PPI Reclaiming Discussion part 4

showergirl

Natalie6999 wrote: »

The 8% interest that we get on our PPI refund has 20% tax deducted when you receive your cheque, Fos isn't sure if this is correct, so I have contacted a colleague who is a specialist on these matters, when I get an answer I will send Fos the information who will contact Tesco.

I will let you know when I get this information.

Thanks for the info.

I am going to ring my caseworker this morning as I was not told about this.
Will let you know what he say's.

Sorry for the pm

showergirl

I have rung my caseworker and 20% tax is deducted from the sum I receive. But if you are a none taxpayer you can ask them for a form to claim this back.

marshallka

Natalie6999 wrote: »

They do stop you 20% tax from the interest, but I am checking this out as it may be wrong to deduct it from Goodwill payments.

When my HMRC colleague gets back to me I will let you know.

Natalie, its bulletin 72 you need to direct them to. Some firms do not actually deduct it themselves, they expect you to do this for yourselves and they do accept that goodwill (ex gratia) is actually just that so any interest on this is like you would get in a compensation type payment. As it stands though all other wins from FOS etc you are expected to inform HMRC of that you have received statutory interest.

marshallka

showergirl wrote: »

I have rung my caseworker and 20% tax is deducted from the sum I receive. But if you are a none taxpayer you can ask them for a form to claim this back.

I received all of mine from my bank but they did write next to each payment they redressed that there would be interest on it. They paid this over to me as a gesture of goodwill with no admital of liability whatesoever so I take this as ex gratia and no interest would be due. Its on bulletin 72

http://www.hmrc.gov.uk/bulletins/tb72.htm#1

moon-shadow_2

moon-shadow wrote: »

Thankyou again di3004, i sent both stage 1 & 2 recorded, i must be invisible , as i have had no response from either stages, i'll give FOS a go.

Yesterday i gave the FOS a call, a helpfull gentleman took my details, and gave a ref. no., i filled in the online form, and posted it off, - now i wait......................

pinknico

showergirl wrote: »

I have rung my caseworker and 20% tax is deducted from the sum I receive. But if you are a none taxpayer you can ask them for a form to claim this back.

Thanks for that showergirl, if my claim is successful I will ask about the form.

lalabibaby

I have been digging out paperwork on FP loan in prep for a PPI reclaim and have realised that we had a previous loan with FP taken out thru loans.co.uk in April 2005. So now I am getting ready for 2 claims. The original loan was paid off in July 2006 when we borrowed more from FP (I know fools!). Both loans were dealt with on the telephone and subsequent paperwork sent to us for signing was all pre-filled. I do have some scribbled notes I made at the time and the emphasis was on selling the policy on the basis that we could claim back premiums after five years, no mention at that time that the policy would cease then but we would still be paying for the life of the loan. Here is letter 1 to Loans.co.uk ... would be grateful for any comments/advice

We purchased the above policy from you in April 2005 but now believe that we were mis-sold this policy for the following reasons:

• This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and we do not believe that our policy was sold in our best interests.

• This is due to the fact that we were not given the correct information when the policy was sold to us, as:

• • your salesperson implied that taking out the policy would assist our credit application.
  • your salesperson was very pushy in selling us the policy so that we felt we could not say no.
  • your salesperson did not give us full information on what the policy would and would not cover for example that the loan only covered the first five years of our loan term.
  • I am concerned the sales assistant that sold us the policy had no financial background and the policy was not sold in our best interests.

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

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

Yours faithfully

amersall

showergirl wrote: »

Yes it is the full amount plus 8%.
I will let you know as soon as I receive my money

Good luck with your claim. It has took me 6 months to get this far so be prepared for a long wait.

:money:well done shower girl!! just shows what we can do when we put our minds to it:j:j

lalabibaby

Does anyone know if First Plus have been fined by FSA for PPI mis-selling please??
Ta muchly

di3004

lalabibaby wrote: »

I have been digging out paperwork on FP loan in prep for a PPI reclaim and have realised that we had a previous loan with FP taken out thru loans.co.uk in April 2005. So now I am getting ready for 2 claims. The original loan was paid off in July 2006 when we borrowed more from FP (I know fools!). Both loans were dealt with on the telephone and subsequent paperwork sent to us for signing was all pre-filled. I do have some scribbled notes I made at the time and the emphasis was on selling the policy on the basis that we could claim back premiums after five years, no mention at that time that the policy would cease then but we would still be paying for the life of the loan. Here is letter 1 to Loans.co.uk ... would be grateful for any comments/advice

We purchased the above policy from you in April 2005 but now believe that we were mis-sold this policy for the following reasons:

• This is due to the fact that you have been fined by the FSA for failing to treat your customers fairly when selling Payment Protection Insurance and we do not believe that our policy was sold in our best interests.

• This is due to the fact that we were not given the correct information when the policy was sold to us, as:

• • your salesperson implied that taking out the policy would assist our credit application.
  • your salesperson was very pushy in selling us the policy so that we felt we could not say no.
  • your salesperson did not give us full information on what the policy would and would not cover for example that the loan only covered the first five years of our loan term.
  • I am concerned the sales assistant that sold us the policy had no financial background and the policy was not sold in our best interests.

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

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

Yours faithfully

Hi there

Sorted.;)

Great letter and if all your reasons are covered then get it sent off. (recorded post).
Good luck.