Thanks for the super-quick response

Understand the HMRC directive, but not at all happy that Hx get to decide when they pay HMRC and then gain the benefit in the meantime. Meanwhile, I'm left pondering if I'm due a fight with HMRC....

After them trying every possible trick to wriggle out of their obligation to do so

and then unnecessarily wasting both my time and the time and efforts of FOS,

after a fully 2 years, Halifax Bank have finally conceded (after being instructed by FOS to do so)

and made me a settlement offer for miss-selling me PPI more than 15 years ago.

If nothing else, this paragraph, should simply say, be patient and stick at it

On reading the settlement offer letter, I was surprised to that the bank have

unilaterally decided to make a deduction from the amount due to me for “taxation due, at the standard rate”

Whilst the total compensation amount offered is within a few pounds of what I have calculated,

I had not considered that the bank would deduct 25% of the interest element.

Whilst I knew that I would possibly have a tax liability on the interest element of this compensation,

my immediate reaction to this was that my Tax affairs are between me and HMRC

and any liability due (to HMRC) is mine to sort out direct, at the end of the Tax Year.

I called Halifax to question why they had made this decision.

The response given was that this kind of deduction is

“standard practice and in accordance with FSA guidelines”

Can anyone advise on this please?

I completely disagree with the stance taken,

this bank has no knowledge of my tax code,

my Tax number,

my payment relationship with HMRC,

or liabilities I have (if any),

so any errors in calculation and or payment will be practically impossible for me to recover downstream.

Whilst the bank said they would write to me confirm the deduction made,

providing a copy of their notification to HMRC,

I do not trust them to either do so, or get it right in a timescale that is consistent with any liabilities I have to HMRC.

I also do not trust them to immediately pay the ”amount due”,

giving them the opportunity to take the benefit from any interest due, rather than me.

This is a bank that has

1. already miss-sold me PPI,
   
2. denied any wrong doing when I complained,
   
3. lied to me by ignoring their own industry code of conduct in rejecting my complaint and then,
   
4. further tried to deceive FOS when they got involved
   

so why should I trust Halifax to correctly pay the Government on time, on my behalf.

If (when?) they get it wrong, who will be left holding the baby?

How can I stop these crooks doing this? I’d phone FOS,

but suspect that will not want to get involved as it's not in their remit,

so is there a standard letter template demanding them to pay me the amount due in full?

TIA

Have you made any progress with this?

Despite the recommendation of IMS to chase this after 2 weeks, I did not do so until last week. I called them last week, essentially to ask when I can expect a response to my rejection (of their rejection) and to remind them that I am expecting an answer. I was told that my case had only recently been passed on for a more detailed review. Not bad being as they had then had my letter for 7 weeks..... Ultimately, I'm in no rush to close this quickly, so I'm reasonably comfortable that they are (supposedly) looking at it again

Just to pick up where I left off with this

Finally got round to reading the FSA Handbook and the Appendix, loads of useful stuff in there, so thanks for the tip

Basically I've gone back to Halifax, saying that my understanding is that they

· Should not rely solely on the detail within the policy’s terms and conditions. Which they are

· Should not reject my claim based on the fact that I signed documentation. Which they are

· Should not reject my claim because I failed to exercise a right to cancel. Which they are

· Should not give more weight to general evidence of selling practices at that time. Which they are

Sent this off today (registered of course). Don't know where it will get me, but I'm trying to get my ducks in a row for taking this to FOS

Are Halifax under any obligation to respond to my follow up letter within a given period of time?

TIA

T

Another question

In the rejection letter, from Halifax, they state:

It should be noted that prior to 2005 the sale of PPI was not regulated by the Financial Services Authority. However we are members of The Association of British Insurers which expects its members to conduct business with the utmost faith and integrity.

Given that I’m pursuing a claim that relates to a PL taken out on 1999, does this have any real relevance or is it just smokescreen?

Thanks for this, I'll try and get my head round all the points in the Appendix

I have read other threads on here about the relevance of the 30 day rule, which based on my limited knowledge is difficult to argue against. What is the recommendation to counter this point?

