PPI Reclaiming successes and failures

IANC

Somebody requested info on the taxation of the 8% interest, but I can't find the post now (may have been on the discussion thread)

It is as follows:

Some lenders will pay the 8% interest net of Basic Rate Tax (20%). The breakdown will show the gross interest and the net interest.

If you are a non tax payer then you should be able to claim the tax back.

If you are a Basic Rate Tax Payer then you will have no further liability to tax.

If you are a higher rate tax payer then you will have to include the payment in the relevant section of your annual self assessment form (tax return) and there will be a further 20% tax to pay.

If you are lucky enough to be an additional rate tax payer (income in excess of £150,000) then it will be as above (higher rate tax payer) but you will have a further 30% tax to pay instead of 20%.



Some instiutions are paying the interest gross however.

So, non tax payers have no further action.

Basic rate tax payers should disclose this to the revenue and pay 20%

Higher rate should include on their tax returns and pay 40%

Additional rate tax payers should also include on tax return and will have 50% to pay.

And breathe :rotfl:

IANC

cblakey wrote: »

I'm very happy to report that my claim (a loan & a HSBC credit card) has been upheld by HSBC.

I had to go the full 16 weeks & I did have to contact them a couple of times to make sure the ball was still rolling.

When I took my loan out a while back I was advised that I was more likely to be successful with my application if I included PPI. With the credit card, I did not even realise they had applied it! I was young when I first got the card so just assumed it was compulsory monthly charge.

I'm very happy with the offer & I will be accepting it. Is anyone able to explain more about having to pay tax on the interest (from the 8% compensation)?[/QUOTE]

Ahhhh here it is.

As my post above :money:

Does your offer quote a gross figure and a net figure, or just one figure and that it is taxable? (referring to the 8% interest payment only).

amersall

k77mss wrote: »

thanks for the reply no it doesn't say anything about final response but it does say if iwant to contact him use number above it was from high level complaints suppose thats what i get for sending 2 emails to ceo! the orignal complaint was a letter and thought they would send me questionaire the reasons were
me having underlying health problems
said we didn't want it and told guy at time this
the reply on friday says more or less staff were fully trained and he asked us all the questions and we fully understood i know for a fact i would not say i had no underlying health problems.he also says wehad time to read over agreement and cancel it.
whats best for next move do i phone him or write suppose if i write i can keep copy for fos

:rotfl:As Di said :D:A

karenann

h0pusp0pus wrote: »

firstly well done for your result

could i ask did u have paper work to show all the statements you paid back to 1997?

i had a burtons mensware card back in 1996 saddly i only have statements dating back to 2001

they have only offered me £1170 as they say they cant locate anyone even pre 2005 on how much i paid in ppi so they have taken an average of 2.50 a month

Hi, no sorry they didn't send me all my statements, I just got the original signed agreement and once they confirmed that the PPI had been added in error they worked all the figures out for premiums going back to 1997.

If your account is closed, they may not have kept old statements, however if it is open they should be able to see all the premiums as they were obviously able to with mine that went back to 1997.

It is strange how they work it out though. They have refunded interest but have not told me at what rate so I don't have a clue how they have worked the figures out :question:

thehullram

karenann wrote: »

Hi, no sorry they didn't send me all my statements, I just got the original signed agreement and once they confirmed that the PPI had been added in error they worked all the figures out for premiums going back to 1997.

If your account is closed, they may not have kept old statements, however if it is open they should be able to see all the premiums as they were obviously able to with mine that went back to 1997.

It is strange how they work it out though. They have refunded interest but have not told me at what rate so I don't have a clue how they have worked the figures out :question:

I am waiting for a similar agreement. Do you have a conatct number that you have been dealing with?

vanilla8

I am having trouble getting in touch with NRAM to query our 8% interest calculation. Does someone know of a direct email or contact number? I have tried 0191 4360047

di3004

Dizzywytch wrote: »

Can I just ask, how far back can we claim mis-sold PPI? I noticed a post mentioning Goldfish and I had a Goldfish card probably around 2001ish. Is it worth looking out the paperwork?

By the way, I had a letter from RBS on Saturday, regarding my Mint card, acknowleding my complaint and stating the 16 week time frame.

Definately give it a go and when you do make sure you tell them you've only now became aware of the mis selling of the PPI.

If you still have the account number details and know you were paying for the ppi and mis sold it do not worry about the paperwork, and give it a go, good luck.;)

di3004

vanilla8 wrote: »

I am having trouble getting in touch with NRAM to query our 8% interest calculation. Does someone know of a direct email or contact number? I have tried 0191 4360047

Hi, just came across the website for these with contact numbers, hope you manage to get through, good luck.;)

http://www.n-ram.co.uk/en/customers/insurance/payment-protection-insurance/queries.aspx

phoenix80

vanilla8 wrote: »

I am having trouble getting in touch with NRAM to query our 8% interest calculation. Does someone know of a direct email or contact number? I have tried 0191 4360047

I'm at work for the next hour or so but I rang NRAM this morning about our claim. It's an 0844 number open 9-5 mon-fri. I will post the number I used when I get home

phoenix80

That's assuming your claim is for a loan.