PPI Reclaiming successes and failures

Dazzarazza

IANC wrote: »

Just to add that it is only the 8% interest element that is taxable :money:

If the tax isn't deducted at source you will be required to submit a tax return with the amount of interest received.

If you are a basic rate tax payer, you will owe the revenue 20% of whatever you receive (in terms of the 8% figure only), so best to work it out and put it aside.

I can see HMRC having a field day with this and issuing fines to anyone that doesn't volunteer it on their tax return.

I would expect them to request details of all Gross payments made from the banks as this will bring in huge, much needed revenue for the Government.

as theyve already took 20% off me as a basic tax payer I am Ok right?

bentley1988

Well done and Congratulations! To all you Winners.
Very chuffed for every single one of you.

Well done!

IANC

Dazzarazza wrote: »

as theyve already took 20% off me as a basic tax payer I am Ok right?

:money: You are fine as you have satisfied HMRC in the same way you have on any interest that you have received through you bank account.

Lemonie1985

Hello
I have had a letter from Halifax saying I will get my whole amount and 8%, I have signed and sent it back. Does anyone know how lOng I will be waiting for payment?? They have not told me any timescales.
Thank you x

IANC

Lemonie1985 wrote: »

Hello
I have had a letter from Halifax saying I will get my whole amount and 8%, I have signed and sent it back. Does anyone know how lOng I will be waiting for payment?? They have not told me any timescales.
Thank you x

They are expecting it to be around 3 weeks based on the backlog allegedly

tifosi

Well,

following my letter to RBS about my PPI settlement being underpaid, they have sent me a letter including calculations on a spreadsheet for how they arrived at the figures

It is now clear that they have used simple interest calculations (as opposed to compound)

So, I have now provided my own spreadsheet to them with the amount I require (BASICALLY CLOSE TO DOUBLE) - I await their response to this with baited breath

I cannot see any argument whatsoever for simple interest, as quite clearly as long as that premium for the PPI remains on the balance, it will have interest added at month 1, then at month 2 it will have interest added to the interest created in month 1 and so on

I'm also pretty sure I've seen posts on here clearly showing they have paid others compound interest on RBS cards? (Would welcome input fgrom anyone else that has had compound applied to an RBS card!)

Egg_Chaser_12

RBS have offered as follows

Refund of Premiums 11 Feb 2005 to 11 Aug 2011 £1,217.69
Compound Interest £1,250.15

Refund of Overlimt Fees £24.00
Compound Interest £0.37

Gross Interest at FOS Rate £29.58
Less Tax -£5.92

as trhe complaint has taken more than 8 wks
interst at 8% added £22.94
Less Tax -£4.59

TOTAL £2,354.23


obviously I have to accept the refund of premiums, but how does the rest look?

Thank you in advance.

tifosi

Egg_Chaser_12 wrote: »

RBS have offered as follows

Refund of Premiums 11 Feb 2005 to 11 Aug 2011 £1,217.69
Compound Interest £1,250.15

Refund of Overlimt Fees £24.00
Compound Interest £0.37

Gross Interest at FOS Rate £29.58
Less Tax -£5.92

as trhe complaint has taken more than 8 wks
interst at 8% added £22.94
Less Tax -£4.59

TOTAL £2,354.23


obviously I have to accept the refund of premiums, but how does the rest look?

Thank you in advance.

Hi,

what sort of balance was on the card, and did you clear the balance at any point?

IANC

tifosi wrote: »

Well,

following my letter to RBS about my PPI settlement being underpaid, they have sent me a letter including calculations on a spreadsheet for how they arrived at the figures

It is now clear that they have used simple interest calculations (as opposed to compound)

So, I have now provided my own spreadsheet to them with the amount I require (BASICALLY CLOSE TO DOUBLE) - I await their response to this with baited breath

I cannot see any argument whatsoever for simple interest, as quite clearly as long as that premium for the PPI remains on the balance, it will have interest added at month 1, then at month 2 it will have interest added to the interest created in month 1 and so on

I'm also pretty sure I've seen posts on here clearly showing they have paid others compound interest on RBS cards? (Would welcome input fgrom anyone else that has had compound applied to an RBS card!)

I would be very interested to see if they agree to this.

I worked out that my first PPI premium of £30, 13 years ago would be £821 with the compound interest at the card rate of 29%.

If that is the case then my claim for my CC could be £40k-£50k so I doubt it will be right in my case :rotfl:

Egg_Chaser_12

tifosi wrote: »

Hi,

what sort of balance was on the card, and did you clear the balance at any point?

the balance at present is £1,800.00 not cleared,