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For Halifax PPI claimants.
PPI---NEW INFORMATION FOR HALIFAX CLAIMANTS
I have been given reliable information from an un-named source at HBOS that Halifax will pay out on all claims prior to 2006.
Halifax will only pay out with concrete evidence though and the evidence is easier if it was relating to a loan made over the phone and the recordings are recoverable.
Around 90% of PPI cases prior to 2005 are being paid out. It is more likely that the percentage is higher if it was sold in branch because it is more difficult to prove the case.
Calls going back to 2003 can be recovered albeit they are more difficult than say 2004 onwards.
Anything prior to 2005 for branch sales is a lot more difficult to defend.
In 2001 Halifax advisors were told that the PPI should be sold as optional, HOWEVER, there is no concrete proof it actually happened.
Where customers did not sign separately for the cover which did occur then the bank cannot defend itself and will pay out on these claims.
There have been cases which from this year they simply cannot defend.
They are paying out with 8% interest.
At one point approximately 60% of cases were going to the FOS and were being overturned.
There is a current average turnaround of 7 weeks from receipt to offer.
Acceptance of an offer usually means payout after 30 days.
A few weeks ago approximately 40% of cases were over 8 weeks. As soon as HBOS got correspondence from the FOS they paid out immediately without checking or investigating.
Currently there are also around 3000 cases awaiting a response.
Halifax Insurance Ireland Limited are causing some of the delays but not coming back for 2 to 3 weeks about how much is owed by HBOS.
Secured loans policy is effectively to quote "Roll Over and Die". Those loans were sold up to 2005 and there is very little paperwork to back up the sales process making them un-defendable.
The Halifax process for dealing with claims is currently as follows:
1) Acknowledge the case
2) Data gathering
3) Decision time
4) Redress (This is the team that deals with refunds)
Once they sign it then as mentioned above, 30 days for the dosh to hit your account.
I have been given reliable information from an un-named source at HBOS that Halifax will pay out on all claims prior to 2006.
Halifax will only pay out with concrete evidence though and the evidence is easier if it was relating to a loan made over the phone and the recordings are recoverable.
Around 90% of PPI cases prior to 2005 are being paid out. It is more likely that the percentage is higher if it was sold in branch because it is more difficult to prove the case.
Calls going back to 2003 can be recovered albeit they are more difficult than say 2004 onwards.
Anything prior to 2005 for branch sales is a lot more difficult to defend.
In 2001 Halifax advisors were told that the PPI should be sold as optional, HOWEVER, there is no concrete proof it actually happened.
Where customers did not sign separately for the cover which did occur then the bank cannot defend itself and will pay out on these claims.
There have been cases which from this year they simply cannot defend.
They are paying out with 8% interest.
At one point approximately 60% of cases were going to the FOS and were being overturned.
There is a current average turnaround of 7 weeks from receipt to offer.
Acceptance of an offer usually means payout after 30 days.
A few weeks ago approximately 40% of cases were over 8 weeks. As soon as HBOS got correspondence from the FOS they paid out immediately without checking or investigating.
Currently there are also around 3000 cases awaiting a response.
Halifax Insurance Ireland Limited are causing some of the delays but not coming back for 2 to 3 weeks about how much is owed by HBOS.
Secured loans policy is effectively to quote "Roll Over and Die". Those loans were sold up to 2005 and there is very little paperwork to back up the sales process making them un-defendable.
The Halifax process for dealing with claims is currently as follows:
1) Acknowledge the case
2) Data gathering
3) Decision time
4) Redress (This is the team that deals with refunds)
Once they sign it then as mentioned above, 30 days for the dosh to hit your account.
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