This weekend I’ve received a letter from Halifax rejecting a PPI miss-selling claim and I’d appreciate any guidance that can be offered over possible next steps

Background to my claim is as follows

• Personal Loan taken out 12/13 years ago. I know PPI had been applied
  
• A SAR to Halifax returned the original agreement only, with no other data/information
  
• Submitted the claim, using the FOS Questionnaire and the CAG Single premium PPI spreadsheet
  

My claim essentially stated that (at the time of the sale)

• Benefits & exclusions were not fully explained
  
• Not told it was optional
  
• Not told it could be cancelled
  
• Not told I could have sought cover elsewhere
  
• Not asked about my health or employer benefits
  
• Led to believe that PPI would enhance a successful loan application and was pressured to take out the policy to meet sales targets
  

The reasons for rejection basically falls into a number of categories

• Benefits and exclusions were defined in a policy booklet sent to me at the time of the application
  
• I had 30 days to cancel and the agreement and policy booklet defined all of the costs
  
• Sales techniques used at the time meant that I wasn’t pressured
  
• No alternative products were available at that time
  
• Identification of particular needs would only have been taken where it was practical to do so
  
• Halifax are satisfied that there was no miss-selling
  

Finally the letter advises I have the option to submit additional information, or otherwise I can take the complaint to FOS

Given all of the above, it appears to me that Halifax are not rejecting the claim based on any hard evidence, but more over “what would have happened at that time”, therefore my interpretation of this is that it becomes a dispute over my word against theirs and therefore it will difficult to force a change in this viewpoint.

Is there any guidance that can be offered about where I can go with this, or am I at the end of the road? I’ve got initial views, but would welcome any alternative views before I make any further decisions on this

TIA

Got the SAR back from Santander today (41st day after my letter)

A one pager with no enclosures, basically saying "relationship finished more than 6 years ago, we do not retain documentation, deleted in line with our retention policy" blah, blah, blah.

No comments about certificates of destruction Etc, but they did return my cheque (which was nice....)

The SAR related to a loan taken out in 2004, that had PPI. I know this because I still have the original loan agreement, but as it was paid off after less than 12 months (from windfall income) I was fishing for info so that I can construct the Single Payment PPI Spreadsheet.

Any advice on next steps?

From the Loan Agreement, I know the start date and the PPI monthly premium, but have no idea about the end date, or if the settlement figure included full payment of the PPI premium or not and more importantly, when the loan was actually settled.

My thoughts are just make the claim as if the loan was fulfilled and let them argue the toss (which should be very interesting if they have no data)

Any views/experiences?

TIA

TZ

Hi,

I SAR'd Santander on the 17th April, looking for data for a (2005 Personal Loan account with PPI) claim, yet to be made. SAR sent registered post.

30 days (ish) later, the cheque has not been cashed, which says to me that they have their fingers in their ears, saying "la la la"

Any advice on next steps?

Call them, reminding them of the 40 days? Is there a recommended number to call?

Thanx

TZ

I SAR'd MBNA on 6th Jan.

Despite them banking my cheque, I've not heard a peep out of them since....

40 days is up tomorrow (15th).

Allowing for a couple days for postage, if I get nothing by the weekend I'm gonna hit them with the "failed" template 3 from the CAG library, but before I do this, has anyone else got any experiences or help they'd like to share on MBNA's performance in responding to SARs? ..... or the BS excuses?

Thanks

T

Thanks for the response. Sometimes it's always good to have second opinion to clarify what the actual objective is

Yes, we do have all the stuff about what the initial loan was, how much was PPI, what was paid and when Etc

FOS Questionnaire under construction now....

.......... forwarded the email on to a Vice President in charge of Customer Relations, PPI, Accounts, etc. etc.

 

Sorry to gatecrash the thread, but have you got an e-mail address for the VP mentioned?

I SAR'd MBNA on the 6th Jan and haven't heard a dicky-bird since. Not even an acknowledgement. Unsurprisingly, they've banked my cheque through.

I'd like to give them a nudge to "remind" them about the 40 day obligation

Can you help?

I need some help in understanding the information that was returned following an SAR issued on HBOS. This relates to a loan that my wife took out in ‘06 that had 42% of the capital sum applied as PPI.

Specifically, what am I looking for?

