PPI Reclaiming successes and failures

PIP1966_2

PIP1966 wrote: »

:j:j:j:j:j:j

Hi all
Following my success with Barclays, I just wanted to update people on my recent claim with MBNA.

Sent the form off to them on 15th September and had a response from them a week later to say that they would investigate the complaint. Came home to a letter to say that my complaint had been upheld and a cheque for £2,633 would be sent out within the next 28 days!! I had the credit card back in 1999/2000'ish for aound 3 years. Not bad for the cost of a stamp.

Still waiting for a response from the complaint for my Barclaycard loan sent at the same time (although I have had a letter saying they are investigating).

Wishing everyone loads of luck with their claims.

PhilH33

Hello all. I've just registered to let you know of my success. I wrote a letter of complaint back in June to Yorkshire ( Clydesdale) Bank about mis-sold PPI on loans dating back 14 years. Just 1 week before the 16 wk deadline, they have offered me a refund on 3 loans only as far back as 8-9 years, as neither they or me have documentation any further back. Still, the good news is my offer of £8300!
Well worth the 4 month wait and a couple of recorded delivery letters.
However, they have informed me that i may have to pay tax on the 8% interest as they report all payouts to HMRC. So does anybody know how much tax i may have to pay to the inland revenue? The total of the 8% interest amounts to £1,860.

Thank you in advance for any answers, and good luck to everyone still waiting.
Phil.

di3004

jamesbaldwin wrote: »

Followed the ppi instructions and the coop repaid just over £3000 pounds just because no one had actually discussed the suitability of the product over the phone with us.Excellent result.Many thanks to mse

That is great!:T Congratulations!:beer:

dilus

PhilH33 wrote: »

Hello all. I've just registered to let you know of my success. I wrote a letter of complaint back in June to Yorkshire ( Clydesdale) Bank about mis-sold PPI on loans dating back 14 years. Just 1 week before the 16 wk deadline, they have offered me a refund on 3 loans only as far back as 8-9 years, as neither they or me have documentation any further back. Still, the good news is my offer of £8300!
Well worth the 4 month wait and a couple of recorded delivery letters.
However, they have informed me that i may have to pay tax on the 8% interest as they report all payouts to HMRC. So does anybody know how much tax i may have to pay to the inland revenue? The total of the 8% interest amounts to £1,860.

Thank you in advance for any answers, and good luck to everyone still waiting.
Phil.

Congratulations PhilH33 on your success :T
You pay tax according to your tax band, if you pay 20% on your salary then you have to pay 20% of £1,860 = £372
If you are a higher rate tax payer ie earn over £35,000 you will have to pay 40%

di3004

PIP1966 wrote: »

PIP1966 wrote: »

:j:j:j:j:j:j

Hi all
Following my success with Barclays, I just wanted to update people on my recent claim with MBNA.

Sent the form off to them on 15th September and had a response from them a week later to say that they would investigate the complaint. Came home to a letter to say that my complaint had been upheld and a cheque for £2,633 would be sent out within the next 28 days!! I had the credit card back in 1999/2000'ish for aound 3 years. Not bad for the cost of a stamp.

Still waiting for a response from the complaint for my Barclaycard loan sent at the same time (although I have had a letter saying they are investigating).

Wishing everyone loads of luck with their claims.

What a lovely surprise, well done!:T & Congratulations!:beer:

smitchy73

PhilH33 wrote: »

Hello all. I've just registered to let you know of my success. I wrote a letter of complaint back in June to Yorkshire ( Clydesdale) Bank about mis-sold PPI on loans dating back 14 years. Just 1 week before the 16 wk deadline, they have offered me a refund on 3 loans only as far back as 8-9 years, as neither they or me have documentation any further back. Still, the good news is my offer of £8300!
Well worth the 4 month wait and a couple of recorded delivery letters.
However, they have informed me that i may have to pay tax on the 8% interest as they report all payouts to HMRC. So does anybody know how much tax i may have to pay to the inland revenue? The total of the 8% interest amounts to £1,860.

Thank you in advance for any answers, and good luck to everyone still waiting.
Phil.

Hi Phil,

Had a similar one myself, if you are in the lower tax band then you would pay 20% tax on your £1860, working out as about £370. If you pay tax through wages, they should adjust your tax code accordingly and it'll be taken out over this tax year, they take one payment which backdates to the beginning of the tax year, then the rest between now and the end of the tax year.
Phone your tax office and give them the details and they'll send an adjustment to your work.
Or of course if your self employed you'll need to put it on your self assessment.
Hope this helps, oh and well done on your win.:D

capinhand

Hi

I made the big mistake of getting a claims company involved to handle my 4 claims for PPI refund from loans I have had with HFC Bank.
I fell for the sales pitch that they would be able to get me a settlement within 90 days and that they would do all the work for me and i just had to sit back and wait for the cheque to turn up.
This was way back in June 2010 when I started my claim and the last update from this company i had last week was that 2 of my claims are with the ombusman and that I can expect to wait anything up to 18 months to hear about these due to the back log of claims been dealt with.
I have been told that my other 2 claims are still with HFC who are supposedly been phoned by the claims company on a daily basis but they can not tell when they will get around to processing the claims, again due to the large backlog of claims.
It is now well past the FSA 16 week dead line for the banks to have dealt with the outstanding claims but I am no near hearing about my claims that when I started in 2010.
At the moment there seems to be no reason why the banks would want to settle the claims as there appears to be no pressure been applied to get them to settle and they do not appear to be facing any sanctions if they don't settle.
Just glad it was a no wing no fee deal as this could take years.

suarez_2

I had a call today regarding a ppi claim i sent off for a loan taken out in 2001(sent copy of agreement showing pre ticked box)The lady from lloyds says she was looking into it and had noticed that through my lloyds current account i was paying insurance premiums to scottish widows and scottish provident and wanted to know what they were for.I said they were life insurance and mortgage protection.(No need for ppi then,all bases covered including full sick pay for 12 months and death in service benefits.)So hopefully good news soon.I have not banked with lloyds for over 5 years yet they still have my details of outgoings from 2001?.My point is i thought the only kept records for 6 years.Any thoughts,is the 6 year rule a convenience for banks to reject potential claims unless you have the proof?

Prestonemma

Hi I know this has been probably asked a million times but I'm in a debt management plan and have recently claimed for a ppi from an old loan from alliance and Leicester they have written to me and said they will give me 1227.00 but I have to offset this against the debt which is 3000 I know I sound really ungrateful but do I have to agree to this, has anyone tried to argue the case and successfully won??

Also it is also true that all of the money paid back has to be used against the debt I thought I read somewhere that the interest of 8% was yours to keep and did not have to be offset ( maybe I was wishful thinking or dreaming maybe)

Please help someone as I don't really understand the laws and ins and outs of all this ppi stuff!!

Matryoshka

Hello all

Well done everyone on the brilliant successes :T:T:T

When I did not hear back from Halifax after the 16 weeks deadline they gave me, I called them. A man said they'd starting processing my payment on 21st September. I asked how much but he couldn't tell me. My question is, "Does this mean they will pay out?"

From what I've been reading on here, people have been receiving letters before the cheque but I've received nothing just that they have started processing my payment.

Thank you.