Halifax PPI Claims
Have you taken out finance with Halifax?
If you have taken out a loan, mortgage or credit card with Halifax it’s likely you were sold payment protection insurance (PPI) alongside it.
Sold properly, PPI is a good product because it ensures consumers can continue to make payments on their finance agreements if ever they come out of work through accident, sickness or unemployment. But it was often mis-sold to people who didn’t want it, didn’t need it or couldn’t have made a claim on it because of an exclusion clause within the policy.
The Halifax merged with Bank Of Scotland in 2001 to form HBOS and the new organisation itself was taken over in January 2009 to become part of the Lloyds Banking Group, making the group the biggest banking enterprise in the UK. The group was bailed out by the government at the start of the financial crisis and is now 39% owned by the British taxpayer.
As part of Lloyds Banking Group (LBG), HBOS has set aside the largest amount of money to pay out successful claims for mis-sold payment protection insurance – a staggering £7.3 billion.
The mis-selling of PPI has become the biggest financial scandal ever to hit the UK with millions of policies being mis-sold by all the major banks. The industry has already paid out over for successful PPI claims and there is a further £7 billion already ear-marked to pay out future successes.
No-one knows what the final cost of the scandal will be, but some industry experts have put it as high as £25 billion.
LBG was fined £4.3 million by the UK’s financial regulator in February 2013 for delaying refunds to 140,000 successful clients with almost 9,000 having to wait for more than six months to receive their money.
The group is also the subject of an investigation by the FCA for the way it has been handling PPI claims. It follows an undercover investigation by The Times newspaper which found staff at a London call centre were encouraged to delay and reject PPI claims in the hope that consumers would drop them and to ignore the possibility that some documents may have been forged by LBG sales staff.
Was your Halifax PPI mis-sold?
If you’re not sure whether or not your Halifax PPI policy was mis-sold, consider these questions:
- Did Halifax imply that the policy was compulsory? PPI is always optional.
- Were you told that taking out the policy would help your finance application be accepted?
- Were you asked about your employment status?
- Were you warned that a pre-existing medical condition could mean the policy would not pay out?
- Were you asked if you already had cover in place which would ensure your payments were met?
- Were you even aware that PPI had been added to your agreement?
Claiming back PPI
Claiming back your PPI through Gladstone Brookes couldn’t be simpler. Either complete the PPI claim form on this website or call us on 08000 149 014 and one of our friendly, knowledgeable staff will be happy to discuss the issues with you.
If you make a successful claim then Halifax must pay you back all the premiums you paid, plus interest plus a further 8%.
Gladstone Brookes has an 87%‡ success rate on the claims we make on behalf of our clients and we have already recovered more than £362m from claims against all the major banks.
Making a claim
Once a letter of claim is issued to Halifax, the bank must acknowledge it as soon as possible and then have 8-16 weeks from the date of that acknowledgement in which to give you a final decision.
If your Halifax PPI claim is a success the compensation will be paid direct to you and Gladstone Brookes will then invoice you for our fees which are 25% or any financial benefit received + VAT.
Of course, your claim might also be rejected, but if that happens Gladstone Brookes will assess the terms of the rejection and advise you whether or not an appeal to the Financial Ombudsman Service (FOS) to overturn the decision might succeed.
It’s all part of the same no win no fee† service. Our specialist team will carefully examine the rejection letter and, if they feel there is the chance they can get the decision overturned, they will write a bespoke appeal for submission to FOS. The annual success rate for appeals to FOS, according to the Financial Ombudsman Service website, is currently running at 75%.