PPI Reclaiming discussion Part III

di3004

marshallka wrote: »

What they are saying is that any interest that you receive in the form of statutory interest is TAXABLE. I have never seen anyone else have this put on their redress... also this is "goodwill". What do I do here???????????????????

I have never heard of that before, this is stupid and never ever seen anything like this disclosed before.
The adjudicator should have a copy and may have some answers here for you hun, but this I have not heard of.......
I am mad for you here........:mad: :mad:

KELLYJSKY

I have copied my original letter to northern rock their final response and copied the PPI Insurance with Pinnacle through Northern Rock and sent it all back to them

di3004

KELLYJSKY wrote: »

whats the address to write to ge capital re SARS?

Right hun, I will try to dig out the details of whom you send them to and get back as soon as.;)

di3004

Kelly found these addresses here, think it may be the top addy, hopefully someone will confirm.;)

GE Capital Statements
6 Agar street
London
WC2N 4HR

GE Money PPI Claims
Mr Rupert Peacock
Customer Relations Manager
GE Money Consumer Lending Ltd
53-61 College Road
Harrow
Middlesex
HA1 1FB

GE CAPITAL BANK LTD
CREDIT DATA MANAGEMENT OFFICER,
CREDIT DATA MANAGEMENT,
PO BOX 700,
LEEDS,
LS99 2BD

di3004

Garnett_F wrote: »

Sorry to butt in...

I'm posting in the slim hope I may have a chance to get some PPI payments back, but I think it's unlikely to be honest.

When I took out a personal loan I agreed to opt for insurance. They told me how much it would cost, and explined I could cancel it at any time.

I thought I'd take it and reconsider later down the line.

Since then, although my job was actually less secure I needed to cut costs and opted to cancel the insurance.

I was told the insurance was "front loaded" so although the cover would end I would still have to go on paying an amount each month to finish paying for the period when the insurance was active (and, as they explained, the risk for them was higher, than say, towards the end of the loan when the balance would be less).

Now I am fortunate to be in a much more secure position but it still riles me that I am paying the bank for an expired insurance policy.

I am fairly certain this front loading was not explained when I took out the loan and insurance and having been paying approx £80 per month while the policy was active, I now still pay approx £30 each month for the expired policy.

I can see the logic behind the bank's reasoning but I feel it was not made clear to me that opting for the insurance would cost me even if I cancelled it. Also I don't know what determines the "loading" - what's to stop them "loading" it even higher?

Sorry if this was a waste of time. Thanks for any help. I tried searching for similar stories but drew a blank so if this has been discussed before links would be fantastic.

Thanks again.

Hiya

Not a problem
Please check out this link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You may still have a chance here, even though they disclosed the info for you, check the above link out as you may find other reasons, just as long as you have never made a claim on this for example: sickness etc, although you stated you have cancelled that doesn't make any difference.

The FSA/FOS take a dim view on these front loaded policies as they are costly where you should have been given the option to have not have taken it or find a cheaper stand alone cover elsewhere.
Did they tell you that?

Just check and its only a cost of a stamp/recorded post.

If you find a reason above in that link then write to them and give it a go, these policies should never have been allowed really, all this will be changing.

There is also a template letter on that link, they have 8 weeks to respond.
Let us know hun and we will help youe very step of the way and if you receive a fob off letter from them keep it going, but just keep us dated in order for us to help you through this.

Good luck;)
Di

KELLYJSKY

Can you tell me what I need to send them? Is there a form I can complete

marshallka

Just found this on Wikipedia and look like its true here so anyone having statutory interest included remember it is taxable..

http://www.consumerwiki.co.uk/index.php/Tax_on_Interest

di3004

KELLYJSKY wrote: »

Can you tell me what I need to send them? Is there a form I can complete

I will post you a template in a min hun, will dig it out for you, so watch this space here.......;)

marshallka

I will put all this against my tax code and then there is nothing due as I don't pay tax now....:mad:

di3004

marshallka wrote: »

Just found this on Wikipedia and look like its true here so anyone having statutory interest included remember it is taxable..

http://www.consumerwiki.co.uk/index.php/Tax_on_Interest

Thanks Marshallka will check it out, wow its all new to me as well....