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    • Clement1na
    • By Clement1na 11th Jun 19, 9:48 AM
    • 15Posts
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    Clement1na
    Can anyone help/advise?
    • #1
    • 11th Jun 19, 9:48 AM
    Can anyone help/advise? 11th Jun 19 at 9:48 AM
    I am baffled as to why BOS trading as Halifax have refused both my claims and are supported by the Financial Ombudsman.For over 2 years I have tried to claim a PPI from 1990(I have the paper work) which I did not need or want on a secured loan.I was also sold an inappropriate endowment mortgage for a small mortgage of 6000!Again I have the proof of purchase.
    I was told that I did agree to it(my integrity insulted) as the PPI box was ticked and also I could afford it!.

    Although admitting that the mortgage was in appropriate they would not say what would have been more suitable.
    Any advice from anyone?
Page 1
    • zx81
    • By zx81 11th Jun 19, 9:56 AM
    • 22,909 Posts
    • 25,305 Thanks
    zx81
    • #2
    • 11th Jun 19, 9:56 AM
    • #2
    • 11th Jun 19, 9:56 AM
    You don't need to do anything more, as your complaint has been rejected by both lenders and FOS.

    If you're still baffled by the reasons for rejection, check the letters your received again, as the reasoning will be in there.
    • dunstonh
    • By dunstonh 11th Jun 19, 10:06 AM
    • 98,597 Posts
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    dunstonh
    • #3
    • 11th Jun 19, 10:06 AM
    • #3
    • 11th Jun 19, 10:06 AM
    have tried to claim a PPI from 1990(I have the paper work) which I did not need or want on a secured loan.
    Secured loans are considered higher risk than unsecured debt. So, its considered more important to take out insurance on them. This is because losing your house creates significant lifestyle changing outcomes. Whereas, unscured debt doesnt carry the same level of risk.

    So, you find most PPI, when set up as a monthly premium, covering secured debts get rejected.

    I was told that I did agree to it(my integrity insulted) as the PPI box was ticked and also I could afford it!.
    Evidence shows the box was ticked. What evidence do you have to support your allegations?

    .I was also sold an inappropriate endowment mortgage for a small mortgage of 6000!Again I have the proof of purchase.
    Until the late 90s, banks required a repayment vehicle on interest only mortgages. Back then, you really only had Endowments. The alternatives were niche/specialist. So, if the lender needed an endowment, then you had to have it and you couldnt be missold it.

    It is very difficult for us to comment further as you havent said what the rejection reasons were. You mentioned your complaint reaons but they are weak reasons that you wouldnt expect succeed on (in isolation of other issues).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Clement1na
    • By Clement1na 11th Jun 19, 10:56 AM
    • 15 Posts
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    Clement1na
    • #4
    • 11th Jun 19, 10:56 AM
    • #4
    • 11th Jun 19, 10:56 AM
    My employment was well paid and fairly secure with generous sickness and death benefits at time of PPI and endowment.
    I had a relative (still alive) with me at time of PPI when box was ticked.
    Also small amount of mortgage would have been cheaper with a repayment mortgage rather than an endowment mortgage with unnecessary life insurance. But Halifax only say that the endowment was not appropriate and that is that.
    I have read and re-read letters of refusal. The reasons are neither legal nor logical having checked criteria as laid down by the FCA.

    And why are other PPIs paid out without question and without paper-work?Is it because mine is 29 years old?
    • zx81
    • By zx81 11th Jun 19, 11:00 AM
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    zx81
    • #5
    • 11th Jun 19, 11:00 AM
    • #5
    • 11th Jun 19, 11:00 AM
    Other PPIs aren't paid out without question. They find evidence of mis selling.

    That wasn't the case with yours.
    • Clement1na
    • By Clement1na 11th Jun 19, 11:22 AM
    • 15 Posts
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    Clement1na
    • #6
    • 11th Jun 19, 11:22 AM
    • #6
    • 11th Jun 19, 11:22 AM
    To take one part of your reply ......secured loans are a higher risk. So why did Halifax insist on a secured loan.?So that they could insist on a PPI? I am not following your logic,I was a successful professional in full-time employment and considered a fairly good financial risk at that time.
    • dunstonh
    • By dunstonh 11th Jun 19, 11:30 AM
    • 98,597 Posts
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    dunstonh
    • #7
    • 11th Jun 19, 11:30 AM
    • #7
    • 11th Jun 19, 11:30 AM
    My employment was well paid and fairly secure with generous sickness and death benefits at time of PPI and endowment.
    FOS routinely reject secured borrowing PPI (such as MPPI) even when the sick pay is the maximum 12 months.

    Endowments have no overlap with sick pay.

    I have read and re-read letters of refusal. The reasons are neither legal nor logical having checked criteria as laid down by the FCA.
    The FCA operate guidelines. Not laws. And there is very little laid down by the FCA. Indeed, they tend to keep many things as vague as possible.

    And why are other PPIs paid out without question and without paper-work?Is it because mine is 29 years old?
    Whilst auto-payouts do exist, that was during the peak of the complaining and had a floor limit on value. Statistically, most secured borrowing PPI complaints are rejected.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Clement1na
    • By Clement1na 11th Jun 19, 11:44 AM
    • 15 Posts
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    Clement1na
    • #8
    • 11th Jun 19, 11:44 AM
    • #8
    • 11th Jun 19, 11:44 AM
    Disappointed but not discouraged.
    Other avenues to be explored.I still feel that at the time of my experience when most people did not have the financial knowledge of today, the financial institutions took advantage of this fact and to an extent are still doing so today.
    I would welcome comments from anyone who has had a disappointing experience with BOS or Halifax or any other source , if only to commiserate.
    • Moneyineptitude
    • By Moneyineptitude 11th Jun 19, 11:45 AM
    • 23,998 Posts
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    Moneyineptitude
    • #9
    • 11th Jun 19, 11:45 AM
    • #9
    • 11th Jun 19, 11:45 AM
    Yet another thread about your issue, OP?

