PPI FAQs discussion thread
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They have to charge VAT yes, this would have been in the terms and conditions you signed up for.
They charge on the full refund you get, regardless of what you actually receive e.g. if money is off set against debts written off0 -
I have just received a payment from lloydstsb . i used a ppi company to pursue the claim.
Now when it comes to paying them. The amount i received is £20 less than what they are taking their 25% and 20% VAT on top.
When i asked them they said its from income tax and also said they had to take the VAT too?
Is this correct. Little bit in the dark.....
The Claims company should bill you 25% plus 20% VAT. That is a total of 30%. This is billed against the full redress amount (capital and interest).
VAT is not income tax. It is VAT. However, part of your redress will include some interest and that could be taxed at 20%.
CMC services are vatable. So, they are correct to charge VAT. it would also have said this on your contract you signed with them.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
If you are a non taxpayer or do not earn enough to pay tax,ask HMRC for a refund of the tax.0
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Hi there. We finished our Iva over 2 yrs ago now. We are starting To build up our credit history again slowly. We got ran sacked into ppi. Honestly thought we wouldn't get a penny back but surprisingly we have. However my husband has just received a check from capitol one. According to Allay Claims who did our ppi they said that Capitol One have kept over £700 of our claim granted as there was areas. Now my understanding is we paid an agreed amount back with all creditors through step charged in an IVA over 5 years. Can Capital one do this?
If not can I get Allay Claims to chase them for the money as their payment otherwise we have to pay them £800 on all that was granted but we are not receiving it all.
Many thanks0 -
Hi there. We finished our Iva over 2 yrs ago now. We are starting To build up our credit history again slowly. We got ran sacked into ppi. Honestly thought we wouldn't get a penny back but surprisingly we have. However my husband has just received a check from capitol one. According to Allay Claims who did our ppi they said that Capitol One have kept over £700 of our claim granted as there was areas. Now my understanding is we paid an agreed amount back with all creditors through step charged in an IVA over 5 years. Can Capital one do this?
If not can I get Allay Claims to chase them for the money as their payment otherwise we have to pay them £800 on all that was granted but we are not receiving it all.
Many thanks
Even if you are in an IVA or similar, if the firm writes off some of your debt then yes they can offset any refund against the money you didn't pay back - you can't surely think you could borrow money, not pay it back and then get more money from them?0 -
Hi there. We finished our Iva over 2 yrs ago now. We are starting To build up our credit history again slowly. We got ran sacked into ppi. Honestly thought we wouldn't get a penny back but surprisingly we have. However my husband has just received a check from capitol one. According to Allay Claims who did our ppi they said that Capitol One have kept over £700 of our claim granted as there was areas. Now my understanding is we paid an agreed amount back with all creditors through step charged in an IVA over 5 years. Can Capital one do this?
If not can I get Allay Claims to chase them for the money as their payment otherwise we have to pay them £800 on all that was granted but we are not receiving it all.
Many thanks
An agreed settlement means that the lender will not come after you for the money in the future. However, PPI redress is allowed to be used against any debt written off as part of the settlement.
That is logical really. You shouldnt expect them to refund something you didnt pay.
The claims company doesnt decide the rules. The regulator does.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Credit card company are going to make me an offer from missold ppi.
Just want to know that their offer when it comes, is a fair one
Had a balance of £10,100 for 9 years minimum from 2000 to 2009 approx. APR was usually between 30 - 40 percent! I was paying £70 to £74 a month ppi. Stopped paying ppi In 2009, but have not yet managed to clear the balance yet, but nearly there!
Can anyone out there please help me to roughly calculate how much I might get back?0 -
Credit card company are going to make me an offer from missold ppi.
Just want to know that their offer when it comes, is a fair one
Had a balance of £10,100 for 9 years minimum from 2000 to 2009 approx. APR was usually between 30 - 40 percent! I was paying £70 to £74 a month ppi. Stopped paying ppi In 2009, but have not yet managed to clear the balance yet, but nearly there!
Can anyone out there please help me to roughly calculate how much I might get back?
The refund method is fixed:
1) Refund of all premiums paid
2) 8% simple interest on the premiums
3) With credit cards, there may be a refund of interest charged on the PPI
So in theory £70 x 12 (+ 8% interest) x 9 and whatever interest refund they offer. If they or you have full records of this period then there will be a full and accurate refund - the first sum is final in that situation. If they wrote off any money as part of a finance agreement then they can offset that debt with the PPI refund.0 -
Many thanks Nasqueron. Getting excited now! Think it may be more than I thought!0
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:beer:The refund method is fixed:
1) Refund of all premiums paid
2) 8% simple interest on the premiums
3) With credit cards, there may be a refund of interest charged on the PPI
So in theory £70 x 12 (+ 8% interest) x 9 and whatever interest refund they offer. If they or you have full records of this period then there will be a full and accurate refund - the first sum is final in that situation. If they wrote off any money as part of a finance agreement then they can offset that debt with the PPI refund.
Ahh- have just remembered periods of reduced interest and one spell of 6 months interest free. Does that count as money being written off?0
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