PPI Reclaiming discussion Part III

woodybuzz

Right - eyes down!

Loan of £15,000 taken out in June 05.
1 pyt of £230.31 + 83 of £231.03 - APR 7.9% - total charge for credit £4405.80
Total amount payable = £19405.80

Bloody PPI Premium £4232.40
1 pyt of £65.82 +83 of £65.14 - APR 7.9% total charge for credit £1242.44
Total amount payable = £5472.44

43 payments have been made to date.

Refund offered is £2801.70 + "taxable" interest of £392.95 = £3194.65

Big Question is how much is left to pay over the remaining 41 pyts at 7.9%??

All help & guidance appreciated!

di3004

woodybuzz wrote: »

Right - eyes down!

Loan of £15,000 taken out in June 05.
1 pyt of £230.31 + 83 of £231.03 - APR 7.9% - total charge for credit £4405.80
Total amount payable = £19405.80

Bloody PPI Premium £4232.40
1 pyt of £65.82 +83 of £65.14 - APR 7.9% total charge for credit £1242.44
Total amount payable = £5472.44

43 payments have been made to date.

Refund offered is £2801.70 + "taxable" interest of £392.95 = £3194.65

Big Question is how much is left to pay over the remaining 41 pyts at 7.9%??

All help & guidance appreciated!

Thank you for adding this hun

Sorry I am not the one for calculations here, but I am sure this will be checked for you soon.;)


Di

JintyMiginty

Looking for some advice on how to tackle this. I moved an existing 18000K loan which had no PPI to First Plus in July; the loan is secured against my house. They mentioned PPI at the time on the phone so I said I would take a look. When the loan came through the PPI was an extra 4500K added onto the 18000K I was borrowing :eek: . I phoned & said I didn’t want the PPI but the girl on the phone sweet talked me it to taking it by saying I had nothing to loose as it was all refunded at the end of the 5 year term . So I ended up taking the PPI without looking to much into it, silly me.
I am now in the process of a remortage for a house extension & First Direct who my new mortgage is going to be with say I cannot have any other loans secured to my house with another lender so I have to move the loan in with my new mortgage. I now find that it is costing 20500K to pay the loan off :mad: . Now looking at the policy in detail I discover that even if I had made the payments for 5 years that I would only get back around 3000K & not the full amount as I was led to believe when I phoned to cancel. I would be getting my payments back but not the interest as I now understand it. I reccon I was misled on the phone when she used the term nothing to loose as in my mind it was not going to cost me anything & this was the reason I didn’t cancel the PPI. Is this reasonable grounds for claiming, getting the PPI cancelled so I am not penalized so badly when paying off the loan .
My new mortgage will be finalized around the start of the year so I will have to pay off the first plus loan then. Sorry to be so long winded. Any help would be greatly appreciated.

marshallka

maxdp wrote: »

Marshallka

Were you earning then. You probably would not have to pay tax on this if you were not.

Its if I am earning now that counts. You pay tax on statutory interest in the tax year it was paid so this tax year but number one I am not a tax payer at the moment (although my nubby works full time and is and this is in joint names!!) and number two I read on the CAG forum that anyone receiving statutory interest has to pay tax on it but if it was a GOODWILL payment then you do not. Mine was a goodwill payment.

Beware, it looks like the banks may be fighting back here...:eek:

marshallka

di3004 wrote: »

Marshallka like what Maxdp said, if you were not actually earning yourself, surely you should not have to pay it, of course unless you were earning then....maybe...

It doesn't matter if I was working or not in "then". It states on HMRC that its the year in which the interest is paid that matters.

I am so annoyed at this and need to find the correct legalisation for this as I do not want a tax bill landing with our names on it in a couple of years when the banks give the lists of peeps to the inland revenue. I have to find it where "GOODWILL" payments you do not have to pay on..

This is off CAG



Re: Important Information Regarding Tax On Interest
An important good news update to the above.

We are continuing to research this issue and we have identified a further important point.

Where a payment is received in settlement of a claim that is specifically stated to be a "goodwill gesture" (ex gratia) as opposed to an out of court settlement we have been advised that none of this payment is taxable nor need it be declared to the Inland Revenue.

marshallka

This is from the Ombudsman Site

http://www.financial-ombudsman.org.uk/publications/guidance/comp_tax.htm

mac666_2

hi again, you may remember i was claiming back the ppi on 3 loans. 2 old loans have been sorted out :T but i rang them today about the other. i was told they may have lost the letter :eek:. i was asked to resend the letter. i know they got the letter as it was sent recorded mail.;). this is the letter i'm agoing to sent, what do you guys think?




