

[Deleted User]

If you have no evidence it should be anything else, then it's the only offer.

dunstonh

I have no recollection of ppi being added or having cancelled it, which was the basis of my complaint, alongside the sick pay I get from work (public sector).

It is only charged to the card when you borrow outside of the interest free period. So, you may not have cancelled it. It may just never have been levied for most of the period.

Public sector is irrelevant. They are probably auto-paying out as the amount is so low.

So, I'm just wondering whether this sounds like a fair offer?

its not a case of fair or unfair. its a case of you getting a refund plus interest. no more, no less.

Mersey_2

HarrysGal wrote: »

It relates to ppi on a credit card which I held from 2003 to approx 2005 when I think I paid it off with another loan.

Anyway the offer has come in at £111. The paperwork just states my balance was 0 at September 2005. I called them and they said I only made two ppi payments in Dec 03 and Jan 04 which amounted to around £57. I have no recollection of ppi being added or having cancelled it, which was the basis of my complaint, alongside the sick pay I get from work (public sector).

So, I'm just wondering whether this sounds like a fair offer?

Interest is 8% pa on top of any PPI, so sounds about right ie 13 years' worth of interest on top of the £57.


Did they not provide you with a breakdown as to how it was calculated?


They don't always, but its best practice to (especially if you want to reclaim the tax paid on the interest element).


Just request a breakdown if you want to check it's correct.


At least you know your balance was nil in 2005.


[They usually only get calculations wrong when they say there's no records. Then the FOS usually asks them to base a calculation upon minimum monthly repayments for the entire period]

[Deleted User]

HarrysGal wrote: »

Anyway the offer has come in at £111. The paperwork just states my balance was 0 at September 2005. I called them and they said I only made two ppi payments in Dec 03 and Jan 04 which amounted to around £57.

Do note that you only get a refund of the PPI amount actually paid, so £57 plus 8% simple interest is indeed around £111 over 11 years.

People who receive thousands of pounds in PPI redress have themselves paid thousands of pounds, usually over several years unlike your case in which you paid two small amounts over only two months.

However, if you have documentary evidence (statements) from your own archive that you paid more than is being refunded then you should present this to the Bank.

HarrysGal

Thanks for the replies. I was just unclear on how the calculations were made and the breakdown explains nothing!

Cheers