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PPI Reclaiming Discussion Part 5
Comments
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That's the way I read it about the tax, there is a r40 form you can fill in and send off to the tax office0
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What sort of things would they need to ask? What happens if they cannot get hold of you?
Anything you didn't mention that they need to resolve the issue.
Remember the issue is miss-SALE i.e. the position at the time of the sale so if the person complaining says they had work benefits and savings, the bank might want to know what the benefits were and proof, similarly what savings were present, other debts etcSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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I'm liking the sound of the 8 per cent interest calculations as my case goes back nearly 20 years (and yes, I do have all the bank statements etc)
I haven't worked or been a taxpayer for over 10 years due to having autistic children plus two bouts of cancer, so presumably that means if I get a payout and tax is deducted at source, I'll be able to get it all back from the tax department???
PS I'll send all the info in by mail if I can't get it done online. Just want to get things under way.
8% is simple (not compound) interest and yes it would be applied for each year, the FOS publishes the guidelines for all types of PPI refund and how they are calculated
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html
Yes you can reclaim the tax, you only pay tax on the interest elementSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Apologies if this question has been asked before, but I haven't got time to read all the thread!
Back in 2014 I contacted my bank for details of all previous loans/credit cards I had and attempted to write to all the companies to see whether I had been mis-sold PPI. I had no luck and every company responded saying there was no PPI on my loans/credit cards or the accounts were closed and could not check. I therefore destroyed all the paperwork when I moved house last year.
I had a few Egg loans/credit cards back in 2000 and found a company by chance who could claim back PPI for me. As I had given it a go and had no luck, I thought I had nothing to lose and instructed them in relation to the Egg bit. This company also asked about other loans and credit cards so once again I listed them all out.
On Christmas Eve I had a lovely surprise in the post - four letters from RBS offering me compensation for four old Natwest loans I had back in 2000ish totalling £2,100! This was all because the third party company I had instructed had contacted them. Because of this I have to pay the third party company nearly £900 fees. Of course I will pay this, as I instructed them, but what makes me cross is that both Natwest and RBS told me I had no PPI on these loans back in 2014. Obviously I have no paperwork to support this other than an email from a lady at Natwest listing all my loans and credit cards from when I wanted to start the process of writing to everybody.
The third party company have asked me to contact RBS (which I've done) to put a complaint in to see if I can recoup the fees from them. They've also suggested I contact the Finance Ombudsman to put in a complaint to.
Just wondering whether anyone has been in a similar situation? The trouble with me is I put too much trust into people and assumed they would tell me the truth the first time around...0 -
Apologies if this question has been asked before, but I haven't got time to read all the thread!
Back in 2014 I contacted my bank for details of all previous loans/credit cards I had and attempted to write to all the companies to see whether I had been mis-sold PPI. I had no luck and every company responded saying there was no PPI on my loans/credit cards or the accounts were closed and could not check. I therefore destroyed all the paperwork when I moved house last year.
I had a few Egg loans/credit cards back in 2000 and found a company by chance who could claim back PPI for me. As I had given it a go and had no luck, I thought I had nothing to lose and instructed them in relation to the Egg bit. This company also asked about other loans and credit cards so once again I listed them all out.
On Christmas Eve I had a lovely surprise in the post - four letters from RBS offering me compensation for four old Natwest loans I had back in 2000ish totalling £2,100! This was all because the third party company I had instructed had contacted them. Because of this I have to pay the third party company nearly £900 fees. Of course I will pay this, as I instructed them, but what makes me cross is that both Natwest and RBS told me I had no PPI on these loans back in 2014. Obviously I have no paperwork to support this other than an email from a lady at Natwest listing all my loans and credit cards from when I wanted to start the process of writing to everybody.
The third party company have asked me to contact RBS (which I've done) to put a complaint in to see if I can recoup the fees from them. They've also suggested I contact the Finance Ombudsman to put in a complaint to.
Just wondering whether anyone has been in a similar situation? The trouble with me is I put too much trust into people and assumed they would tell me the truth the first time around...
Older accounts, particularly closed ones, may not be visible to front line staff, if you just wrote to them chances are they just looked at the account they could immediately find and say yes/no. The claims company probably did a £10 DSAR to each bank which makes the bank look in older records and archives that could reasonably be found by a temp with limited training and they found closed accounts which the claims company then complained about. You could have done the same when the initial letters came back.
There is nothing else you can do but pay the claims firmSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Older accounts, particularly closed ones, may not be visible to front line staff, if you just wrote to them chances are they just looked at the account they could immediately find and say yes/no. The claims company probably did a £10 DSAR to each bank which makes the bank look in older records and archives that could reasonably be found by a temp with limited training and they found closed accounts which the claims company then complained about. You could have done the same when the initial letters came back.
There is nothing else you can do but pay the claims firm
I know that they didn't make a DSAR request as the firm would have requested the £10 from us upfront as they have done with some other loans they are looking into.
This is what is frustrating - the fact that the company have done exactly the same as me but I, as an individual, had no luck.0 -
I know that they didn't make a DSAR request as the firm would have requested the £10 from us upfront as they have done with some other loans they are looking into.
This is what is frustrating - the fact that the company have done exactly the same as me but I, as an individual, had no luck.
No they will have either got lucky finding someone who happened to know the old systems better or done the DSAR and taken the money after. CMCs really do not have special skills or extra access or anything like thatSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Used the MSE / Resolver tool to claim Barclay Loan PPI - even though I didn't have many details to hand about the Loan (Ref Number etc).
I did have the date it started (2002 for info) from looking at general bank account records and the account it was paid into and the account (it was the same) that repayments were made from and the number of/dates of repayments.
I received a confirmation of claim correspondence within 24 working hours of submitting via MSE Resolver and within a week have this morning had a text from Barclays confirming they were paying PPI back.
I've checked the bank and the money is there - it amounts to 30% of the total loan (includes interest over 14 years). Waiting for the official letter to arrive to see calculations but wanted to say I am extremely pleased at the hassle-free help of MSE :money:0 -
I've used resolver for two claims and not heard anything a third one I have had a response tho so just waiting now. Still waiting for cheque from Mbna too. They have till 20th tho so will just keep waiting.0
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I got my cheque from Mbna this morning, along with another claim upheld letter...just over 3k this one so am pleased with that. My question is...tax has been deducted on both of the claims, I don't pay tax as I'm a part time worker (16 hrs) and don't earn enough, will I get this tax back automatically at the end of the year or will I have to claim it myself?
Just waiting now on Halifax and Dorothy Perkins replies.0
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