Halifax PPI Refund

[luketut]

Hi |Everyone!

Just need a little help to see if anyone knows ROUGHLY how much I might get from my payout.
I have been told by the FOS that Halifax are upholding the payment to me for mis-sold ppi.

It's now just a waiting game!

My credit card balance is £11,850 and I have had this card for 11 years.
I have worked out that I have roughly paid about £5500 - £6200 in PPI over those years
The credit card is 28.9% APR

Does anyone roughly know how much I could get back - worse case and best!

Many Thanks
Luke

[Amethyst]

Re: Halifax PPI Refund

Worst case about £3000 ( guestimate on what you might have paid over the past 6 years), best case is better off being a surprise. It's likely you'd get the £3k plus proportion of interest charged on those payments plus 8% on that each year, so possibly bringing it up to £4k. Best case you get all 11 years, plus proportional paid interest, plus 8% each year which might be more like £9k.....best best best case scenario is you get contractual interest added which would take it up massively..... but really without having all your statements and calculating it all it's impossible to say.... just have a nice surprise when it arrives - AND DON't SPEND IT TILL YOU HAVE IT IN THE BANK Have FOS not given you any indication?

Once you have the actual offer and calculations feel free to post up on here with it if you are worried it doesn't follow the rules.

[luketut]

Re: Halifax PPI Refund

Thanks for the reply!
FOS said I should hear back from Halifax within 8 weeks - up to the 4th week now!
Be nice to know roughly how much I be getting
So worse case you say £3000, would this be added to the PPI payments?
Also before I cancelled PPI the last 2 years I was paying £1050 in just PPI (per year)

[Amethyst]

Re: Halifax PPI Refund

I meant £3k overall as a lowest guestimate (ie just what you have paid over the past six years) If your payments were a lot higher this back end then that's likely more, you've £2100 for the last two years so work out what you have paid over the last six years and then you'd probably be quite comfortable taking that as your minimum repayment, but interest paid will be taken into account then 8% pa added on each individual amount. So if you paid £2100 past two year, then say average £600 previous four years you'd get minimum of £4500. As I said its impossible to say with out having all your calcs.

Minimum - everything you have paid over past six years

Maximum - everything you have paid over last 11 years, plus proportional interest paid, plus contractual 28.9% interest
(unlikely to happen tbf and more likely 6 yrs plus proportional interest paid plus 8% pa)

I think I'd be impatient too. xx

[luketut]

Re: Halifax PPI Refund

Just gone through some old statements, last 3 years have paid £3156 in PPI can't find the other 8 years before that!
What is and proportional interest?? is this the interest rate on the card?

[luketut]

Re: Halifax PPI Refund

Hi
Im back !
Just found lots of old statements and have added up all the PPI I have paid
Seems in total of £6840 over 11 years ( the last 6 years is £5090)


So any light on roughly I be getting back. On my 5th week of waiting for payment

many thanks.

[sloane82]

Re: Halifax PPI Refund

Thats good to hear luke get the card down to as little as you can and pay the card off if you can or do a 0% balance transfer so there is no interest also ask for a goodwill gesture to get some money back did you ever have any loans?. Or Overdraft fees at all?.

[luketut]

Re: Halifax PPI Refund

I still don't know how much I be getting back , just need someone to shed some light on it!!!

[Turboman]

Re: Halifax PPI Refund

I still don't know how much I be getting back , just need someone to shed some light on it!!!

All current calculations are based on the published FSA PS10/12 and your case is covered by example 6 on page 155:
http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

Additional FOS explanations here --towards the end for your case:
http://www.financial-ombudsman.org.u...i/redress.html

Generally,many people (including our own di30 ) have successfully claimed back to 11 years--indeed-Barclaycard will even estimate beyond their 6 yr statements info based on the first of the years in that 6 yr period.

The new rules cover the following 3 items of redress:

A) -refund of ppi actual payments made
B) compound interest on the "cumulative PPI balance at end of month"-but CAPPED if that balance would exceed the "actual credit card balance"
C) -8% compensatory interest on ONLY months where the "Notional Credit Card Balance" would have been in credit but for the inclusion of PPI--this 8% is applied to the "Notional Credit Card Balance" in this case

I am currently working on the complex spreadsheets with Bill which supersede those here:
http://www.legalbeagles.info/forums/...lator-programs

If you want to put in the hard graft of entering details from your 11 years of statements--then I will help you to estimate total redress

If so--I will attach a simpler spreadsheet just for you to input the data which I need (about 8 columns)

Let me know what you want to do.

[luketut]

Re: Halifax PPI Refund

Thank you so much for you help!!
If you could send that through that be a great help or I could just let you know how much I have paid for the the 11 years

Once again many thanks!

[Turboman]

Re: Halifax PPI Refund

Thank you so much for you help!!
If you could send that through that be a great help or I could just let you know how much I have paid for the the 11 years

Once again many thanks!

If you want to really know the Compound Interest & the compensatory interest--then you need to give me all the data:

Date of statement
Mthly Outstanding Balance
Mthly PPI Paid
Mthly Penalty Charges
Actual Interest Charged on your statement
APR for that month
Mthly Interest rate quoted within your statement

As you can see--I only work with detail info--up to you

Luketut-Base-Data-2.xls

Just put your first actual date in the YELLOW CELL and it will auto fill--no need for individual actual days in each date to be correct

[sloane82]

Re: Halifax PPI Refund

I dont know you'll just have to wait but I hope for the best ok.

[luketut]

Re: Halifax PPI Refund

All I know is the rough payments (ppi) I have made each year
the monthly interest rate (2.2%) the APR 28.9%, what the balance of card is now £11,700 (PPI was stopped on this card 1 year ago)
Would this not be enough to go on?
In total I worked out the PPI payments for the 11 years approx. to be £6500 the last three years of having the card the PPI was £1020 (2011), £1104 (2012) and £1152 (2013) per year

Once again Many Thanks!

[sloane82]

Re: Halifax PPI Refund

You'll have to wait and hear from Halifax but get the money and clear off your card.