"Dear Sir or Madam,

I am sending this letter in reference to a phone call to one of your team today.
I posted you the attached letter about ppi on the above loan recorded mail,
Having rang the post office I was told you received it before 9:42 am on the 21/10/2008. I understand from your team the letter may have been lost as I have not received a reply. I was expecting a reply on or before the 16/12/2008 and I would hope this could still be possible.
I look forward to a full and prompt response to this letter and for the matter to be concluded before 16/12/2008 or I shall be contacting the Financial Ombudsman to investigate my complaint."

marshallka

woodybuzz wrote: »

Right - eyes down!

Loan of £15,000 taken out in June 05.
1 pyt of £230.31 + 83 of £231.03 - APR 7.9% - total charge for credit £4405.80
Total amount payable = £19405.80

Bloody PPI Premium £4232.40
1 pyt of £65.82 +83 of £65.14 - APR 7.9% total charge for credit £1242.44
Total amount payable = £5472.44

43 payments have been made to date.

Refund offered is £2801.70 + "taxable" interest of £392.95 = £3194.65

Big Question is how much is left to pay over the remaining 41 pyts at 7.9%??

All help & guidance appreciated!

I am glad then its not just me here with the "taxable interest".:mad: :mad:

I think its something new they are now doing and also if anyone has had any already do you think the tax bills will start rolling in...:mad:

marshallka

mac666 wrote: »

hi again, you may remember i was claiming back the ppi on 3 loans. 2 old loans have been sorted out :T but i rang them today about the other. i was told they may have lost the letter :eek:. i was asked to resend the letter. i know they got the letter as it was sent recorded mail.;). this is the letter i'm agoing to sent, what do you guys think?




"Dear Sir or Madam,

I am sending this letter in reference to a phone call to one of your team today.
I posted you the attached letter about ppi on the above loan recorded mail,
Having rang the post office I was told you received it before 9:42 am on the 21/10/2008. I understand from your team the letter may have been lost as I have not received a reply. I was expecting a reply on or before the 16/12/2008 and I would hope this could still be possible.
I look forward to a full and prompt response to this letter and for the matter to be concluded before 16/12/2008 or I shall be contacting the Financial Ombudsman to investigate my complaint."

Sounds good.. Do you still have the receipt and proof of postage too. Perhaps enclose a copy to them..;)

marshallka

JintyMiginty wrote: »

Looking for some advice on how to tackle this. I moved an existing 18000K loan which had no PPI to First Plus in July; the loan is secured against my house. They mentioned PPI at the time on the phone so I said I would take a look. When the loan came through the PPI was an extra 4500K added onto the 18000K I was borrowing :eek: . I phoned & said I didn’t want the PPI but the girl on the phone sweet talked me it to taking it by saying I had nothing to loose as it was all refunded at the end of the 5 year term . So I ended up taking the PPI without looking to much into it, silly me.
I am now in the process of a remortage for a house extension & First Direct who my new mortgage is going to be with say I cannot have any other loans secured to my house with another lender so I have to move the loan in with my new mortgage. I now find that it is costing 20500K to pay the loan off :mad: . Now looking at the policy in detail I discover that even if I had made the payments for 5 years that I would only get back around 3000K & not the full amount as I was led to believe when I phoned to cancel. I would be getting my payments back but not the interest as I now understand it. I reccon I was misled on the phone when she used the term nothing to loose as in my mind it was not going to cost me anything & this was the reason I didn’t cancel the PPI. Is this reasonable grounds for claiming, getting the PPI cancelled so I am not penalized so badly when paying off the loan .
My new mortgage will be finalized around the start of the year so I will have to pay off the first plus loan then. Sorry to be so long winded. Any help would be greatly appreciated.

Yeah, sounds like Firstplus all over. Just to double check here, you did not use a broker at all for this did you???


Just take a look at the link here and see what you can add and delete from the template letter. Its always best to do your own from this. There are lots of reason on there for the misselling so pick out the ones that are applicable to yours.

You then write to the firm that actually made the sale of the PPI to you if this is different from the lender and don't forget to send this recorded delivery so you always a proof and dates etc.

After that you have to give them 8 weeks for a full and final response. In this time it is usual to get a response of "sorry we sold this to you fairly" but you then respond to this and reiterate your complaint again. The next time they write they either give you a final response which you would need in order to take this complaint to the FOS or offer to settle.

http://www.moneysavingexpert.com/rec...urance#reclaim


Good luck