Halifax PPI Claim
For most buying a house is the largest single purchase of their lives and, as a financial safety net, many people opt to take out some form of payment protection cover. The cover can effectively protect a borrower from financial hardship, but it can also be expensive and it has many exemptions meaning it is not suitable for everyone. In 2006 The Financial Services Authority also revealed the cover had been extensively mis-sold.
In the last five years there has been a significant increase in the number of Halifax PPI claims. As the country’s biggest provider of residential mortgages, many of which have been sold with PPI, it is unsurprising Halifax has been caught up in the mis-selling.
Halifax is part of the Lloyds Group which is estimated, including Halifax’s own sales and those of the Bank of Scotland, to have sold between 3.5-4 million policies. Due to the large number of sales and the potentially high number of claims the Lloyds group announced it was allocating £3.2 billion to compensate customers making a Lloyds, Bank of Scotland or Halifax PPI claim. It is thought this figure includes the cost of staffing, compensation and statutory interest for victims of mis-selling. The news of the allocation is seen as a positive step and a victory for consumers and it is hoped lenders, including Lloyds, will now move to resolve the issue of mis-selling quickly and compensate those who have been affected as soon as possible.
It is not known how many customers may be entitled to make a Halifax PPI claim, but if you have the insurance it is worth looking at your closely at your policy documents and thinking carefully about the information you were given at the point of sale.
There are, roughly speaking, two ways in which you may have been mis-sold a payment protection policy. You may either (i) were sold an unsuitable policy (ii) you were given inadequate or inaccurate information regarding the cover.
(i) You were sold an unsuitable policy
The reasons a policy may be unsuitable can be quite varied. You may, for example, have had cover in place elsewhere or you may not have had a job at the time the policy was sold to you (E.g. if you were a student) meaning you had no need for an insurance policy that would cover you for loss of employment.
(ii) You were given inadequate or inaccurate information
Before you purchased your policy you should have been given full information regarding the cover, costs, terms and conditions. If you were not given all this information you not make an informed decision whether or not you wanted or needed the cover. Some customers were also given inaccurate information - for example that purchasing the cover would improve their chance if being given the loan.
To start your PPI reclaim call 0207 471 2000 and speak to a member of our claims team. We work on a No Win No Fee* basis and could resolve your complaint in just eight weeks.
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