PPI Reclaiming successes and failures

Mrsbowbow

magpiecottage wrote: »

There will be two components. The first is redress for costs you incurred as a result of the missale. That is not taxable.

The other is interest on the redress from when the costs were incurred until now. That is taxable. Banks normally deduct basic rate tax from that and pass it to HMRC. They will provide a certificate of the tax paid. You will then need to settle up with HMRC in respect of any under or overpayment.

Small firms intermediaries, will not do normally do this but should confirm how much interest has been added to arrive at the final figure so again you can inform HMRC of this.

Hi, after speaking to MBNA today I asked their advice on contacting HMRC regarding the Tax and could they provide a "Certificate of Tax already paid" and the lady I spoke to said I didn't need to pay tax as it's not earnings it's money I've already paid and is owed to me and you only pay tax on savings from your earnings and not whats already owed to me.!!
So I am totally confused ! It's great winning my claims but I am now worrying over owing the tax man. There seems to be alot of conflicting advice and as I don't know anything about it I'm totally confused !!!!:o

di3004

Mrsbowbow wrote: »

Hi, after speaking to MBNA today I asked their advice on contacting HMRC regarding the Tax and could they provide a "Certificate of Tax already paid" and the lady I spoke to said I didn't need to pay tax as it's not earnings it's money I've already paid and is owed to me and you only pay tax on savings from your earnings and not whats already owed to me.!!
So I am totally confused ! It's great winning my claims but I am now worrying over owing the tax man. There seems to be alot of conflicting advice and as I don't know anything about it I'm totally confused !!!!:o

Hiya

This confused me on mine a few years ago and my hubby rang the tax office and was told the same.
So the way I see it, you've done what you had to do and it seems this will not intervene with your compensation.;)

Mrsbowbow

di3004 wrote: »

Hiya

This confused me on mine a few years ago and my hubby rang the tax office and was told the same.
So the way I see it, you've done what you had to do and it seems this will not intervene with your compensation.;)

Thanks Dizzy Di, glad I'm not the only one confused

di3004

Mrsbowbow wrote: »

Thanks Dizzy Di, glad I'm not the only one confused

LOL, no worries.:D;)

TommyRed

I was originally going to use a PPI reclaiming company, but as they charge around 30% thought I would look on here instead. Glad I did probably saved myself £1500. Followed Martin's advice and sent RBS/Natwest a letter saying I thought that they had mis-sold me PPI 8 years ago, that was at beginning of March. Received a letter back on 7th March saying they would investigate, then on 19th March outlining my concerns (ie mis-selling)they made me an offer, which I accepted. They sent an acceptance letter, which I had to sign, and paid the money into my account on the 12th May. I went on holiday for a week on the 12th and wasn't aware it had been paid in until I returned. Happy Days :T

The_Marksman

TommyRed wrote: »

I was originally going to use a PPI reclaiming company, but as they charge around 30% thought I would look on here instead. Glad I did probably saved myself £1500. Followed Martin's advice and sent RBS/Natwest a letter saying I thought that they had mis-sold me PPI 8 years ago, that was at beginning of March. Received a letter back on 7th March saying they would investigate, then on 19th March outlining my concerns (ie mis-selling)they made me an offer, which I accepted. They sent an acceptance letter, which I had to sign, and paid the money into my account on the 12th May. I went on holiday for a week on the 12th and wasn't aware it had been paid in until I returned. Happy Days :T

Brilliant News!!!!!!!!!!!!!!:D

di3004

TommyRed wrote: »

I was originally going to use a PPI reclaiming company, but as they charge around 30% thought I would look on here instead. Glad I did probably saved myself £1500. Followed Martin's advice and sent RBS/Natwest a letter saying I thought that they had mis-sold me PPI 8 years ago, that was at beginning of March. Received a letter back on 7th March saying they would investigate, then on 19th March outlining my concerns (ie mis-selling)they made me an offer, which I accepted. They sent an acceptance letter, which I had to sign, and paid the money into my account on the 12th May. I went on holiday for a week on the 12th and wasn't aware it had been paid in until I returned. Happy Days :T

Fantastic, well done and Congratulations!:beer:

smuggs2009

TommyRed wrote: »

I was originally going to use a PPI reclaiming company, but as they charge around 30% thought I would look on here instead. Glad I did probably saved myself £1500. Followed Martin's advice and sent RBS/Natwest a letter saying I thought that they had mis-sold me PPI 8 years ago, that was at beginning of March. Received a letter back on 7th March saying they would investigate, then on 19th March outlining my concerns (ie mis-selling)they made me an offer, which I accepted. They sent an acceptance letter, which I had to sign, and paid the money into my account on the 12th May. I went on holiday for a week on the 12th and wasn't aware it had been paid in until I returned. Happy Days :T

Congrats, at least it shows the banks are doing things a bit swifter!!!:T

GazMan

smuggs2009 wrote: »

How long did it take gaz?

Amazingly I phoned and complained and received an offer within 7 days.

di3004

GazMan wrote: »

Amazingly I phoned and complained and received an offer within 7 days.

That's fantastic :T:j Great work, well done!:beer: