PPI Reclaiming Discussion part 4

di3004

How come it does not mention about these issued in regards of tax on all refund letters?:eek:
Not unless they work differently to each other perhaps do they?
Such as the deduct first? Ummmmm am stumped on this one.:o

bugsy161

di3004 wrote: »

How come it does not mention about these issued in regards of tax on all refund letters?:eek:
Not unless they work differently to each other perhaps do they?
Such as the deduct first? Ummmmm am stumped on this one.:o

Hi Di,

I will try and find out some more on this as I do not feel that it is right to pay tax on any of the returned monies.
I know that there are set rules regarding insurance policies such as endowments and, under the qualifying rules, they are tax free at maturity or surrender.
None of the contracts that we have got refunds on were taken out as savings policies and therfore, if there is any tax liability, it should fall upon the companies, and not the individuals to pay.
Any tax payment is dependant on it being declared and I would definitely not be willing to pay tax on any refund that I got. If there is a potential tax liability then it should also be declared by the provider on any refunds given.

di3004

bugsy161 wrote: »

Hi Di,

I will try and find out some more on this as I do not feel that it is right to pay tax on any of the returned monies.
I know that there are set rules regarding insurance policies such as endowments and, under the qualifying rules, they are tax free at maturity or surrender.
None of the contracts that we have got refunds on were taken out as savings policies and therfore, if there is any tax liability, it should fall upon the companies, and not the individuals to pay.
Any tax payment is dependant on it being declared and I would definitely not be willing to pay tax on any refund that I got. If there is a potential tax liability then it should also be declared by the provider on any refunds given.

Great idea honey, that would be lovely, thank you.:A;)

BigCraigJohn

Right i'm gonna see what some of the experienced people might recommend.
Quick rundown of events.

SAR Black Horse and notice ppi added without consent on 1 of the agreements, was only a £600 item.

Write to BH, they decline as they say it was sold point of sale by retailer. They forward complaint(twice) to retailer.
I get in touch with retailer several times and they assure me they will be in touch but ive heard nothing.
I did my research to see if they were covered by the fsa at the time, the retailer and the underwriter were both not covered so I presume this means the fos wont touch it.

Now what i'm wondering is should I give up here?, the retailer seem to me like they have no intention of doing anything about it as they are just fobbing me off.
Its been a good 10 weeks since I write to BH so naturally i'd like to clear this up now.

Would there be any good in me going through the courts?, I have the agreement and statement so will be able to state an amount with proof. Also who would any action be against?, retailer or underwriter.

Any opinions would be much appreciated.

Its not loads of money but as the underwriter were lloyds related i'd really love to get my money back.

di3004

BigCraigJohn wrote: »

Right i'm gonna see what some of the experienced people might recommend.
Quick rundown of events.

SAR Black Horse and notice ppi added without consent on 1 of the agreements, was only a £600 item.

Write to BH, they decline as they say it was sold point of sale by retailer. They forward complaint(twice) to retailer.
I get in touch with retailer several times and they assure me they will be in touch but ive heard nothing.
I did my research to see if they were covered by the fsa at the time, the retailer and the underwriter were both not covered so I presume this means the fos wont touch it.

Now what i'm wondering is should I give up here?, the retailer seem to me like they have no intention of doing anything about it as they are just fobbing me off.
Its been a good 10 weeks since I write to BH so naturally i'd like to clear this up now.

Would there be any good in me going through the courts?, I have the agreement and statement so will be able to state an amount with proof. Also who would any action be against?, retailer or underwriter.

Any opinions would be much appreciated.

Its not loads of money but as the underwriter were lloyds related i'd really love to get my money back.

Hi there

So I take it this have been confirmed that the actual insurer/underwriter was not governed at the year/time you taken out the finance?
Due to curiosity what year did you take this out?

If the broker was not governed then usually the FOS would suggest the insurer direction, as they would have been regulated/governed, so maybe this also depends on the year as well when all insurers/underwriters have to be regulated - not sure.

But if you exhaust all avenues then I am aware some will claim through small claims court, I have not had any experience using them, but I do not think you pay out so much as you would by using a claims company.
But if you decide to use small claims court, personally get some advice from your local Citizens Advice (CAB), I think they all have a free solicitor maybe once a month (it used to be that way anyway) and see what they advise on this matter.

More info on small claims court here:
http://www.hmcourts-service.gov.uk/infoabout/claims/index.htm

Hope this helps, but hopefully others will also have some ideas on this one for you.:);)

halphy

I only realised from my A&L letter they are the only ones who mentioned interest which may be taxable? My MBNA didnt mention anything

knightsofmeltonia

di3004 wrote: »

How come it does not mention about these issued in regards of tax on all refund letters?:eek:
Not unless they work differently to each other perhaps do they?
Such as the deduct first? Ummmmm am stumped on this one.:o

My HSBC letter said tax 'may' be payable, but my Egg one had no mention of it. My accountant is looking into it so if I hear anything I'll report back

halphy

knightsofmeltonia wrote: »

My HSBC letter said tax 'may' be payable, but my Egg one had no mention of it. My accountant is looking into it so if I hear anything I'll report back

Fantastic, Keep us posted. Awful we'd have to pay on what we're due!

di3004

Thanks folks, its an interesting one isn't it?:D;)

kar999

I would have thought income from interest is taxable like any other income received if you are a taxpayer.