Halifax

[Turboman]

Re: Halifax

Right--looked at stuff you sent me --- what I would say at the outset btw..

Me & Bill have specialized in predicting claims offers or checking Claim Settlement Offers and Claim Statements of Offer

IMHO-Halifax have always been extremely professional and followed whatever guidelines that were established by the FOS initially and latterly by the old FSA.

Soooo--you have sent me some summaries and I have edited them extensively to conceal your exact agreement numbers and actual offers re £££'s offered--however I have left in the items "Other Indirect Losses" & "Excess Balance" so that others following this thread can see how a modern PPI Claim on Consolidated Loans should be calculated

Below are the 2 attachments you sent me -- suitably Edited---please reply if you are comfortable with those here in the thread before I proceed further.--and also please let me know the date when you attempted to actually claim re your broken arm.

[Turboman]

Re: Halifax

Di30/Bill-k

If a loan is actually fully paid off(without reclaiming PPI)--before 5 yrs--am I right in assuming that the PPI Policy still is in operation for 5 yrs

Turbs

[Evolution]

Re: Halifax

You have lost me and do you need more info

[Evolution]

Re: Halifax

the last loan was renegotiated 20/3/2006 so the claim was around that time or just before.

[Turboman]

Re: Halifax

Hmm-20/3/2006---renegoiated--??

Do you want me to-

• check the offers
• or just re-confirm that I believe you were not entitled to a PPI Claim as you did not have a PPI Policy--imo

If the former--I need the CCA's and your Loan Statements ++ the policy PPI T & C's from Loan 2

If the latter--I think we have deduced that the subject is closed and Halifax were correct-imo

the last loan was renegotiated 20/3/2006 so the claim was around that time or just before.

[Evolution]

Re: Halifax

well it was the latter

[Turboman]

Re: Halifax

Fair enough---I think that you were mistaken in thinking Loan 3 was still in operation with PPI yet it was cancelled within a few weeks without any payments made and replaced with loan 4 without PPI

Hope I've helped--as I said--I have no doubts that the actual sums from Halifax will (imho) be correct

Turbs

well it was the latter

[Turboman]

Re: Halifax

Sorry folks--withdraw the question-lol

Got confused--over the 5 yr PPI policy only lasting for the first 5 yrs of a loan
.

Di30/Bill-k

If a loan is actually fully paid off(without reclaiming PPI)--before 5 yrs--am I right in assuming that the PPI Policy still is in operation for 5 yrs

Turbs

[Bill-K]

Re: Halifax

Turbo - it is indeed encouraging to see the matter of 'consequential losses' being addressed by Halifax in the Loan 2 settlement - and voluntarily, it appears. It's only a tenner in this case, but the principle seems to have been upheld.

Hi Evo. Turbo has asked me to look in here, and I have had a scan through the thread. I think his original query about whether the earlier PPI policies should be considered valid needs looking into.

To the matter in hand, though - the settlement offers for these loans are not in question here - and we are only looking at the question of whether a claim made (following an injury) under whatever PPI policy was in force at that time should have been paid out. It appears that the original PPI policy was purchased and financed by Loan 1, and presumably (this may need checking) afforded cover for a period of 5 years - as is the usual case.

Loan 1 was then consolidated into Loan 2, and the Loan 1 PPI policy was still in force during the course of Loan 2, as it had not been cancelled. A further PPI policy was then set up for Loan 2, so there were then TWO PPI policies in force.

Loan 2 was then consolidated into Loan 3, along with yet another PPI policy in force. By this time, I reckon Evo had got wise to this little scam, and cancelled Loan 3, along with the Loan 3 PPI policy - and re-negotiated this into Loan 4.

Loan 4 was then taken out, which consolidated Loans 1 & 2, and which did NOT have a further PPI policy attached to it. However, the previous TWO PPI policies from Loans 1 and 2 were still in force - because they had NOT been cancelled, and their premiums had been paid 'upfront.'

Thus we appear to have TWO PPI policies in force at the time that Evo suffered their injury, it appears (I don't have a date for this - or I have missed this post). So - whilst Loan 4 was being repaid, Evo suffered an injury which was claimable under one (or both) of the two PPI policies still in force at the time.

However, we have the problem that each PPI policy is calculated to cover ONLY the amount loaned at the time that the policy was taken out. So, each policy only covers the amount loaned out at the time that the policy itself was taken out. But - when we get to Loan 2, there are TWO PPI policies in force - but ONLY one loan. When we get to Loan 4, these policies may still be in force - but the amount covered has changed yet again.

This is new ground for me, I must admit - do we have anyone here with any actuarial skills, Turbo ?

