Reclaim Mis Sold PPI Against 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.