Helping my dad with 2009 Halifax loan

[Ftgab19]

Hi all again,

 

Thought I would make a new thread for this loan so not to confuse my other PPI thread for my dad.

 

I'll be using this for the covering letter:

 

Dear Sir/Madam,

 

We are writing in relation to payment protection insurance (PPI) policy, associated with the above account, which we do not believe was sold to us correctly or fairly.

 

We believe you have not treated us fairly for the following reasons:

 

· The overall cost, this being associated interest, was not explained, nor mentioned at all

 

· We were not told how to go about cancelling our policy

 

· We already had cover in place that could have protected our repayments but wasn’t asked about this

 

Unless you can provide proof that the policy was appropriate for our circumstances and that we were treated fairly when you sold us the insurance, we will expect a full refund of all premiums, the interest that we have incurred as a result of having the PPI cover and 8% simple interest until settled.

 

We have attached a PPI questionnaire for the loan, evidence of PPI policy and a PPI redress calculation that’s under the Financial Ombudsman Service rules.

 

Under the FCA guidelines, Halifax has 8 weeks to resolve our complaint. We trust that you will deal with our case within this period. If not, we will refer the matter to the Financial Services Ombudsman.

 

We look forward to your prompt response to this letter.

 

I haven't found the credit agreement yet but will be looking through my dads paperwork tomorrow.

 

Halifax didn't include anything for the 2009 loan in the SAR we sent them.

 

Should I request Halifax to send a copy or should I send a CCA request for it?

 

I've found a loan offer that said the loan was for £6,467 with a additional borrowing fee of £99 and a £50 deeds despatch fee

 

The monthly cost was £121.07

 

So I calculated 121.07/5715 x 100 =2.11%

 

So am I right in saying the monthly repayments is 2.11% of £121.07 which is £2.55?

 

Thanks

Andrew

[dx100uk]

so the PPI was 121.07 PCM?

[Ftgab19]

Hi dx,

 

The loan cost £121.07 a month

[dx100uk]

well then that calc is wrong then!

 

 

its the PPI divided by the total cost of the loan is it not to get the PPIPCM% figure

[Ftgab19]

Sorry dx,

 

I found the cal's hard last time, so how do I work out the PPI then so I can workout the monthly figure

 

Thanks

Andrew

[dx100uk]

you have the correct calc

you've just used the wrong figure

 

 

as said above

and in link 1 below

 

 

total cost of PPI / total cost of loan * 100 = PPI%

[Ftgab19]

How do I workout total cost of PPI?

 

All i've got at the min is the offer for the loan. I'll upload it so you can see.

 

Only thing I can think of that would be the total cost of PPI would be the £487 added on the the loan amount.

 

Thanks

Andrew

[dx100uk]

you cant work anything out if you don't know how much PPI was added to the mortgage at the start

 

 

dx

[Ftgab19]

Then what paperwork would I need to find that out? if the £487 isn't the PPI then why have they added it to the loan what else could that be?

 

Andrew

[Ftgab19]

Is there not a template for telling a bank they haven't given everything asked for on the SAR? because they didn't give us anything on the 2009 loan.

 

Andrew

[dx100uk]

for a £6k loan id guess that is the PPI .

 

 

so go do the calc.

 

 

467/6566*100=xx%

 

 

so XX% of anything paid on XX date was for PPI

 

 

statint sheet

 

 

dx

[Ftgab19]

Ok thanks dx,

 

I've done 467/6566 x 100 = 7.11 so I'll get the spreadsheet done and post it up.

 

Andrew