Unexpected Halifax inviting me to make a PPI claim for commission......

edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
2 replies 3.1K views
stugallstugall Forumite
70 Posts
Photogenic
Hello guys and girls

Well, unexpectedly had a letter from the Halifax saying I could make a new type of complaint as "you could now receive some money back if we took a high level of commission on your PPI policy but did not tell you this when you bought it..."

I did have a credit card with the Halifax some time ago, with a credit limit I think of circa £3K but cancelled it after about 4 years, so I am wondering is it worth pursuing it or are the sums paltry?

Anyone had a similar letter of feel it is worth pursuing?

Cheers
Stu

Replies

  • dunstonhdunstonh Forumite
    106.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    I did have a credit card with the Halifax some time ago, with a credit limit I think of circa £3K but cancelled it after about 4 years, so I am wondering is it worth pursuing it or are the sums paltry?

    The sum is likely to be paltry. It is possible that the response will be zero. However, they are inviting you to raise it and its costs you no more than a stamp.

    most credit card PPI is expected to be in the 35% to 65% commission range. They only have to refund the excess above 50%. e.g. if the commission rate was 49%, then you get nothing. if it was 52%, then you get 2% of the premium paid refunded, plus interest.

    Lots of these letters are going out because they have to send them.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
This discussion has been closed.
Latest MSE News and Guides

Energy price cap could be extended beyond 2023

New plans have just been announced by the Government

MSE News

Cheap contents insurance for tenants

DON'T assume your landlord covers you

MSE Guides

Summer sizzlers round-up

Incl £2ish sun cream & £1.50 disposable BBQs

MSE Deals