Reclaim PPI From Halifax
If you have ever had a mortgage, credit card, loan or secured loan through the Halifax brand then, there is a significant chance that you have been mis-sold Payment Protection Insurance.
Halifax merged with Bank of Scotland in 2001 to form HBOS and then the group, due to horrendous financial mismanagement, was forced into a shotgun marriage of convenience with Lloyds in 2008, under Gordon Brown and Alistair Darling's labour government.
Halifax as a brand aggressively sold PPI on all their lending products. Points quite simply meant prizes and branch "sellers," had huge targets to meet as did the counter and admin staff in terms of the leads they were required to feed the "sellers" with on a daily basis. Staff not adopting the sales culture, were put on performance improvement plans as a way to negotiating them out the door. It was brutal.
Not just that, try to refuse PPI on a your borrowing and another manager would be called into the interview to convince you that the cover was essential or, even more sinister, that unless you signed up for the Payment Protection Insurance, you wouldn't get the loan, credit card or mortgage that you wanted. Often, for the likes of local authority workers or NHS staff, these policies were all but useless.
With Halifax personal loans in the early days, insurance was always added to the loan from the outset. The most expensive way to buy PPI. The profit on these policies alone could typically be significantly more than 50%. In later years Halifax moved to a monthly payment option for their Payment Protection Insurance.
As for mortgages, it was all about a product called Total Mortgage Protection or TMP. The more products that you took from their "menu," then supposedly, the bigger the discount you received. The life and critical illness policies were significantly more expensive than a broker offering and in the case of critical illness, generally it was of a much poorer quality too. You could then add in your Accident, Sickness cover or Unemployment cover, sold as separate policies or bundled together as ASU. Commissions were through the roof. It wasn't of case of selling to need - more of selling for points and sheer profit.
Our team at Beat the Banks does things differently when it comes to reclaiming mis-sold PPI on borrowing through the Halifax. First of all we look to recover all your borrowing records, not just the very limited account information that other CMC's work with. This substantial paperwork means any claims that we submit are as accurate as possible. Added to that, all our claims experts are former bank lending managers and our combined team has hundreds of years of banking, insurance and legal experience.
To find out more please call 01382 200474 or for free on 0800 193 1234.
For more information on Halifax, please look at our section on Lloyds Banking Group.
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