Have you taken out finance with Halifax?There is a possibility that any loan, mortgage or credit card bought with Halifax came with payment protection insurance (PPI) attached to it. PPI is designed to protect consumers’ payments should they fall out of work because of accident, sickness or unemployment – so seems like a sensible investment. However, there is a history of the protection being mis-sold to people who didn’t want, need or were otherwise ineligible for the product.
MergerIn 2009, the Lloyds Banking Group bought HBOS – a body formed by the merging of Halifax and Bank of Scotland in 2001. The Lloyds Banking Group, now the UK’s largest banking enterprise, is currently 39% owned by the British taxpayer after a bailout from the financial crisis. Lloyds Banking Group initially set aside £8 billion – the largest amount of any bank – for mis-sold PPI claims.
MillionsWith millions of policies being mis-sold by a wide variety of lenders, the PPI scandal has become one of the largest in UK financial history, with over £29.2bn of successfully reclaimed money paid back so far.
FinedIn February 2013, LBG paid £4.3 million in fines for delaying funds to 140,000 successful clients, with almost 9,000 only receiving their money after six months. The group is also subject to an FCA investigation for its PPI claim handling after The Telegraph newspaper discovered staff at the bank’s call centre were deliberately rejecting or delaying claims to deter people trying to reclaim.
Could you have been mis-sold to by Halifax?Some questions to ask if you’re not sure about your Halifax PPI:
- 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 PPIWe offer a Free PPI Check** which aims to identify any PPI your lenders may have sold to you. Should you decide to pursue a claim through us if PPI is found, we will treat your case with the utmost care. Getting started with Gladstone Brookes is simple. Just call us on or fill in the PPI check form on our website. For any claims pursued, we aim to recover 100% of any premiums that you have paid, plus any interest paid on those premiums and where possible a further 8% in statutory interest. We have a success rate of 91%‡ and we have reclaimed more than £1 Billion± for our clients.
Making a claimIf you decide to pursue a PPI Claim through Gladstone Brookes, once we issue a letter of claim to Halifax, they must acknowledge it as soon as possible and then our average timeframe is 8-16 weeks from the date of that acknowledgement to a final decision being made. After a successful claim, Gladstone Brookes will invoice you for our services, which is 20% + VAT° of the total redress offered by your lender. If we are unsuccessful there are no charges whatsoever†.
RejectionIn the event of a rejection, Gladstone Brookes will assess the terms of the rejection and advise on whether or not to appeal to the Financial Ombudsman Service (FOS) to overturn the decision. If we feel there is the chance of the decision being overturned, we will compile the information required to appeal to FOS.
Did Halifax sell you PPI?
To start a PPI check and find out if you were sold PPI, which you could reclaim, simply fill in our online form. Start My PPI Check