In summary the useful info I have got is

Original signed contract (showing “insurance” being applied to the loan amount)

Other papers provided at time of contract

Payments made and dates Etc

The not so useful info I have got

A paper (appears to have been issued with the contract, for signature) that states that based on needs have been assessed and we recommend insurance. Precise text below

Information not provided or "missing"

Transcript from the point of sale (via telephone) - there is no mention of this in the stuff that came back from HBOS

My wife maintains that at time of application, she was she was led to believe that the likelihood of a successful loan application would increase if PPI was taken out. She has no recollection of being told that it was optional and that she could obtain cover elsewhere and she's convinced she was not questioned over her health etc, yet the following appears to show that she’s been asked specific questions

One of the papers returned by the SAR (in the contract pack) states:

Need

Mrs XXXXXXX you have confirmed that you are working and have applied for a loan. You require the peace of mind that your monthly loan repayment would be covered should your income stop unexpectedly.

Our Recommendation and The Reasons For Making Them

We are advising and making a recommendation to you after we have assessed your needs based on the information provided to us, the product recommended is suitable because it will cover you should your income stop unexpectedly.

We recommend that you consider our Creditcare Gold, as you have advised that you do not have existing cover that you wish to use, that would protect your new commitment to us. You have advised that you have taken into account the cost of the insurance, which will be added to your new monthly loan payment on completion of your loan.

Given all that, the (signed) contract we have clearly show that the “Creditcare Gold” box has not been checked/ticked

These two points are in conflict. Any hints or tips about this?

Or this just poor-management by HBOS, that we can use to our advantage?

Thanks for the info guys.

I think I'll just whistle up HMRC as soon as this tax year is over and get it sorted

It looks like I now need to reel-in my wife's ambitions about blowing the lot on shoes....

Thanx for the guidance

I'm a higher rate tax payer so, based on my figures and these comments, I see two scenarios

1) Tax deducted at Source

Total Interest = £3125

20% Tax deducted (at source) = £625

Amount paid to me = £2,500

My Tax liability (another 20%) = £625

2) Gross amount paid to me

Amount paid to me = £2,500

My Tax liability (40%) = £1,000

So, I need to set aside between £625 and £1000, to keep the Revenue happy, at the end of this Tax year

Correct?

As a side issue. how do the Revenue get to know about this? My honesty?

Cheers

I've recently received a £12k payout from MBNA for miss-selling PPI.

Having read this thread and the artcles attached, can anyone advise where I stand with a potential Tax liability?

The breakdown given by MBNA is as follows (rounded figures by me):

PPI Premiums charged since the sale date £3.9k

The amount of interest associated with the PPI premiums £5.7k

Total amount of 8% interest £2.5k

Total amount payable to you £12k

The link to the BBC website mentions tax deducted at source. How do I find this out?

In any event, I intend to ask MBNA to breakdown their calculations and I think that this subject gives me a ligitimate reason to seek this info, but is the tax liability on the "interest associated with the premiums" or the "8% interest" or both?

Thanks

Postie delivered a nice present this morning....

I'm hesitant to say openly who the OC is. If the cheque was in bank and cleared I'd be happy to.

I'll PM you if it's important, but let's just say it's American and heavily promoted 10 to 15 years ago

Edited to add: Sorry, I should have thanked you for the comments. I think that you'll understand that right now I feel as though I will be rumbled as a blagger (I think I'm a little in shock....)

No explanation of figures - just what I've put above. In 10 years, I've paid around £1k less than their total figure. I can't fathom the interest they've added at all, as i don't know the start point or the interest rate applied.

Caggers: I have a confession to make and need some guidance please.

Around a week before Christmas, I read somewhere about miss-selling PPI, so with minimum research, I downloaded the FOS questionnaire, filled it in and shot it off to my Credit Card company (normal post, 36p invested), with absolutely no supporting data. After doing this, I then found this site and after cantering around the threads, realised that I may have been too hasty in firing the questionnaire off and should have followed the process recommended by CAG

To cut to the chase, On Saturday I sent off an SAR (£10, plus £1,23 for registered post)

A total of £11.59 invested so far

In anticipation of hopefully getting around 13 to 15 years of statements, I’ve started building up various spreadsheets from the 10 years of statements that I have retained. “FOSRunning” appears to be the one I should use for claiming from the OC

I got an acknowledgement letter about my claim on Saturday, saying 4 weeks to investigate, but maybe up to 8 weeks. Not really concerned by this I thought that the SAR would deliver the results within a timeframe that would allow me to hit them with the real details (assuming of course that the SAR delivered all the statements)

I got home from work today to find a letter from them saying

Thank you for your complaint regarding the Payment Protection Insurance (PPI) on the above account.

