PPI Reclaiming successes and failures

notamoneygrabber

letters landed yesterday re c/cards and they will pay out a fair bit obviously we are very happy .but they will not pay in to any of our accounts they will send us cheques .
does anybody know why this is please.
all we wait for now is a couple more loans ppi but they are a couple of months away.

so we go onward and upwards to a more healthy bank account.

merry xmas and a profitable new year to all on this site

paintpotter

notamoneygrabber wrote: »

letters landed yesterday re c/cards and they will pay out a fair bit obviously we are very happy .but they will not pay in to any of our accounts they will send us cheques .
does anybody know why this is please.
all we wait for now is a couple more loans ppi but they are a couple of months away.

so we go onward and upwards to a more healthy bank account.

merry xmas and a profitable new year to all on this site

Merry Xmas, How long ago did you start pursuing your claim?:beer:

OnexOne1976

hi folks, sent a letter to mbna about credit card ppi i had around 2006, received back a letter yesterday saying a cheque for in total for around £400, thanks to this website and martin for the tips, much appreciated, now to hunt out more!

notamoneygrabber

hi paintpotter

we started our first ppi claims mid sept and c/cards 3 weeks later they have up to now spot on with replies so hopefully so will yours.


merry xmas again

Sunnyk_3

Sunnyk wrote: »

Had a brief call witha guy at Tesco's who stated that my case has been worked on and that i will be getting full refund plu interest on my case.

He quoted the figure of £4513 but i think this may be too low considering the sums i was paying at the time.

I have requested a full breakdown per month on the premiums + simple interest for the period to see how they got to this figure.

Well keep you updated.

Woke up this morning, to a cheque form Tesco's for the amount above, with no explanation on how it was calculated, just a line stating, full refund of premiums and the statutory 8% interest.

Back on the phone to them on Wednesday i think for a detailed conversation on how it was calculated.

Stundun

dilus wrote: »

Well done Stundun :T
They should send you a breakdown letter, if you don't receive one by the time you get the payment, phone and ask them. Don't inform HMRC until you have the money in your account and like you say only if it is gross

Have emailed mbna to confirm, it was a virgin credit card so there might not be a tax bit after all!

octogoose

Hey all and Merry Christmas,

I have an update. Well on Friday morning i checked my Lloyds TSB account which had 4p sitting in it, only to find a nice little PPI refund £4500 & several pence. I claimed back in July & Lloyds found in my favour in October for £2500 and £4500.

Payment made 8 weeks after they sent the confirmation letters for the £4500, the £2500 has yet to be paid. Christmas has been a whole lot easier on the pocket this year.

Thank Moneysavingexpert & thank you Martin Lewis.

Amberley

Hi,

I just wondered how the taxman can grab his share of your PPI win?

Do you have to declare it?

Will it be collected in installments from April?

Please can someobne shed some light on this for me.

dilus

Amberley wrote: »

Hi,

I just wondered how the taxman can grab his share of your PPI win?

Do you have to declare it?

Will it be collected in installments from April?

Please can someobne shed some light on this for me.

Hi Amberley,
You only have to pay tax on the 8% standard interest part of your redress NOT the whole amount and you only pay tax on it if it has been paid GROSS by the bank. When you have the money in your account contact HMRC and declare the 8% figure (if paid gross) and they will send out a payment slip which you return with a cheque

BoGoF

dilus wrote: »

Hi Amberley,
You only have to pay tax on the 8% standard interest part of your redress NOT the whole amount and you only pay tax on it if it has been paid GROSS by the bank. When you have the money in your account contact HMRC and declare the 8% figure (if paid gross) and they will send out a payment slip which you return with a cheque

Not 100% correct, even if it has been taxed there will be further tax to pay if you are a 40% taxpayer.