PPI Reclaiming discussion Part III

masmit

marshallka wrote: »

It is bad but all the legal bits are here...if we left the money in the bank we are taxed on the interest received aren't we...I know I do not have to pay as this was goodwill but even the FOS and co-op think we do...

Here is what i received from the adjudicator today

The payment to Mrs M will be made gross and she will need to declare this to her local Tax Office if she is a tax-payer, which is what we advised her in our letter of 2 December 2008.
With regard to Mrs Ms comments about no tax being due on the payments, I can advise that the offer to refund PPI premiums was made as a gesture of goodwill, however, any payment made in respect of interest is not classed as a goodwill payment and is liable to basic-rate tax. I don't understand Mrs s comment about never seeing anyone being taxed on statutory interest as all interest payments are liable to basic-rate tax."

http://www.hmrc.gov.uk/bulletins/tb72.pdf

Something should be done about it..:mad:

marsha i think there spinning a yarn, after reading the link i dont think it applys to our cases. it sounded commercial.

uptomyeyes1984

Afternoon all,
Heres my update. Got a phonecall today from RBS who deal with the complaints. After loosing all our documents (they were distroyed he said) they have found some bits that thay can now send off to the calculations department and we should hear back from them in 2-3 weeks time with how much they are going to settle up with.
because if they didnt find this info I was going to have to send out the docs I have on the loan as they didnt have a clue how much the ppi was and interest etc... but hey ho were getting somewhere now!

Kelly x :T

marshallka

uptomyeyes1984 wrote: »

Afternoon all,
Heres my update. Got a phonecall today from RBS who deal with the complaints. After loosing all our documents (they were distroyed he said) they have found some bits that thay can now send off to the calculations department and we should hear back from them in 2-3 weeks time with how much they are going to settle up with.
because if they didnt find this info I was going to have to send out the docs I have on the loan as they didnt have a clue how much the ppi was and interest etc... but hey ho were getting somewhere now!

Kelly x :T

Lets hope its sorted soon. Don't send them too much though... is this loan settled with them or not??

As they have lost the agreement etc there was a chance they will write off the loan too.. that is my understanding..


They should keep documents for up to 6 years from when you settle a loan..

masmit

marsha ,
the way i see it is our cases are personal loans, the interest paid is for compensation for not having the money. we are not a business using interest for profit. so i will be ignoring these claims because i dont believe we have anything to declare.

marshallka

masmit wrote: »

marsha ,
the way i see it is our cases are personal loans, the interest paid is for compensation for not having the money. we are not a business using interest for profit. so i will be ignoring these claims because i dont believe we have anything to declare.

No nor do I...... its not right and certainly not fair..:mad:

Gurkhaman_Swaroop

Hi Marsha,

Thanks for your prompt reply and the link, very useful. Yep, sure is good news in time for Christmas, I can now buy my little girl the bike her grandparents were going to buy her, but due to familial circumstances, are now unable to do so (three other grand daughters are coming over from USA, so equal treatment).

I would agree with masmit about nothing to declare, as my bank have clearly stated, "Therefore, for those commercial reasons alone", and with you about it all being wrong and unfair.

I wish everyone the best of luck with their situations and hope that they have a positive outcome soon. Cheers.

di3004

Gurkhaman_Swaroop wrote: »

Hi, Di, Marshallka and all,

Here I am again, this time to share some good news. My bank has agreed to refund my PPI after my second stage letter. Here's what they said: "I'm sorry you remain unhappy following my response of 24 November 2008. I believe I provided a detailed and honest reply to your concerns about the sale of Personal Loan Protection Plan (PLPP) and I am only disappointed that you do not agree.

That said, I confirm we uphold the overall position detailed in my last letter and do not agree the policy was mis-sold. However, first direct is mindful of further management time and irrecoverable costs we may incur, given the current climate, in relation to such claims.

Therefore, for those commercial reasons alone, and without any admission of liability whatsoever, we are prepared to make a payment to you in the sum of £xxxx,xx in full and final settlement of your claim."

Credit where it is due, thanks to first direct for such a speedy resolution of my claim. One thing I fail to understand is why do these big banks make people go through such stress before acting?

The final payment includes 8% Statutory interest of £1,102.49, do I have to pay tax on this amout (Marshallka)? It seems unfair because this has occured through no fault on our part.

Marshallka > good luck with the blood results tomorrow.

Di > I hope and pray for improvement of your situation. Take care all. Got to go on the school run.

Congratulations hunni :T :beer: :j , well done !:D

Thank you for your kind thoughts as well hun I appreciate it so much.:A x

di3004

uptomyeyes1984 wrote: »

Afternoon all,
Heres my update. Got a phonecall today from RBS who deal with the complaints. After loosing all our documents (they were distroyed he said) they have found some bits that thay can now send off to the calculations department and we should hear back from them in 2-3 weeks time with how much they are going to settle up with.
because if they didnt find this info I was going to have to send out the docs I have on the loan as they didnt have a clue how much the ppi was and interest etc... but hey ho were getting somewhere now!

Kelly x :T

Hiya Kelly
Lol, so they found something at last then ?:D :T Good, now things can get moving, good luck.;)

Di
x

di3004

Just checked emails and this from the FOS that were dealing with the case here, but its so confusing as we have only received that one letter from HFC:
And the letter she sent us was dated 12 November, unless she was on about the one about Hamilton too, think that one was dated the 4th, I will have to check. I see she is asking for me to return the copy of the complaint form she sent me, I wonder........:rolleyes:

Dear

Thank you for your emails.

I note that HFC Bank have advised that this complaint is outside of our jurisdiction. However in order to establish whether we can assist you, please return copies of all the correspondence that has exchanged between you and HFC along with the complaint form which was returned to you with my letter of 04 November 2008.

Kind Regards

Miss A
Consumer Consultant
Financial Ombudsman Service

marshallka

di3004 wrote: »

Just checked emails and this from the FOS that were dealing with the case here, but its so confusing as we have only received that one letter from HFC:
And the letter she sent us was dated 12 November, unless she was on about the one about Hamilton too, think that one was dated the 4th, I will have to check. I see she is asking for me to return the copy of the complaint form she sent me, I wonder........:rolleyes:

Dear

Thank you for your emails.

I note that HFC Bank have advised that this complaint is outside of our jurisdiction. However in order to establish whether we can assist you, please return copies of all the correspondence that has exchanged between you and HFC along with the complaint form which was returned to you with my letter of 04 November 2008.

Kind Regards

Miss A
Consumer Consultant

Financial Ombudsman Service

Seems like HFC have done the deciding here. Was it not FOS who told you to write to HFC or did they write for you??