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Halifax PPI – Credit Card
If you have, or have ever had, a credit card from the Halifax you are probably paying PPI (Payment Protection Insurance) and you may be paying quite a lot of it.
Along with most of the banks, the Halifax has mis-sold PPI for years – at least since 1995. The term “mis-sold” can mean anything from misleading you one way or another about PPI to telling outright lies.
In many instances PPI was added on to credit cards without the user being told that it was, or even aware of what it is. PPI is designed to take over credit card payments in circumstances that may befall the cardholder that make it difficult for him or her to keep up monthly repayments such as having an accident and being unable to work, being made redundant and so on.
In these cases the insurance would take over and make the minimum monthly repayment on the card until the problem was over, or for a limited period of time, whichever one was earlier.
At first sight, it seems like a fairly sensible idea. However, the whole point about PPI is that you do not have to have it – it is not obligatory. That said, a lot of Halifax employees would pressure the customer into taking out the PPI when they had to call them the activate their credit card. The staff gave the impression that it WAS obligatory.
In other cases – and possibly worse than the above scenarios – the box to accept PPI was already ticked on the form before you started to complete it and you probably never even wondered what it was. So, in essence the Halifax sold you something that you didn’t know you were paying!
Halifax PPI Credit Cards was also sold to all anyone and everyone irrespective of whether they would qualify or not. For instance, if you were self-employed you could not be made redundant so you wouldn’t be able to claim on it if you closed your business because that is a choice you took, not one that was forced upon you by an employer. If you had an illness when you signed up for the card and that illness worsened and forced you to take time off work you couldn’t claim for that either.
Let’s have a look at the costs. The fees for a Halifax PPI credit card worked out at only 70p for every £100 outstanding on the card. You might think that it is not a lot, and indeed it doesn’t sound much.
However, if you had an average balance of £2,000 on your credit card that works out at £14 every month. It still doesn’t sound a lot in relation to £2,000, but over five years that is £840 that you have paid for nothing! Do you see why the Halifax loves to sell you PPI?
That is money that the Halifax rightfully owes you, together with interest on top. The interest works out a 8% per annum on each payment from the date of the charge, which also doesn’t sound a lot, but if you add that to the £840 in the above example it totals over £1,100. Of course, if you had a larger average balance it can be considerably more. If you only paid the minimum amount every month it would mean that your average balance was higher than it might have been, which is why the Halifax (and, indeed, all the banks) love people who only ever pay the minimum. If your average balance was £5,000, the Halifax owes you over £2,500.
Would you like it back?
At Halifax PPI Claims we have a great track record at getting back the money owed to our clients by the Halifax.
Before you ask – yes you CAN approach the Halifax yourself and try to get your money. However, as you might imagine, they are not all that keen to pay you back and will use any excuse they can, including simply ignoring your correspondence and pretending that they never got it.
However, we are completely familiar with all their tricks and we don’t give up easily. We have a success rate of 94% on behalf of our clients and will usually get your money in less than 8 weeks. Please note that if, for some strange reason, we are unsuccessful we won’t charge you a penny, but when we do recover your money our fee is just 18% of the amount we recover, which is less than any other PPI recovery company in the UK.
The process is really simple: we don’t need any paperwork, or even your account number. Just complete the contact us form, or complete the simple form below and we’ll allocate you a dedicated claims manager to look after your case. Or to fast track your PPI by 2 weeks complete the full online claim form now.
In just a few short weeks you could be receiving a very nice cheque in the mail.[contact-form-7 404 "Not Found"]