PPI Reclaiming successes and failures

londongal76

Hello All!

Well after one letter, one SAR form sent in to EGG, and an 8 week wait with a few letters saying they were looking at my complaint and would reply within the 8 weeks, I sat in stunned silence as i opened a letter from them last week with a cheque for £8339.29 in. Fully upheld my complaint, said the insurance was in no way suitable for me, and here's a refund.

Approx £3570 in ppi payments, £3750 in interest, £60 for fees charged and £900 for something else.

A-mazing. Wouldn't have done it without this site, so thank you. MBNA and Barclaycard are next.

What are the tax implications of the refund though?

Many thanks,

Emma.

The_Marksman

Londongal76 wrote: »

Hello All!

Well after one letter, one SAR form sent in to EGG, and an 8 week wait with a few letters saying they were looking at my complaint and would reply within the 8 weeks, I sat in stunned silence as i opened a letter from them last week with a cheque for £8339.29 in. Fully upheld my complaint, said the insurance was in no way suitable for me, and here's a refund.

Approx £3570 in ppi payments, £3750 in interest, £60 for fees charged and £900 for something else.

A-mazing. Wouldn't have done it without this site, so thank you. MBNA and Barclaycard are next.

What are the tax implications of the refund though?

Many thanks,

Emma.

Hi Emma,

WELL DONE! does it state if the interest payment is gross or net?

as the tax is only payable on the interest part of the redress. which is normally 20% if you earn under £40k minus £7K something tax allowance. If you go over that its 40%. So your next step would be to find out if they have paid the tax or you need to.

GaryBC

turbo.jet wrote: »

At the top of the thread click on 'thread tools' and unsubscribe. You'll then need to re-subscribe with the correct setting if you want to.

Thanks for that. I'll come back to look from time to time as I want to stay abreast (my PPI claim has been dragging on for over a year and I've been told it could be another year yet!!) but at least my mailbox will breathe a sigh of relief!!

Morgan2011

Guys i am 6 weeks into a ppi loan claim with Egg have had 2 follow up letterrs to say it is being investigated(They have told me they have 16 weeks to make a decision) Loan goes back to 2006 and is now owned by moorgate.
Asked moorgate for a copy of the loan it has a ppi box ticked and it says on the form this replaces a signature i presume Egg will knock me back on this i can honestly say i dont remember aagreeing to this my loan was done over the phone and i remember the guy suggesting ppi to cover any time off work but i told him i was covered by 6 months full pay and would not need it.
Anyone any advice or success despite having a loan agreement with a box ticked? Can i still claim the policy was mis sold?

louloubelle80

louloubelle80 wrote: »

Hi, can anyone help?

I'm looking to understand what type of figure I may be entitled too. I took out a loan with Welcome Finanance in Aug 07. My loan was for £10000, and from the paperwork I can see they added on a loan of £1900 for PPI, so total loan is £11900. I pay back £297.00 per month for 15 years so have 11 years left to pay. Does anyone know what type of figure I can expect for compensation and how this will effect the balance of my existing loan?

Thanks in advance.

Louise

Hi,

can anyone help with my enquiry above?

Louise

The_Marksman

Morgan2011 wrote: »

Guys i am 6 weeks into a ppi loan claim with Egg have had 2 follow up letterrs to say it is being investigated(They have told me they have 16 weeks to make a decision) Loan goes back to 2006 and is now owned by moorgate.
Asked moorgate for a copy of the loan it has a ppi box ticked and it says on the form this replaces a signature i presume Egg will knock me back on this i can honestly say i dont remember aagreeing to this my loan was done over the phone and i remember the guy suggesting ppi to cover any time off work but i told him i was covered by 6 months full pay and would not need it.
Anyone any advice or success despite having a loan agreement with a box ticked? Can i still claim the policy was mis sold?

Its a bit of a grey area and i wouldnt want to get your hopes up but most ppi policies were front loaded which is a big no no to begin with and just because its been ticked, doesnt mean that it wasnt mis-sold, if you have given all your reasons and they are looking into it and havent rejected it so far, keep those fingers crossed

Craig191

Hi everyone.

Quick question.
With an active credit card that has had to pay back your PPI complaint. Do they then redress your card balance to show the removal of the PPI? ei: bring it down. As it seems like they are giving it you back but then billing you from the past to me.

Can someone please clear this up for those of us in the dark

Thanks

di3004

Craig191 wrote: »

Hi everyone.

Quick question.
With an active credit card that has had to pay back your PPI complaint. Do they then redress your card balance to show the removal of the PPI? ei: bring it down. As it seems like they are giving it you back but then billing you from the past to me.

Can someone please clear this up for those of us in the dark

Thanks

Hi there

I think every bank/business may differ, some will award the refund to the credit card, or they may do this is any arrears and pay the remainder by cheque payment.

I know what you mean though, its like paying for it all over again by them adding it to the cc account, which personally I don't think its fair this way, as customers have already been deprived of their money once.

Good luck Craig.;)

di3004

GaryBC wrote: »

Not realising just how often this thread would be updated I set it to "instant e-mail notify".

Big mistake! While it is interesting to read about other people's experiences, I'm now getting too many e-mails!

Anybody know how to turn notification off please?

From what I remember, you go to your user CP details and there are choices on the left hand side, this should give you the opportunity to change your settings.;)

hunnyluvinbear

Whoo Hoo! Just rang MBNA to ask when we will be paid...cheque was sent yesterday!