Halifax claim successful but no compensation - what next?

Shocked_pants

I had a CC with Halifax in the late 90's, had unwanted PPI on it but used it in 2002 when redundant to pay off the existing balance of the CC over the course of the 12 months.

I made a PPI claim to Halifax and they wrote back to say that they were upholding my complaint but that they were compensating me £0 :rotfl:

The exact wording of the letter is:

"I've upheld your PPI mis-selling complaint. I'm sorry for any upset or inconvenience this has caused you.

There is no redress payment due. I appreciate this will come as a disappoint to you but I've take steps to check you're in the position that you would have been had you not taken out PPI I've considered all the PPI premiums you've paid including interest, applied additional compensatory interest and where relevant I've taken account of any successful claims on the policy or any previous partial refund of your PPI premiums.

I've explained my decision in full in Appendix A. A more detailed breakdown of how I calculated my offer can be found in Appendix B.

Appendix A: When I uphold a complaint about the sale of a PPI policy the redress is designed to put you back in the position you would have been had you not take out the PPI policy. This includes a full refund of any profit share or commission you may have paid."

There is no Appendix B, probably because the redress value was shown as £0.00

My question is this - regardless of whether I used the policy, surely the fact they've admitted guilt means that I should be compensated for any PPI payments made? The cover I received during my redundancy period would presumably have come from a 3rd party (since the Plevin ruling highlighted the high commission levels etc) so Halifax can't withhold compensation against money they didn't actually pay out?

Should I complain further and if so, to who? Given it's from the early 2000s I'm guessing that Plevin doesn't come into it, but I've had 3 "successful" PPI claims already (claim declined but Plevin payment sent instead, running total £12k - I spent the 90's and 00's getting myself into a lot of CC debt and thankfully I've been clean 10 years) and I'm pretty sure at least 1 of those predated the 2008 earliest Plevin deadline thing.

[Deleted User]

Shocked_pants wrote: »

regardless of whether I used the policy, surely the fact they've admitted guilt means that I should be compensated for any PPI payments made?

If you used the policy (regardless of it being mis-sold) then you have benefitted already from it. The bank is allowed to deduct the amount you've already received from the redress amount. If the former amount is more than the latter then you, of course, receive nothing.

As to "guilt", there is no such admission.

The Bank have very likely upheld your complaint simply because there is no payment due to you.

Plevin does not apply either

Sorry.

dunstonh

I made a PPI claim to Halifax and they wrote back to say that they were upholding my complaint but that they were compensating me £0

That is very often the case when you have claimed on the policy.

My question is this - regardless of whether I used the policy, surely the fact they've admitted guilt means that I should be compensated for any PPI payments made?

There is no compensation with PPI. A successful complaint gets the premiums paid refunded minus any payout for claims during the term. There interest added to that figure which I suppose you may call compensation but as interest on zero is zero, you got the right outcome.

The cover I received during my redundancy period would presumably have come from a 3rd party (since the Plevin ruling highlighted the high commission levels etc) so Halifax can't withhold compensation against money they didn't actually pay out?

Profitshare means Halifax suffered the gains and the losses on the policy.

Should I complain further and if so, to who?

Your complaint succeeded and you are being given the correct amount in accordance with FCA rules. BTW, nil payouts are nearly always classed as upheld rather than rejections. It helps the stats and can avoid the FOS fee as you would be considered as making a frivolous complaint if you referred it to the FOS.

custardy

Shocked_pants wrote: »

I had a CC with Halifax in the late 90's, had unwanted PPI on it but used it in 2002 when redundant to pay off the existing balance of the CC over the course of the 12 months.

So,did you offer to pay those 'unwanted' payments back to get your compensation?

Shocked_pants

Moneyineptitude & dunstonh - thanks for the response, that clears it all up

custardy - thanks for the unhelpful response, a reminder why I don't go on forums any more! I've turned off 'notifications' for this thread so I won't see your snarky response, but thanks for it anyway.

Nasqueron

Take out PPI, claim on it then say you didn't want it and want a refund then complain when they don't pay you anything after already paying you once for the cover? Gordon Gekko has nothing on you.

societys_child

These threads just get better . .

custardy

Shocked_pants wrote: »

Moneyineptitude & dunstonh - thanks for the response, that clears it all up

custardy - thanks for the unhelpful response, a reminder why I don't go on forums any more! I've turned off 'notifications' for this thread so I won't see your snarky response, but thanks for it anyway.

Sorry reality offends you.
Also gutted you wont be visiting forums. did you unwittingly sign up?