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Have just begun (finally after not getting round to it) to make the first steps in trying to reclaim on my mis-sold PPI policy/policies I took out when I mortgaged with the Halifax and then later took out a secured loan with them.
I suppose the kick start for me has been the recent revelation that Halifax are paying back policy payments monies without much of a struggle if it cannot be shown that the policy was sold correctly instead of vice versa.
I do genuinely believe that my policies were mis-sold and am not just jumping on the bandwagon, as will become evident in my letter which will winging its way to them today.
Thank you to Pkea for the basis of the letter and to Ame for cutting out my repetition and ramble on the first draft. Also thanks to Nattie and his HBOS contact for the information about the PPI reclaiming process for HBOS.
My initial letter reads as follows:-
Halifax
Customer Relations
PO Box 548
Leeds
LS1 1WU
Re: Mortgage and Loan Personal Protection Insurance.
Dear Sirs,
I have recently been made aware that the Personal Protection Insurance that was applied to both my mortgage account and subsequent loan account may have been misrepresented to me prior to purchase.
Checks on my credit report state that these agreements were started in April of 1997 for my mortgage and August of 2002 for my Second mortgage (secured loan) both of which were repaid early in or around July 2003 when I remortgaged with GMAC Residential Funding.
Upon reading the terms and conditions which applied to the protection policies I am now of the belief that I was mis-sold these policies due to the following reasons;
This leads me to believe that these policies were not sold to me in my best interests and more due to the pressure of sales targets and commissions.
I therefore request from you;
Should you be unable to respond satisfactorily to my queries, I request a full refund of all premiums paid, interest paid on such premiums, any element of early redemptions fees affected by these policies and other charges thereon. I would also request an element of compensatory interest be added, to return me to the position had the policies not been taken out.
If I do not receive a satisfactory response within 14 days I intend to issue a further letter notifying you of my intention to recover these payments within the Wakefield County Court.
I will also be contacting the Financial Ombudsman and Financial Services Authority to further investigate my complaint.
Yours faithfully
Billy Bad Back Dicky Ticker
I suppose the kick start for me has been the recent revelation that Halifax are paying back policy payments monies without much of a struggle if it cannot be shown that the policy was sold correctly instead of vice versa.
I do genuinely believe that my policies were mis-sold and am not just jumping on the bandwagon, as will become evident in my letter which will winging its way to them today.
Thank you to Pkea for the basis of the letter and to Ame for cutting out my repetition and ramble on the first draft. Also thanks to Nattie and his HBOS contact for the information about the PPI reclaiming process for HBOS.
My initial letter reads as follows:-
23rd November 2008
Customer Relations
PO Box 548
Leeds
LS1 1WU
Re: Mortgage and Loan Personal Protection Insurance.
Dear Sirs,
I have recently been made aware that the Personal Protection Insurance that was applied to both my mortgage account and subsequent loan account may have been misrepresented to me prior to purchase.
Checks on my credit report state that these agreements were started in April of 1997 for my mortgage and August of 2002 for my Second mortgage (secured loan) both of which were repaid early in or around July 2003 when I remortgaged with GMAC Residential Funding.
Upon reading the terms and conditions which applied to the protection policies I am now of the belief that I was mis-sold these policies due to the following reasons;
- During the term of my mortgage and loan with you I was unable to work for two consecutive weeks due to my back problem. When I made enquiries at my local branch I was then informed that as it was both a pre-existing health problem and also less than 30 consecutive days absence I was unable to take advantage of the policies. Pre-existing health issues or minimum time limits were neither questioned nor their implications explained to me by your agent at the point of sale.
- It was stated that the decisions to authorise the release of the funds for the loan and mortgage may be affected if I did not agree to taking out these policies.
This leads me to believe that these policies were not sold to me in my best interests and more due to the pressure of sales targets and commissions.
I therefore request from you;
- confirmation that the policies were a suitable option for me based on my circumstances at the time
- an explanation of your criteria for offering suitable policies
Should you be unable to respond satisfactorily to my queries, I request a full refund of all premiums paid, interest paid on such premiums, any element of early redemptions fees affected by these policies and other charges thereon. I would also request an element of compensatory interest be added, to return me to the position had the policies not been taken out.
If I do not receive a satisfactory response within 14 days I intend to issue a further letter notifying you of my intention to recover these payments within the Wakefield County Court.
I will also be contacting the Financial Ombudsman and Financial Services Authority to further investigate my complaint.
Yours faithfully
Billy Bad Back Dicky Ticker
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