Have had a MPPI offer

Hev2018

Hi, Newbie here!!
Sorry if this is the wrong place, if so can you point me in the right direction please?

I used The Resolver to write to The Halifax to find out if I had paid PPI, it seems I did - £7,200 worth of PPI on my Mortgage payments, but they have only offered £1,900 as a goodwill payment.

Should I try for more, if I paid over £7k - can I claim it all back?
Thanks for any advice

dunstonh

I used The Resolver to write to The Halifax to find out if I had paid PPI, it seems I did - £7,200 worth of PPI on my Mortgage payments, but they have only offered £1,900 as a goodwill payment.

The Halifax TMPPP is a multi-segment plan. Only one of the segments is PPI. The others are not. e.g. if you had the life assurance segment and the CIC segment (the two most popular) then the bulk fo the premium will be those. You only get a refund of the PPI segment in an upheld complaint or, on a rejected complaint, the plevin calculation against the PPI segment.

Should I try for more, if I paid over £7k - can I claim it all back?

Only if you the policy was 100% MPPI and not life assurance or other segments.

Hev2018

Thanks for your help, they say:
'When we sold you the MPPI, we did not inform you that we would receive a commission and a share of any related products from the insurance company, I've therefore assessed whether the non-disclosure of the level of commission and profit share payable from the MPPI premium created a unfair relationship. I've concluded that the available information indicates that an unfair relationship was not created. This is because, at the time of your sale, the level of commission and profit share was 50% or less.
As you entered into a new mortgage contract on 4 Oct 2011, it became regulates by the FCA's mortgage conduct of business rules. As a result from this date, your mortgage falls out of scope of the consumer credit act and a guidance of non disclosure of commission do not apply'
It mentions that if I've incurred further losses as a result of your MPPI policy we'll add an amount to your offer?
So, It is all MPPI - I believe? I'm a bit confused!

dunstonh

So, It is all MPPI - I believe?

It will be referring to the MPPI segment. Doesnt mean all of the policy is an MPPI though. As I said, Halifax's product was multi-segment.

As you entered into a new mortgage contract on 4 Oct 2011

Plevin is a failure under the consumer credit act amendments in 2006 (effective 2008). Mortgages were not always covered under the CCA and that is why the FCA dates are mentioned. Plevin doesnt apply when the mortgage is under MCOB (FCA) as the FCA have never required a commission discloure.

Your complaint failed. That is why it is being assessed for Plevin. Most MPPI complaints fail. So, that is not unexpected. With Plevin, you only get the excess over 50% (including profitshare) for the period it was under the consumer credit act.

Hev2018

Thanks for your help,