PPI Reclaiming Discussion part 4

dec22

As Kar999 says any interest received is taxable at basic or higher rate of tax depending on what your earnings are. If your earnings are below the personal allowance (£7.475 in 10/11 I think) you can apply to HMRC for an exemption. When you receive interest on your bank account (if you are lucky enough to), it is always paid to you net of tax, your bank sends an annual statement showing gross interest received less tax and then net interest received. You need to bear in mind that the 8% statutory interest is totally separate from the PPI refund and any contractual interest paid on it.

Generally neither Egg nor RBS give you 8% unless it has been through the FOS so guessing that's why Egg didn't say anything whereas HSBC always pays 8% statutory interest.

Hope this helps although I only have basic knowledge on this myself.

Good news on the refund!

halphy

What do u do though, call tax office and say ive recieved £ interest, how do they get it off you?

dec22

Yes, it should really be dealt with at source ie bank paying the interest unless you complete a self-assessment where it will be declared. I would ring them and ask what they want you to do.

BigCraigJohn

di3004 wrote: »

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.:);)

Thanks Di

It was 2003.

The underwriters were a Lloyds dept(sorry not got the name handy) but I went on the fsa check site and they were not covered till 2005.

So am I right in saying it might now be worth complaining directly to the underwriters? I have not actually tried this yet so I guess its the next natural direction.

Ive used the online mcol before and it was just £25 which is added to your claim if you win.

halphy

dec22 wrote: »

Yes, it should really be dealt with at source ie bank paying the interest unless you complete a self-assessment where it will be declared. I would ring them and ask what they want you to do.

Will do thanks

di3004

BigCraigJohn wrote: »

Thanks Di

It was 2003.

The underwriters were a Lloyds dept(sorry not got the name handy) but I went on the fsa check site and they were not covered till 2005.

So am I right in saying it might now be worth complaining directly to the underwriters? I have not actually tried this yet so I guess its the next natural direction.

Ive used the online mcol before and it was just £25 which is added to your claim if you win.

Hi
Hope your well.

I would definately think about the underwriters/insurers, but contact the FOS as a general query on this first, I think they will possibly suggest this direction to you.;)
http://www.financial-ombudsman.org.uk/contact/index.html

amersall

Morning all. you only pay tax if you are within your limit to pay tax, in my case i was unemployed when i won 2 claims so did not pay tax, if you earnt your tax allowance for the year you got the 8% then you pay tax on this, as dec22 says you got this money as you were deprived of this amount if you had it in a bank and received interest, and tax is paid on "savings".When you think of the amount you got refunded i think the tax part on the 8% is ok, as some on here (myself included) have received thousands, so i dont think we should complain really as we are up on the day anyway.And just think .... you could be made to pay tax on the whole win!!!!

amersall

di3004 wrote: »

Bless ya honey.:A

You have done wonders amersall.:T Absolutely well done.;):beer:XXXXXX

Your too kind di :A i have just muddled through without you :eek:

Rockbird_2

di3004 wrote: »

How frustrating for you!!

Well lets hope then you do hear some response by next Monday, good luck and please keep us posted.;)

Well, I wrote to them (copy of body of letter pasted here):


Please find enclosed a copy of a letter I wrote to you on 21st June, to which I again refer. Your reply to this letter, dated 29th June, was that you would issue a full response within 28 days.

However, since I received the above letter from yourselves, I have had a total of £2058.88 refunded to my account.

As you can see from the copy of my letter, I requested a FULL breakdown of how the figure was arrived at, before I decided whether or not to refer my case to the FOS. I also enclosed a letter that I had originally written to Alliance & Leicester, requesting information on all insurance charges to my account, which they said they had referred to yourselves to deal with.

Furthermore, I requested any refund be made by cheque and not refunded to my account. This has, obviously, been ignored or overlooked and I hope that the other issues brought up are being dealt with and that I will receive the information requested within the 28 days advised, which is about one week from now.

I spoke to a Customer Adviser about these issues today, who was unable to help me, nor was he able to give me a direct telephone number or email address for yourselves. Instead, I was advised to write to you again to draw your attention to my requests made in my letter.

Therefore, please ensure that my original request is dealt with promptly and properly, and ensure that I receive the information I have requested and am entitled to.

As I understand it, should I refer my case to the FOS, they will include a standard 8% interest rate on top of my full refund of mis-sold PPI, so please ensure that this is taken into account also.

I look forward to hearing from you within 7 days. End of copy/paste.

I have now just received a generic letter - this time from the Customer Advocate Office Manager - thanking me for my recent letter and apologising for the delay in responding as their investigations are taking longer than anticipated. They will now issue a response by 17th August.

No mention of my request again for a breakdown of the goodwill offer, nor acknowledgement of my request for a cheque! I can only assume that what's taking so long is the investigation of my insurance going back to the year dot, which was what my original letter to A&L asked for, plus I completed the FOS template. I can't remember when I first must have paid PPI on my credit card (I think it may have been from around 1990, when I worked full-time as a Civil Servant, but I can't remember exactly).

Anyway, just keeping you posted and hope the copy of my letter might be helpful for someone else who has to chase their bank up!

Any further advice/comments would be welcomed. I don't want to let this one drop...!

DoingItAlone_2

Hi, I have completed the questionaire.. can anyone point me in the direction of where I might find the address to post said questionaire. Had a look through the PPI page but no luck finding it.

Thanks