PPI Reclaiming successes and failures

di3004

Mumbles74 wrote: »

Hi. Yes, for clarity, the card is still active and my award was used to reduce my outstanding balance. At the same time my credit limit was slashed. Had they issued settlement by cheque I suspect my credit limit would have been unchanged.

Cheers.
I would contact them, in my opinion its like paying for it all over again, where you have already been deprived of your money once, its so wrong that they have awarded this to the account where your not benefitting the full amount of refund, in my opinion its so wrong.

You could write to tell them your not happy with the way this have been dealt with, as you are still out of pocket, and especially now the limit's been decreased.
Ask if they will consider awarding it directly to you, as they have reduced the credit limit which you don't believe its fair practice, I don't think it's fair anyway.

Good luck and hopefully others will have opinions on this as well x;)

spaniellover

Hi All

Soooo happy just received my offer from First Plus ( Complaint up held) and its close to £7600, exactly what I thought, quite impressed considering how bad my maths is. Wanted to thank everyone on this site for all the help and extremely helpful advice, esp "Dizzy Di" and others that fought so long, who gave me the courage to do this in the first place. Who needs third parties that will take your cash!!!
Please anyone who is thinking of making a complaint do it now, you are not alone and have good cause.

MrsMet

di3004 wrote: »

Hi there

First of all well done and Congratulations!:beer:
I assume you would have to make direct contact to the HMRC then, they have worked it out for you as well, don't see that done very often.
See what others have to say and what they had done, good luck.

I too have to pay tax on part of my PPI refund from Barclaycard however its only on the 8% simple interest per annum amount; not the whole amount.

A bit of help please..........I want to post an update to my situation using my original thread; could someone please give me a hand and tell me how to do this as I think I may have some useful tips ! Thanks!!

only_mee

Find your other posts like this http://forums.moneysavingexpert.com/search.php?searchid=111783939 the click on the blue under your name to open that post then copy or quote it then add underneath what you want to add.

MrsMet

MrsMet wrote: »

:T


I had my letter from BC through yesterday;

£5,129.64 for refund of payments made for PPI cover
£35,357.24 refund of interest payments on premiums
£8,803.22 8% simple interest per annum (I understand I need to pay tax on this sum)

£49,290.10 refund waiting to be paid into my account! No claim company; just me!!!!!!:T

Just by way of an update; I spoke with Barclaycard to confirm they had received my acceptance form (which they did) and the very kind man at their dedicated offiice gave me the following information:

1. Once your acceptance form has been completed they scan it onto the system
2. If you ask for your refund to paid direct into an account its slightly quicker then if you asked for it by cheque (have asked to be paid mine into a seperate account so I can track it easier)
3. Amounts above £10,000 for some reason take longer to process
4. When the money is about to be paid they send a letter to say that its on its way
5. When I queried about whether I would recieve the refund minus any amounts owed on my account as suggested in their letter he stated no; its more about them applying an auditable trail for them but its up to me if I repay and clear my balance so I will get a 100% of what I am owed
6. That it is taking up to 8 weeks for claims to be paid

Finally; they gentlemen was extremely helpful so please be polite as they are only doing their job.....

I do have one question for all forum users; I have PPI on my Next Storecard and when queried they state that they were not subject to FSA rules until late 2007 and that bthe Ombudsman has no power over them so basically told me to jog on!!! They also stated (rather rudely in my opinion) that I had a leaflet with my card when it was originally sent out in 1998 so it was effectively my decision to pay PPI! Any body had a successful claim with these people????

smitchy73

debtgrenade wrote: »

Hi all.
I had some good news today. received an offer from the Co-op bank totaling just a whisker under £2000!!
I sent them my complaint on 4th August, so they have dealt with it pretty sharpish, considering the 16 week wait i had braced myself for with clenched fists, butt and jaws. they say they will launch the money to me within 20 working days of them receiving my offer acceptance form, needless to say my hand was in the red royal mail postbox within an hour of receiving the offer.

the offer letter said i have to pay the taxman £83.00 from my payout. how do i go about making that payment to the taxman? anybody got any ideas or advice?
Thank you.

Give your local HMRC a call, if you work they will probably adjust your tax code, but make sure you have a breakdown of the figures as you're only liable for tax on the simple interest, which will be quoted as simple interest of 8%.
If you're not working I'm not sure what they will do but it's possible you might not have to pay it as your unemployment money might not take you over your eligible tax limit.
If you're self employed I think you complete your tax return and would be including in this years self assesment and payable by 2013(I think i'm no tax expert!)
Hope this helps:D

spaniellover

Hi Again

Re my upheld complaint from First plus a bit of advice. On the acceptance letter they have put the wrong initial for myself, is it ok just to correct it or do I have to notify them and wait for another form to be sent? Still amazed that it takes 6-8 weeks to sort so dont want to delay. Thank goodness this has come to an end and no more doubting myself :rotfl::T:rotfl:

smitchy73

Mumbles74 wrote: »

Hi - I am glad to hear people are having success here. I was too when I received a letter from MBNA confirming that they were finding in my favour and paying me just over £2,200 for PPI on my credit card.

I logged onto my account tonight to find that they have already credited my account with the settlement fee but have ALSO reduced my credit limit by £1,900.

Is this commonplace or is it Sour Grapes from MBNA? I really could have used the settlement money as I am about to go through a short unpaid period while I change contracts.

Does this action meet with the Treating Customers Fairly guidelines? Any observations would be welcome - even if you can tell me that this is appropriate behaviour from MBNA.

Thanks

NB - my credit history recently has been wobbly but I have made several large payments to this account over the last 6 months.

Hi mumbles,

The Fsa guidance says that if you have arrears on your card or with your loan, then if it contractually agreed to, then they can use the redress to settle arrears.

The reducing of your credit limit is probably more to do with if there has been missed payments, they may find you to be a credit risk in which case they are reducing your limit before you spend on it again.

HOWEVER, if you've not had arrears on your card before I'd go back to them and tell them that you have had information that the FSA guidance on the matter says you are due to get your money back unless there had been arrears, if there are no arrears it is your money and if they refuse tell them you are reporting them to the FSA for breach of guidelines and report them to FOS for mistreatment of you.

Hope this is all clear, if you need to section of the FSA guidance let me know and I'll post the section for you to quote them.:D

MrsMet

smitchy73 wrote: »

Give your local HMRC a call, if you work they will probably adjust your tax code, but make sure you have a breakdown of the figures as you're only liable for tax on the simple interest, which will be quoted as simple interest of 8%.
If you're not working I'm not sure what they will do but it's possible you might not have to pay it as your unemployment money might not take you over your eligible tax limit.
If you're self employed I think you complete your tax return and would be including in this years self assesment and payable by 2013(I think i'm no tax expert!)
Hope this helps:D

Hi...I think you are right as the tax return for self assessment was the advice given me by an accountant who is helping me set up my business....

smitchy73

MrsMet wrote: »

)
3. Amounts above £10,000 for some reason take longer to process
QUOTE]

This is true, all monies over £10k have to be registered through a different department as they have to satisfy money laundering regulations. Just because big brother likes to know how much us rich people have.:D