Having investigated the complaint, I can inform you that the complaint is being upheld. Accordingly we have calculated the refund as follows

PPI Premiums charged since the sale date £3,xxx

The amount of interest associated with the PPI premiums £5,xxx

Total amount of 8% interest £2,xxx

Total amount payable to you £12,xxx

A cheque will be sent to you within 28 days

Blah, blah about cancellation of the policy

This letter acts as our final response in relation to this matter and you now have the right to refer the complaint to the Financial Ombudsman, within 6 months of the date of this letter

Note that I’ve left the figures blanked, so that I can ask the questions below

As you can appreciate I’m quite pleased about this (where is the smiley for shocked?) but have some questions about which I need guidance

Assuming that the OC issues the cheque in the timescales they’ve stated, subject to advice on here, I intend to bank it. However, the SAR will not return the results for another 6 weeks.

1) With the data I intend tho run the data through the spreadsheet to determine if they’ve calculated correctly.

2) You will see that in the letter, they have not used any words along the lines of “without accepting any liability” which to me means they have admitted liability (implied)

Questions:

Have I made a mistake in claiming with absolutely no supporting data?

Have I just been lucky?

Is there anything to be read into a quick response?

If I ask for their breakfown, is there a risk of the OC rescinding the offer?

I’ve read elsewhere differing stories about the swiftness of OC issuing cheques. Should I just now wait and see what happens? (this is why I’m hesitant to define the figures above)

If I think they are light in what they have paid me, what options are open to me? Back to OC for a follow-up claim? Or straight to the FOS?

If they’ve implied acceptance of liability, is there any risk of the calculated figure being overturned (by anyone) if I go back for an adjusted figure?

I know I should be pleased with this, but I’d just like to know if I’ve future options

Thanks

So, as I understand things,

Assuming my claim is upheld:-

The Original Creditor will calculate any compensation due to me in accordance with the FOS, guidelines. If I want to get an indication of the figure to be calculated, I can replicate this by completely re-building the account by using the “FOSRunning PPI” Spreadsheet

Then the “CISheetV101” spreadsheet is used for sizing the claim for going to court

In my simple logic, this means that although the CISheetV101 is easy(ish) to construct, it is likely to be a little misleading if used for the first claim to be made to the Creditor and/or I want to simply recover what I have paid.

Correct?

Sorry to keep repeatedly asking simple questions, but I just want to understand how the process is likely work so that I can at least make an informed decision in both calculating the PPI claim due to me and then assessing if any potential offer is realistic and calculated correctly

Thanks

I’m pulling together an SOC for a claim associated with a credit card and in doing so I’ve used the CAG spreadsheet ref “CISheet v101.xls” to make a claim on the Credito

Firstly, this spreadsheet does not appear to include the 8% statutory Interest, so I need clarify

Should the 8% be applied to Compound Interest claims associated with Credit Cards, where PPI has been charged? In other words, can I claim this 8%?

Is this (8%) simple interest or compound?

In either case the base date (for the 8%)is the premium paid out at the time. Correct?

If applicable, how do I adjust the sheet to pick up the 8%?

Thanks in advance

Thanx DX

It's made a huge difference to the claim value

I'm putting together a SOC, for a claim to made on MBNA and I'm using a spreadsheet that I've downloaded from CAG

From my 10 years of statements, I've noticed that my Contractual Interest Rate has been changed by the lender 3 times (probably as a result of my declining credit rating at that time)

Strangely it never reduced as my credit rating improved, but that's another story......

Anyway, the Sheet I'm using only has the option to insert one interest rate, which is basically fine as I can create one sheet for each rate

In completing this, I've realised that I could be missing something, by not carrying forward the balance from one interest rate to the next

I want to make the claim as big as possible to increase the size of a potential offer (I'm assuming that if I ask for 10 and I'll get offered 7 Etc), so I want to try and makle the most of this change in interest rate

Is there any recommendations about what or how I can calculate using mutiple interest rates?

Or should I just use the an average over the period? Or the highest?

Thanks

a very good customer questionaire

which we recommend along with your SOC is this one:

it will prompt youanswer most of your questions as you fill it in

 

you hit the OC with both.

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

 

dx

Sorry, still getting to grips with the acronyms on here. "OC" means?