PPI Reclaiming discussion Part III

marshallka

maxdp wrote: »

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.

So am I maxdp. I said that to my hubby this morning and there will be lots of people that have already made claims owing lots of tax over. They wanted their share with the endownments misselling etc.

I think its something new with the PPI too that they are coming up with as someone else had the same (taxable) on their redress from somewhere else.

I am going to ask our tax office tomorrow or next week just to be absolutely sure. I will put it against my code though if necessary...but should not be any on goodwill anyway..

marshallka

Declaring compensation?

My wife and I received a sum in compensation for endowment misselling during the last tax year. Do I have to declare this on our tax forms - and will we be liable for tax on it?

Any interest element of the settlement is taxable. The payer should have identified any interest and deducted tax from it. Whether tax is deducted or not, the interest is taxable and should go on your return. Apart from the interest element, the compensation is tax-free

This is from Martins guide to taxation here

http://www.moneysavingexpert.com/protect/tax-questions-answered

pinknico

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?

Who was your broker?

maxdp

marshallka wrote: »

So am I maxdp. I said that to my hubby this morning and there will be lots of people that have already made claims owing lots of tax over. They wanted their share with the endownments misselling etc.

I think its something new with the PPI too that they are coming up with as someone else had the same (taxable) on their redress from somewhere else.

I am going to ask our tax office tomorrow or next week just to be absolutely sure. I will put it against my code though if necessary...but should not be any on goodwill anyway..

Good for you I would double check so that you do not get any surprises. Hmmm wonder how many people may get done for that one. The lenders will be putting all on their tax returns etc so the tax office will be on that case.:rolleyes:

marshallka

maxdp wrote: »

Good for you I would double check so that you do not get any surprises. Hmmm wonder how many people may get done for that one. The lenders will be putting all on their tax returns etc so the tax office will be on that case.:rolleyes:

Realistically can they do that maxdp... they would be mighty long tax returns...:eek:

maxdp

Hi Pinknico

Did the e mail explain things a bit more for you. I know all cases are different but it may give you an idea of how things pan out.

Starbug

Starbug wrote: »

Hi Di,

Yep thats the letter i've got. I am guessing i'd remove most of it though. This is what i currently have, is this ok to send off? I've removed the bits that didnt apply to me.

My Name

My Address

My Post Code

26/11/2008

Welcome Finance
Mere Way
Ruddington Fields Business Park
Ruddington
Nottingham
NG11 6NZ

Dear Sir or Madam,

Account number/Agreement Number: 1514XXX
I purchased the above policy from you in early 2005 but now believe that I was mis-sold this policy for the following;

This is due to the fact that I was not given the correct information when the policy was sold to me, as;

• Your salesperson implied that taking out the policy would assist my credit application.
• Your salesperson was very pushy in selling me the policy so that I felt I could not say no.
• Your salesperson did not tell me that the policy was optional.
• Your salesperson implied that taking out the policy was essential for me to get the associated credit.
• I am concerned the sales assistant that sold me the policy has no financial background and the policy was not sold in my best interests.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

[insert your signature]

[insert your name (printed)]



Thanks for all your replies Di

Me again; this is the letter i sent off, is there something wrong with it?

I received a reply from Welcome a week after sending almost, this is their reply.

Dear Sirs

Your ref: 1234

Thank you for your letter of concerning the above.

We find the letter confusing in that it simply lists a number of statements loosely based on FSA rules without explaining the actual nature of the customers complaint.

If you genuinely believe we failed to deal with all the items listed when we sold the insurance then please confirm this. Otherwise please specify in detail the exact nature of the complaint so that we do not waste anybodys time, particularly the customers.

When we receive this we will retrieve our files and investigate.

Should we not recieve a response from you within 8 weeks then we will close our file.

Yours....


Whats my response now?

Thanks

pinknico

Hi Max, the Email was great thanks. I am hoping my company get the first letter and roll over!!!


Have just sent back contact details and now waiting for solicitor to contact me.

Very excited!

tylerlewis

Received a letter from HFC today reguarding my PPI complaint

Dear Miss P

Further to your recent complaint.

I write to advise that at the present time we have been unable to resolve the issues raised to your satisfaction.

I hope that your complaint can be resolved soon and will contact you again shortly.


Complaint Investigator
Central Complaints


Its been 5 weeks since 1st letter sent. Do I wait for another letter or do I send 2nd letter now???

di3004

marshallka wrote: »

Di, its about the endeavour insurance isn't it. Well didn't you request the copy of the insurance policy like you said you were going to do and that would be between you and HFC wouldn't it.

Who was the insurance with???

I am so confused here as you have mentioned hamilton too...

Hiya hun
I had sent the letter off to request the policy today, so I am hoping this will be with me soon, that is why I wanted to make sure when asking you if this was the correct thing to ask for.

Now the letter I received from the consultant dated 12 November was telling me that the insurance provider was Hamilton who are now a part of Norwich Union, then Hamilton had replied to the FOS, not myself that it is HFC's responsibility, where then on that letter they said they sent the details to HFC, so I take it the complaint form I sent in was about Endeavour the last time, even though HFC's address was added in the address part on the form as they are an all in one company.

I take it then she wants me to return all of it again with the evidence enclosed which was sent and also the letter I received from HFC just recently.......