Halifax Credit Card PPI reclaim Upheld- but offer lower than expected

[Keebs]

Hello helpful people.

First off a huge thanks to all who have posted here, you have helped this long-time "lurker"

to a successfully upheld claim with the Halifax for my credit card PPI.

 

My card has had a largish balance on it for nearly all of its 15 years and my average PPI payment per month has been £28, with many payments £30-£35.

 

My situation is thus.

 

The SAR came back with ALL statements and payment details going right back to the issuing of the card in June 1999,

so there should be no guessing or averaging on the part of the bank.

 

I painstakingly input all the details into the spreadsheet posted on this forum (The running credit one titled "FosRunningPPI v102.xls") twice!

and got the same settlement figure order of £26K both times.

 

Halifax have now written to me upholding my complaint and made a final response offer of almost £16K.

They are saying that I have 28 days in which to accept the offer, or to call them if I am unhappy with the decision.

 

How accurate is that spreadsheet above in terms of how the account should be reconstructed?

Could there be any other reason for such a discrepancy?

 

I'd would like to contest the amount if it is wrong but don't want to end up like that guy who was offered £22,000 and ended up with £3,500!!

 

Thanks for any help and advice. Much appreciated.

[dx100uk]

you need to ask them for a full breakdown

 

including the calcs/spreadsheet they used.

 

dx

[BankFodder]

Yes, do that in writing and at the same time make it clear that you want to go to the Ombudsman if they don't let you have the breakdown and also revise their offer. Make sure they know that there is trouble ahead if they don't cooperate

[Keebs]

Thanks guys I will do that, just wanted to make sure I hadn't missed something.

 

I've read somewhere on here that if the card was paid off to zero at any point then a new spreadsheet should be started with the new balance, is this true?

My card was almost zeroed for 1 month (59p balance) but then rising to £380, £450, £1300 etc in the following months, would that make a difference or not?

[ims21]

Can you post up your spreadsheet please.

 

Make sure any personal identifiers are removed first.

[Keebs]

Attached (hopefully!)

[ims21]

In principle your spreadsheet looks ok.

 

It would be interesting to compare yours to theirs when you get it.

[Keebs]

Ok I've written to them asking for clarification.

 

Can I just ask anyone who has used this spreadsheet for a calculation, how close was it's result to the final offer from the bank concerned?

[Keebs]

I've now received a cheque for the (lesser) 16K amount.

 

In my letter asking for clarification on how this redress was calculated I stated that any payment made in the interim I would consider a partial payment until such time as I formally accept their offer.

 

My question - should I bank this cheque or not?

If I bank it does it mean that I have accepted their offer or can this actually be regarded as a partial payment during dispute?

 

Thanks for any help.

[dx100uk]

you can bank the cheque

 

the spreadsheet is a guide only

 

but t hey are normally very close

as long as you have done it properly.

[Keebs]

Thanks Dx - much appreciated

[Keebs]

Thanks for all the help so far.

 

I've been sent a copy of the reconstruction and

 

I can see where the reconstructed balance starts to wildly differ from the spreadsheet here. (around August '08)

 

There is also some weird random assumed pre-existing balance and PPI payment on the card from before the card was even issued!!!

 

No idea what that is all about.

 

This is the first line May '99

 

Is anyone clever able to take a look at this for me and see what they've done?

 

What is the "ratio" column?

 

I've (hopefully) attached it here with all personal details removed.

 

Thanks loads for any insight.

[Keebs]

I guess I'll just have to accept what they've sent me as I don't really have the knowledge to check whether they've calculated correctly or not.

 

Thanks anyone who tried.

[BankFodder]

Be careful - read this and listen to the programme

http://www.consumeractiongroup.co.uk/forum/showthread.php?425999-PPI-refunds.-The-banks-have-ripped-us-off-again-BBC-You-amp-Yours%285-Viewing%29-nbsp

[Keebs]

Thanks but if I can't understand the breakdown they sent me (almost certainly a deliberately convoluted and heavily disguised calculation) then I don't know how I can argue with them.

 

If no-one here can understand it then I have no chance!

[dx100uk]

p'haps IMS21 will take a look

[Keebs]

One last hopeful bump

[ims21]

I should be able to get a look at this tonight

[ims21]

Can you please let us know how the offer of £16k is made up?

 

What I am particularly interested in is the amount of contractual interest they have included in their offer.

[ims21]

Incidentally, you asked what the ratio column was for. It is the interest charged as a ratio to the opening balance.

 

Take the first line for example....Balance = £1,616.41 and interest = £28.01.

 

28.01 / 1616.41 = 0.0173

[Keebs]

Firstly, many many thanks for looking at this for me, it is very much appreciated.

 

The PDF I posted above is all the information they sent me when I requested the calculation method.

They are saying that they have reconstructed the account, to put me back into the position I would have been in had I not paid any PPI.

 

You have all the info that I do I'm afraid!

[ims21]

OK thank you.

 

Let me have some time to go through it again.

[Keebs]

Sure, that would be great.

 

Thanks loads.

[Keebs]

Bump..

[ims21]

Hi keebs

 

I should be able to get a look at this tonight