PPI FAQs discussion thread

butterfliestattoo

The claims Advisory acted on my behalf claiming PPI of Barclays Bank, however I did read what I signed, which was a big mistake. They won the case of the PPI, however I was very shocked on how much they wanted me to pay them. It was basically half of what the PPI Barclays was offering, which is unfair, I felt like I am being robbed.
Barclay did not pay the money as they wanted some documents before they could proceed the case, which I do not have. I wrote an email to the claims Advisory that I do not have the documents so unfortunately I will not receive the money, but this company still wants to get paid, and they will put interest and charges on top, on what they want.
How do I get out of this????
Help!!!!!!!!!!!!!!!!!!!
I stressing out!!!!!!!!!!!

dunstonh

CattyCat wrote: »

Hi,

I closed my account with Lloyd's a while ago but had several loans with them. Wrote asking for the paperwork and heard back saying they would send me a copy of my agreements separately. That was a while back in Jan but still not heard. Any tips as to what to do next? It was obviously a generic letter to delay!

Thanks

If they wanted to delay they would have said to you to pay your £10 and then they would search.

unless you have done a data subject access request, they have no defined timescale to act on your request.

dunstonh

butterfliestattoo wrote: »

The claims Advisory acted on my behalf claiming PPI of Barclays Bank, however I did read what I signed, which was a big mistake. They won the case of the PPI, however I was very shocked on how much they wanted me to pay them. It was basically half of what the PPI Barclays was offering, which is unfair, I felt like I am being robbed.
Barclay did not pay the money as they wanted some documents before they could proceed the case, which I do not have. I wrote an email to the claims Advisory that I do not have the documents so unfortunately I will not receive the money, but this company still wants to get paid, and they will put interest and charges on top, on what they want.
How do I get out of this????
Help!!!!!!!!!!!!!!!!!!!
I stressing out!!!!!!!!!!!

You are only required to pay them when you receive the redress (or the redress is used against other debts and is not cash in hand). Can you imagine if they took you to court and the judge asks how much you have been paid and you say nothing. x% of nothing is nothing. so, CAG have exactly what they are due. nothing.

Pennywren

A new PPi scandal as serious and outrageous as the first is the fact that the sum you receive is now taxable on the interest.
Inland revenue confirm this is what the legislation says.
If you receive a sum recovered through the courts for a wrongdoing by someone that sum is not taxed. PPI compensation interest is not interest received from savings or an investment it is a sum to redress money which you should not have expended in the first place, arising because of a missold product.
Has the government decided to get on the bandwagon and make money out of this scandal?

-taff

PPI is not a legal matter therefore the courts have nothing to do with it.
If you had had this money and put it in a n interest account you would have paid tax on it [unless it was in an ISA].

What your logic amounts to is that no-one should be recieivng interest at all on this money.....

[Deleted User]

Pennywren wrote: »

A new PPi scandal as serious and outrageous as the first is the fact that the sum you receive is now taxable on the interest.

The interest payment has always been taxable, so there is nothing new or "scandalous" about it.

Tax is paid only on the interest received, exactly as it would be if the refund element of the redress had been in a savings account.

No point trying to compare compensation awarded by a court with this, since the two are completely different.

dunstonh

A new PPi scandal as serious and outrageous as the first is the fact that the sum you receive is now taxable on the interest.

Interest has always been taxable. Nothing new here and no scandal.

Has the government decided to get on the bandwagon and make money out of this scandal?

There has been no change of law or guidelines in respect of interest payments by this or any previous Government.

claya123

Hello all


I am pretty sure that I was miss sold PPI on both loans and credit cards between 10-15 years ago, but at previous addresses to the one I live in now. The balances of these cards/loans were all paid off years ago and all paperwork has been shredded. I can't even remember the providers now.


Seeing as Experian etc. only search back 6 years, is there any way of determining my history prior to this so that I can investigate with the relevant providers? Or did my chances of reclaiming miss sold PPI disappear with the shredding?....


An assistance would be most appreciated..

[Deleted User]

claya123 wrote: »

is there any way of determining my history prior to this so that I can investigate with the relevant providers?

https://forums.moneysavingexpert.com/discussion/1475553

You'll have to send a SAR letter (at a cost of £10 each) to all the likely candidates.
Could prove expensive.

dawny_2

I put a claim in to Santander for ppi this was the response they cannot trace any paymentcare attached to the mortage and are unable to confirm that i was sold a paymentcare policy. And if i supply the evidence to show i have been paying paymentcare premiums towards a mortage sold by santander they will gladly review my decision. problem is i have no paperwork now to prove i had it and they know this plus i wasnt sure if i had ppi on that and 2 loans i had in the past . Help what can i do now?