Halifax ppi offer

[Pickles28]

Hi just had an offer from halifax to settle a ppi claim on a loan, we have been paying 87.00 per month since 06 ,and they have offered way less, i was told by someone on another site that this is only for the ppi part not the cover for life etc which is all included in this monthly payment , which untill recently due to an update they sent telling us this did I put this claim in , so I am so confused do I keep the check or dig my heels in and say this is no where near the amount we have paid out on an insurance we did not over 7,000 grand HELP

[di30]

Re: Halifax ppi offer

Hi and welcome

As long as you never made a successful claim for example for unemployment or sickness at any time, then they should refund you all premiums of ppi you have paid, plus the relevant interest on top to settlement date and 8% int of what a court would award as standard to a loan ppi reclaim refund.

If any successful claim has been made, they will reduce the amount they paid on the claim and you get the remainder, but otherwise you should be entitled to every monthly payment of ppi you have paid inc interest x

Can you post up the actual letter/calculations they provided to you and attach them on here please, also by deleting the personal details of name/address, account number etc, if your unable to do this can you post up the calculations of how they wrote it? thanks x

[Pickles28]

Re: Halifax ppi offer

Hi the calculations they set are the number of premiums x 300, months the policy was open 89, the total value of monthly premiums paid at the date the policy was cancelled 787.52, total cost of policy 787.52. So plus interest minus tax comes to 990.39 but what I can't get my head round is that we have been pay 87.00 per month for the last 7 years so how can they come up with that figure

[Pickles28]

Re: Halifax ppi offer

To add to my previous post we have never claimed on this insurance , my husband has life cover through his job and private healthcare but he was told that he had to have it and at no time were we told that the ppi was optional . So I have this cheque but I just don't know what to do , I'm so stressed as how we should go forward with this do we accept this , which I feel is so wrong when we have paid out over 7.500 grand for this insurance over the last 7yrs and they come back and offer you a quarter of that you just feel ripped off but are they doing that and by the offer they have made it just dose not make any sense, so what was the 87.00 month actually for then because by their calculations we should of only been paying 8.00 per month to come up with the figure they have offered .

[di30]

Re: Halifax ppi offer

Hi there

I would contact them and ask them on how they came to this figure, request a more detailed breakdown and also question of the amount you were paying each month from start to settlement, as as you know they must apply the interest as well.

They should send you a detailed breakdown on request, so definately worth double checking on this. x

[Pickles28]

Re: Halifax ppi offer

Thanks so much , that's what my gut feeling was to go back to them

[Pickles28]

Re: Halifax ppi offer

Would a demands and need statement tell you if you have a single premium ppi or not ?

[di30]

Re: Halifax ppi offer

From what I understand "yes" x

[Pickles28]

Re: Halifax ppi offer

Thanks