Belmont Thornton Logo

Halifax PPI

As the country’s largest residential mortgage provider Halifax PPI has been widely sold. For many people payment protection is a valuable policy, but it does not always represent good value for money and is not suitable for everyone. The cover has been widely mis-sold and has risen to become the most complained about financial product.

Mortgage PPI, whether it is Halifax PPI or PPI sold by another bank, building society or broker, can be costly. It can cost up to 25% of the base value of the mortgage and attracts interest at the same rate. As a consequence, it is likely to either make your monthly mortgage payments significantly higher or increase your repayment term.

Given the cover is designed to take over repayments if you are unable to work because of accident, sickness or involuntary unemployment many feel the cost is worth the risk of potentially losing their home. An investigation by The Competition Commission in 2008; however, revealed that just 28% of customers who tried to use their mortgage PPI policies were successfully able to do so. This means that more than two-thirds of customers paying for mortgage PPI may be unable to use their cover.

The cause of the high numbers of rejections is unknown, but it is sure to have been partly influenced by widespread mis-selling. If you are unsure whether your Halifax PPI policy may have been mis-sold the list below may help.

Were the full terms and conditions of your mortgage PPI policy explained to you? Your lender should have explained the conditions and exclusions of your policy. For example, most PPI policies do not cover pregnancy or common ailments such as back pain or stress. If you did not receive this information in full your policy may have been mis-sold.

Were you made fully aware of the costs of your mortgage payment protection cover? In order to decide whether the cover was right for you your lender should have made you fully aware of the costs involved.

If you were sold a single-premium PPI policy were you told it may only last for five years? Single-premium PPI policies usually only last for a maximum of five years, if you took out one of these policies and you had a mortgage for a longer period of time you should have been warned you may not be covered for the whole length of your loan. If your lender failed to fully explain your mortgage PPI policy to you, you could be entitled to make a claim.

Were you told you had to have the cover or it would improve your chances of being given the mortgage? These statements are both incorrect. Mortgage PPI is always an optional extra and would not affect your mortgage application.

Were you pressured into taking out cover? Your lender should have explained the cover in full and then given you time to consider whether or not the cover was right for you. If you felt hurried or pressured into taking out the insurance your policy may be considered mis-sold.

To find out more about making a PPI reclaim call 0207 471 2000.


Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Town
County
Post Code 
Email 
Circumstances
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit 16, Elysium Gate, 126 New Kings Road, London, SW6 4LZ and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide