PPI Reclaiming discussion Part III

marshallka

maxdp wrote: »

Hi am not sure about this cause have not been keeping an eye and whether anybody has replied before. Marshallka is our expert on here and am sure she will understand your figures. Can I ask when you paid the reduced amount could you have claimed on your PPI Insurance for this. Have you ever claimed on your PPI during the times of the Loans?

This looks like unfair rebate to me instead of just reclaiming PPI.

As I say am sure Marshallka will have a look so keep an eye on here and she will get back to you.;)

Maxdp, I cannot sort these out without all the details of how much the PPI was how much against the PPI in the interest rebate etc... and also how much PPI rebate was received. They are not straight forward as I found out. I wish Tiggrae would come back on and tell me how she gets double what I got on mine... . I have backed the co-op figures with just the loan etc and they are right so would be really keen to ask tiggrae how she gets her amounts back for her clients..

mar1e

marshallka wrote: »

Maxdp, I cannot sort these out without all the details of how much the PPI was how much against the PPI in the interest rebate etc... and also how much PPI rebate was received. They are not straight forward as I found out. I wish Tiggrae would come back on and tell me how she gets double what I got on mine... . I have backed the co-op figures with just the loan etc and they are right so would be really keen to ask tiggrae how she gets her amounts back for her clients..

Hi Marshallka
Sorry for the confusion Max was replying to a post I put up earlier. I put all the figures up that I got today from 1st plus.

Marie

marshallka

mrssloan wrote: »

Hi Marshallka
Sorry for the confusion Max was replying to a post I put up earlier. I put all the figures up that I got today from 1st plus.

Marie

Hiya Maie, i wouldn't like to have to guess at this one as I have one myself with them and tiggrae who used to come on here (she did claims for a living ) did mine for me and Di's for her and they are both soooo wrong. I will try and take a look later but don't hold out much hope of getting it right as I always used tiggraes method.

maxdp

marshallka wrote: »

Maxdp, I cannot sort these out without all the details of how much the PPI was how much against the PPI in the interest rebate etc... and also how much PPI rebate was received. They are not straight forward as I found out. I wish Tiggrae would come back on and tell me how she gets double what I got on mine... . I have backed the co-op figures with just the loan etc and they are right so would be really keen to ask tiggrae how she gets her amounts back for her clients..

Quite agree different people claim different things.

Was not sure that posts had not been on here before that I had missed.

On the tax thing can you get your husband to sign over the refund to you so that you can use that against your income allowables. Cause if yours is not used up then if they insist etc then surely it can be passed through to you. Do you see what I mean

Rollercoaster

Can anyone advise please? I sent an email to Future Mortgages a week or so ago and have received a letter from them today saying that we took the loan/second mortgage out via a broker and to contact them regarding PPI. What's the procedure now?

maxdp

mrssloan wrote: »

Hi Marshallka
Sorry for the confusion Max was replying to a post I put up earlier. I put all the figures up that I got today from 1st plus.

Marie

Sorry Mrssloan That was me confusing stuff. I do apologise:D

marshallka

maxdp wrote: »

Marshallka

Have not heard about Tax on stat interest before. With my unmentionables which include interest and stat I was told that it would not be included in my income and that if there was problems with Bankruptcy etc they would hold the money in an account as it was not counted as income. By saying this it would mean that it was not included in my assetsSo am confused as to why this is being stated. If you get money back for injury compensation etc would you pay tax on this if there was interest etc. Do not know if this is the same but is confusing. Perhaps what we need to be doing is claiming 8% plus 20% of total to cover Tax:rolleyes:

Have a read here from this
http://www.hmrc.gov.uk/bulletins/tb72.pdf

We understand however that payers may offer compensation
based on one of a number of formulas approved by the
Financial Ombudsman Service and similar bodies, according
to the circumstances of the claim. While detailed approaches
may vary, we understand that the broad aim is to put
investors back in the position they would have been in had
they not bought, or put money into, the product. One way of
doing this is to refund the premiums (or other amounts) paid
by the investor together with an additional amount to
compensate for the time he or she did not have use of the
money.

Where this approach is adopted, we consider there can be
little doubt that the additional payment is interest. The
hallmarks of interest discussed above are present. It is
calculated by reference to a sum of money which the investor
is entitled to be repaid, and compensates him or her for
being deprived of the use of that money.

