PPI Reclaiming successes and failures

XXSCOTSLASSXX

:j:j 17 days after 1st phone call to Santander re PPI on cahoot flexible loan, I have received offer of £1754.95 I was doubting whether even had PPI on account lol

figures are ....

PPI monthly Premiums £524.09 ( they say this is from Jan 2003-Feb 2004...I had initially thought was cancelled 2005 after going through bank statements, although not at all sure will query this when i call Monday as they not open)
Interest on premiums to date £1230.86
total refund £1754.95

wonder if someone could check the figures when they get a min many thanks in advance xx

they have also stated on the letter which has kinda confused me " I have requested immediate cancellation of the PPI policy on your behalf(I thought by their refund was cancelled feb 2004???) and your future payments will not include any PPI" does this mean there will also be a restructuring of the loan which is still currently active?

They have annoyingly :mad: put the wrong forename on the top of the acceptance form they have "Pamela" my name does being with P however not Pamela lol i am assuming this wont cause any major issues, address, surname, account number etc are all correct.

crazykipper73

Hi i have just recieved conformation of a succesful claim for mis sold PPI from HSBC which i had lodged with the Claim Guys almost 12 months ago.() I had contacted them as it happens and not the other way round. I had forgotten about it to be honest. The payment is to be over and above the original PPI i made this is due to taxable interest apparently? and The claims Guys have indicated there fee of 30% which i was aware of:o I think a mixture of not knowing about Martins money site and apathy probably made me use a third party. My problem with the letter of confirmation i recieved is that i thought it was no win no fee, however i am being asked to complete two points to recieve payment.
Point 1
complete a form with the bank details i would like the payment from HSBC paying into. ( fair enough)
Point 2
Make a payment to the claim guys for work carried out on my behalf either by phone BACS or credit card.
This appears to me as if a fee will be taken before i actually get my hands on the readies as it were. Seems a bit dubious to me. Has anyone else gone through this process?

smitchy73

Miranda7 wrote: »

Neither of our payouts so far have mentioned tax. What is the calculation for it? I'm assuming you only pay tax o the intrest, as surely you've already paid income tax on the rest?

Yes you're only liable for the tax on the 8% simple interest as any refund of ppi charges and associated interest is already sorted, as it's not other income.

You should maybe call the lender who refunded you to see if the interest is gross or net of tax.

smitchy73

CLD76 wrote: »

Thanks Smitchy I am so happy, this month is the last payment on my loan too so I am also gonna be £400 a month better off....never thought I'd say this but thanks HSBC! Do you know how much tax I am likely to pay on the £5k gross interest? Thanks for your help much appreciated!!!!

Well assuming your in the lower tax band, you'd be liable to pay 20% tax on it, which simple maths means about £1000, sorry pal. With my OH's it was only just over £300, they adjusted her tax code, backdated to the start of the tax year, and will have about £6 a week to pay till the end of this tax year, so they might let you pay it in one, or they may do the same to you.

smitchy73

jjww wrote: »

Hi,

Just a quick question regarding the tax payable on interest element of ppi reclaim, just wondering whether those of us who are self employed include it in january 2012 self assessment which is for the tax year ending april 2011 or am I right in thinking it should be included in January 2013 tax assessment which covers april 2011-april 2012.

Thanks for any help and congrats to anyone who has had recent successes.:j

I would imagine you'd include it in the relevant tax return form, but double check with your advisor or phone HMRC direct, I'm sure they'll prefer to hear from you first than to chase you later:D

smitchy73

CLD76 wrote: »

Thanks Smitchy I am so happy, this month is the last payment on my loan too so I am also gonna be £400 a month better off....never thought I'd say this but thanks HSBC! Do you know how much tax I am likely to pay on the £5k gross interest? Thanks for your help much appreciated!!!!

Fantastic, it's always good when this happens, we paid off a £5k CC bill we had, which we're also waiting on hearing about the ppi complaint still about 6 weeks or so to go on that one. But good to log on to it and the balance is £0, and no monthly minimum payment to make, also have 5 RBS loan ppi complaints which we should hear in the next few weeks.

Well done and remember don't spend it all in the one shop.:j:D

klflosser

jjww wrote: »

Hi,

Just a quick question regarding the tax payable on interest element of ppi reclaim, just wondering whether those of us who are self employed include it in january 2012 self assessment which is for the tax year ending april 2011 or am I right in thinking it should be included in January 2013 tax assessment which covers april 2011-april 2012.

Thanks for any help and congrats to anyone who has had recent successes.:j

I am self-employed and will be including it in the relevant tax year of 2011-2012, which was when the interest payment was received. So yes, it is the assessment that will be due by 31st January 2013.
I always give my Accountant details of any interest received during the tax year he is working on, which includes bank and building society interest so can't see this payment will be any different.

Some of my PPI interest payments have been paid gross, some with tax deducted, but I will give him all the figures.

Mon_77

Hi folks,

Has anyone had any luck claiming PPI misselling on a Tesco Credit Card please ?

Wishwell

Hello

Received an upheld today on my old Barclaycard Masterloan for £2700 - delighted. Submitted the complaint in mid-May, various update letters in the meantime, and then the upheld letter. Just within the timeframe. It says it may take up to 40 days to send the funds.

Good luck to everyone!

precious12

hunnyluvinbear wrote: »

Hi
We had no record of any account/policy numbers
We just sent a letter asking them to forward copies of the original agreement(s), including PPI details. Include a cheque for £1.00.
Send to
Executive Office
Capital One
PO Box5281
Nottingham
NG2 3FA
They sent us back all the paperwork we needed we then filled in the claim form (available on this site) and are now jus playing the waiting game:(
Good luck with your claim.
Bear

can i ask you how long they took to send you the paperwork i requested mine 2weeks after a phone conversation with them stating that they cannot find me on there system and so they told me to write into them and my information will be checked in another dept and i have heard nothing