I suspect that we may need to check out the wording of the T&C's pertaining to the PPI policies taken out with Loans 1 & 2 - but I have a feeling that there is some mileage in this.


...or - have I got this completely @$$-about-face ?

[Turboman]

Re: Halifax

duplicate post

[Turboman]

Re: Halifax

Thanks for responding to my PM Bill

I have just consulted various PPI Policies I(we) have collected over the years we have worked on these type of threads.--main points are:

• On loans greater than 5 years--the PPI only covers the first 5 years.
• On loans (say) 2,3,4 years--the PPI policy just covers the term of the loan agreement.
• The PPI cover always ends with the termination of the Loan Agreement.--being early settlement or consolidation
  
• On termination of a loan early--the lender usually refunds part of the PPI upfront sum according to a specified chart(for that Lender) which varies the % refund dependent on how many years have elapsed and relative to the total term.
• This PPI Refund will be apparent from the closing statement.
• Claims for mis-selling are reduced by the above PPI Refund amount if given.

Sooo Bill--sorry--but I disagree with your theory that there was a PPI policy still in operation from loans 1 or 2.

Turbo - it is indeed encouraging to see the matter of 'consequential losses' being addressed by Halifax in the Loan 2 settlement - and voluntarily, it appears. It's only a tenner in this case, but the principle seems to have been upheld.

Hi Evo. Turbo has asked me to look in here, and I have had a scan through the thread. I think his original query about whether the earlier PPI policies should be considered valid needs looking into.

To the matter in hand, though - the settlement offers for these loans are not in question here - and we are only looking at the question of whether a claim made (following an injury) under whatever PPI policy was in force at that time should have been paid out. It appears that the original PPI policy was purchased and financed by Loan 1, and presumably (this may need checking) afforded cover for a period of 5 years - as is the usual case.

Loan 1 was then consolidated into Loan 2, and the Loan 1 PPI policy was still in force during the course of Loan 2, as it had not been cancelled. A further PPI policy was then set up for Loan 2, so there were then TWO PPI policies in force.

Loan 2 was then consolidated into Loan 3, along with yet another PPI policy in force. By this time, I reckon Evo had got wise to this little scam, and cancelled Loan 3, along with the Loan 3 PPI policy - and re-negotiated this into Loan 4.

Loan 4 was then taken out, which consolidated Loans 1 & 2, and which did NOT have a further PPI policy attached to it. However, the previous TWO PPI policies from Loans 1 and 2 were still in force - because they had NOT been cancelled, and their premiums had been paid 'upfront.'

Thus we appear to have TWO PPI policies in force at the time that Evo suffered their injury, it appears (I don't have a date for this - or I have missed this post). So - whilst Loan 4 was being repaid, Evo suffered an injury which was claimable under one (or both) of the two PPI policies still in force at the time.

However, we have the problem that each PPI policy is calculated to cover ONLY the amount loaned at the time that the policy was taken out. So, each policy only covers the amount loaned out at the time that the policy itself was taken out. But - when we get to Loan 2, there are TWO PPI policies in force - but ONLY one loan. When we get to Loan 4, these policies may still be in force - but the amount covered has changed yet again.

This is new ground for me, I must admit - do we have anyone here with any actuarial skills, Turbo ?

I suspect that we may need to check out the wording of the T&C's pertaining to the PPI policies taken out with Loans 1 & 2 - but I have a feeling that there is some mileage in this.


...or - have I got this completely @$$-about-face ?

This statement confuses me--according to the chart (in our inbox) the last loan was renogiated and started on 4/6/2004.

What was EXACT date of your claim btw?

By all means--send us (to Simiantics@gmail.com)

• the Loan Agreements.
• Loan Account Statements.
• PPI Policy T & C's.
• Settlement Letters

if you want me to be 100% sure of my advice--rather than 99%--lol

the last loan was renegotiated 20/3/2006 so the claim was around that time or just before.

[Evolution]

Re: Halifax

The last loan was the one I tried to claim on, I still pay that loan but they altered the terms around my claim time, I now get a statement every month. I think they altered payment time and deferred first payment, till I was back in work.

[Bill-K]

Re: Halifax

Well done for the research, Turbo. Yes of course - as you say - if there was an early settlement PPI rebate, then that would effectively terminate the PPI policy on that loan. The closing (settlement) statement should show this rebate. If such a rebate is NOT clearly shown, however - it would be interesting to find out if the PPI was still considered as having been cancelled, I reckon - and what explanation the lender offers for this.

So - I agree with Turbo that it is most likely that the earlier PPI policies were cancelled upon loan settlement - and the further evidence he has asked for would then confirm this 100%.