    You were given all the same answers to these questions (in some detail) starting November 2018 and then April and now June 2019.

    You need to accept that your complaint failed and that you've already exhausted all the avenues available to you. The Bank have rejected, the FOS adjudicator and an Ombudsman agreed.

    Your complaint had ended when you first posted last year..
    • Clement1na
    • By Clement1na 11th Jun 19, 11:58 AM
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    Clement1na
    You are saying that I need to accept that my complaint has failed and that Ive already exhausted all the avenues available.
    When I did NOT agree to the PPI and when this was witnessed??When Halifax admit that an endowment mortgage was NOT appropriate but have consistantly refused to say what was?

    I hope that you can understand why I am more than disappointed.
    • sourcrates
    • By sourcrates 11th Jun 19, 12:11 PM
    • 17,619 Posts
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    sourcrates
    Would Plevin apply to you ?
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • Clement1na
    • By Clement1na 11th Jun 19, 12:21 PM
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    Clement1na
    Dont think so.
    To be honest .I think my claim was unsuccessful because I was a bit later than most in applying,by which time I seriously think that the funds were running very dry.Several billion pounds had been paid out by then.

    I also cannot understand why the FOS are not supporting my claim.
    I spent 30 years in managing debt and helping people to avoid debt and I feel that I know when I am being given the run-around.
    • zx81
    • By zx81 11th Jun 19, 12:28 PM
    • 22,909 Posts
    • 25,305 Thanks
    zx81
    To be honest .I think my claim was unsuccessful because I was a bit later than most in applying,by which time I seriously think that the funds were running very dry.Several billion pounds had been paid out by then.
    Originally posted by Clement1na
    That's not how it works.
    • BoGoF
    • By BoGoF 11th Jun 19, 1:59 PM
    • 4,676 Posts
    • 4,316 Thanks
    BoGoF
    So what other avenues are you going to explore other than post the same thing here every so often?
    • kingstreet
    • By kingstreet 11th Jun 19, 3:19 PM
    • 35,271 Posts
    • 19,257 Thanks
    kingstreet
    In 1990 Halifax was still a building society and had nothing to do with BOS. It only became part of "HBOS" in 2001 after it de-mutualised in 1997.

    May have no bearing, but in the interests of historical accuracy...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • Clement1na
    • By Clement1na 11th Jun 19, 5:44 PM
    • 15 Posts
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    Clement1na
    My loan with the PPI was taken out personally in a branch of Halifax in 1990 as was my mortgage and both have Halifax printed on the documents .
    • Moneyineptitude
    • By Moneyineptitude 11th Jun 19, 9:15 PM
    • 23,998 Posts
    • 13,397 Thanks
    Moneyineptitude
    Would Plevin apply to you ?
    Originally posted by sourcrates
    Unless the finance was still in place in 2008 (extremely unlikely on a loan taken out three decades before) Plevin certainly does not apply.
    I think my claim was unsuccessful because I was a bit later than most in applying,by which time I seriously think that the funds were running very dry.
    by Clement1na
    I can tell you very frankly that the Banks have not run out of money to pay out PPI complaints.They continue to pay out huge amounts to successful complainants even now, 10 weeks before the last complaint is allowed.
    My loan with the PPI was taken out personally in a branch of Halifax in 1990 as was my mortgage and both have Halifax printed on the documents .
    by Clement1na
    None of which has matters one jot; Halifax have already long since rejected your complaint as has the Ombudsman. While this may continue to be disappointing there really is nothing more you can do unless you want to take the bank to court. If you go down this latter route, it's very likely to be as disappointing as your last two years trying continually to make a successful complaint.

    Face it, the end of your PPI journey was over some time back, so it's fruitless going over the same ground every few months here.
    • Takmon
    • By Takmon 12th Jun 19, 9:42 AM
    • 674 Posts
    • 662 Thanks
    Takmon
    You are saying that I need to accept that my complaint has failed and that Ive already exhausted all the avenues available.
    When I did NOT agree to the PPI and when this was witnessed??When Halifax admit that an endowment mortgage was NOT appropriate but have consistantly refused to say what was?

    I hope that you can understand why I am more than disappointed.
    Originally posted by Clement1na
    So in 1990 you took out a loan and they added PPI you didn't agree too and didn't want and was clearly stated on the paperwork. Yet instead of making a complaint at the time you decide to do it 29 years later can't you see how ridiculous that is?
    • Clement1na
    • By Clement1na 12th Jun 19, 10:46 AM
    • 15 Posts
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    Clement1na
    Thanks for your empathy.However you may be aware that it wasnt until recently that Martin Lewis made us aware that the banking industry were employing unfair methods and that we could now act to claim back any funds which were taken without just cause. Hence the 29 years.
    • Clement1na
    • By Clement1na 12th Jun 19, 10:50 AM
    • 15 Posts
    • 0 Thanks
    Clement1na
    Reply
    Thanks for your views.
    Personally I worked very hard to earn my salary.I do donate to several charities.
    Halifax plc is not one of them.However you should feel free to do so if you want.
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