Where other methods are used, the tax treatment of any
enhancement element will depend on whether the
characteristics of interest are present. There is further
guidance on the meaning of interest in the Inland Revenue’s
Inspectors’ Manual (IM1500 to IM1507) which is available on
our website. Where a payment fits the description of interest,
it will normally be paid net of income tax by the company
paying the compensation. However, whether or not tax is
deducted, the interest is still taxable and should be included
on the recipient’s Self-Assessment (SA) Return. A recipient
who does not normally receive an SA Return should tell his

or her tax office about any untaxed interest.

Ex-gratia or voluntary payment: It is sometimes suggested
that an interest addition is not taxable because it, or the
compensation on which it is calculated, is paid “ex-gratia” or
voluntarily. We accept that a truly voluntary payment cannot
be interest, even if described as such, because the essential
feature of an entitlement to it is absent. In practice, however,
we consider it will be extremely rare for any payment arising
from claims that a financial product has been mis-sold to be
truly voluntary, since the redress is given in consideration of

the complainant giving up a right of action.

marshallka

Rollercoaster wrote: »

Can anyone advise please? I sent an email to Future Mortgages a week or so ago and have received a letter from them today saying that we took the loan/second mortgage out via a broker and to contact them regarding PPI. What's the procedure now?

You need to contact the broker now.

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

marshallka

maxdp wrote: »

Quite agree different people claim different things.

Was not sure that posts had not been on here before that I had missed.

On the tax thing can you get your husband to sign over the refund to you so that you can use that against your income allowables. Cause if yours is not used up then if they insist etc then surely it can be passed through to you. Do you see what I mean

Mine was purely a goodwill payment and this is what HMRC say about ex gratia or goodwill payments

Ex-gratia or voluntary payment: It is sometimes suggested
that an interest addition is not taxable because it, or the
compensation on which it is calculated, is paid “ex-gratia” or
voluntarily. We accept that a truly voluntary payment cannot
be interest, even if described as such, because the essential
feature of an entitlement to it is absent. In practice, however,
we consider it will be extremely rare for any payment arising
from claims that a financial product has been mis-sold to be
truly voluntary, since the redress is given in consideration of

the complainant giving up a right of action.

maxdp

marshallka wrote: »

Have a read here from this
http://www.hmrc.gov.uk/bulletins/tb72.pdf

We understand however that payers may offer compensation
based on one of a number of formulas approved by the
Financial Ombudsman Service and similar bodies, according
to the circumstances of the claim. While detailed approaches
may vary, we understand that the broad aim is to put
investors back in the position they would have been in had
they not bought, or put money into, the product. One way of
doing this is to refund the premiums (or other amounts) paid
by the investor together with an additional amount to
compensate for the time he or she did not have use of the
money.

Where this approach is adopted, we consider there can be
little doubt that the additional payment is interest. The
hallmarks of interest discussed above are present. It is
calculated by reference to a sum of money which the investor
is entitled to be repaid, and compensates him or her for
being deprived of the use of that money.

Where other methods are used, the tax treatment of any
enhancement element will depend on whether the
characteristics of interest are present. There is further
guidance on the meaning of interest in the Inland Revenue’s
Inspectors’ Manual (IM1500 to IM1507) which is available on
our website. Where a payment fits the description of interest,
it will normally be paid net of income tax by the company
paying the compensation. However, whether or not tax is
deducted, the interest is still taxable and should be included
on the recipient’s Self-Assessment (SA) Return. A recipient
who does not normally receive an SA Return should tell his

or her tax office about any untaxed interest.

Ex-gratia or voluntary payment

: It is sometimes suggested
that an interest addition is not taxable because it, or the
compensation on which it is calculated, is paid “ex-gratia” or
voluntarily. We accept that a truly voluntary payment cannot
be interest, even if described as such, because the essential
feature of an entitlement to it is absent. In practice, however,
we consider it will be extremely rare for any payment arising
from claims that a financial product has been mis-sold to be
truly voluntary, since the redress is given in consideration of

the complainant giving up a right of action.

So you should be OK but you can still ask them to pay it to you if your husband signs it over surely? Then you would not be liable because you have not earnt enough. I am just thinking to cover you in the future just in case they then look into things and think differently.

Because I am sure the banks will be passing all info over to the tax office.