PPI Reclaiming successes and failures

di3004

PPIslayer wrote: »

Hi everyone,
Just got home from holiday to find a letter from LV stating my CPPI complaint upheld on an old credit card i had with Frizzell (now LV) about 10 years ago.
Payment total being...
Refund of the part of your monthly credit repayments relating to payment of the CPPI premium including any additional interest you was charged £2,362.93

Compansation for loss of the amount your card would have been in credit by, from the date your account would have been in credit to date at the rate of 8% pa. in line with HMRC guidance we've already deducted the tax from this compensation payment and we'll include a tax certificate showing the gross and net amounts of interest with your payment £933.52

TOTAL 3,296.45 to be paid in 28 days from signing and returning acceptance letter
Is the total before tax? Anyway a nice letter to come home to.
Still waiting for LTSB for their response on exactly the same thing.

Excellent, Well done!:beer:

Going by the wording of it, that must be the amount due to you after they deducted tax, the main of the businesses do that now, if they do not, they send details of how to contact the HMRC, but in your case it looks like they have already done this.:T

Good luck with Lloyds too.;)

Just to give an example of you're case.

3,296.45 - tax of £933.52 = £2,362.93
They will send you the details of this as a certificate.#

The details they send, should also state that if your not a tax payer, you can make a claim back on the above paid to HMRC.
Because they tax at a basic rate as a standard, but if you are a high tax rate payer, they will also tell you to contact the HMRC for them to work out if anymore is due to them.

Hope this makes sense ;-)

di3004

Sunny_Kintyre wrote: »

It seems to be all loans on here, has anyone managed to get ppi back from a mortgage?
Many thanks

Hi there

And yes they have, there should be posts around the forums somewhere, but like loan ppi, if mis sold mortgage ppi, you are entitled to make a reclaim, good luck.:)

ZeroGravitas

ggiant68 wrote: »

I got told by NRAM they initially mislaid my letter sent to them in April so they would start claim again and it would start from May 30th and could take 16 weeks to respond . Received a letter today with an offer I have accepted and sent back acceptance by recorded delivery will see how long it takes them to pay into my account letter states upto 28 days .

So if May 30th was the start date (on their planet at least), that's a pretty quick response. The history of my complaint has been confused. I started it by sending the proforma, but two weeks later NRAM contacted me with their own form and claimed the proforma had gone missing. I sent theirs back with an insistence that they consider the original date as the start of the complaint, but got no response. Capital One did something similar.

Sezyb123

Sunny_Kintyre wrote: »

It seems to be all loans on here, has anyone managed to get ppi back from a mortgage?
Many thanks

I got my Lloyds mortgage ppi upheld last week.

Gumption_Brash

Sent a letter to Clydesdale Bank detailing my complaint for mis-sold ppi on a loan about 6 weeks ago.

My complaint detailed only one loan as I didn't have papers for my previous loans with them.

Got a letter from them just yesterday and they have upheld my complaint on all pre-existing loans with them to the tune of £1980.38 !!! :-) Very happy. I'm glad they did their due diligence.

Only thing now is the taxation. As far as I understand this is at a rate of 20% on the 8% accrued interest?

Can anyone confirm that?

di3004

Gumption_Brash wrote: »

Sent a letter to Clydesdale Bank detailing my complaint for mis-sold ppi on a loan about 6 weeks ago.

My complaint detailed only one loan as I didn't have papers for my previous loans with them.

Got a letter from them just yesterday and they have upheld my complaint on all pre-existing loans with them to the tune of £1980.38 !!! :-) Very happy. I'm glad they did their due diligence.

Only thing now is the taxation. As far as I understand this is at a rate of 20% on the 8% accrued interest?

Can anyone confirm that?

Well done!:beer:

Some banks automatically deduct the tax now, although not all of them, they will confirm by letter if they've already done this or not.
If they have not they will enclose details to contact the HMRC to sort something out directly with them.

They usually deduct on a standard rate basis, however if you not a tax payer you can request for a refund directly from the HMRC - if it's already deducted by the bank.

Did the letter actually clarify anything about the tax?

Gumption_Brash

di3004 wrote: »

Well done!:beer:

Some banks automatically deduct the tax now, although not all of them, they will confirm by letter if they've already done this or not.
If they have not they will enclose details to contact the HMRC to sort something out directly with them.

They usually deduct on a standard rate basis, however if you not a tax payer you can request for a refund directly from the HMRC - if it's already deducted by the bank.

Did the letter actually clarify anything about the tax?

Thanks

Just had a look and it says they haven't taken the tax off and will be informing the tax office about the refund.

I'll phone the tax office with my number and ask them to adjust my tax code accordingly. Should only pay about a £100, I've calculated.

This site is awesome. Colleagues of mine went through a third party and are now kicking themselves when I showed them they could do it themselves.

Thanks for all the advice from everyone at mse. :T

di3004

Gumption_Brash wrote: »

Thanks

Just had a look and it says they haven't taken the tax off and will be informing the tax office about the refund.

I'll phone the tax office with my number and ask them to adjust my tax code accordingly. Should only pay about a £100, I've calculated.

This site is awesome. Colleagues of mine went through a third party and are now kicking themselves when I showed them they could do it themselves.

Thanks for all the advice from everyone at mse. :T

Well done to you!:D:T:beer:

lellyk72

Thank you for replying amersall (i'm new to all this forum stuff)

Re the loan, didnt pay back early - have no idea what i paid at the time. I'm thinking I might send a letter asking what the initial ppi was on the loan. They could have offered me any amount and i wouldnt have had a clue.

Thanks again, much appreciated. i've a few more in the post so might very well be back on here posting more queries ...

Thanks

amersall wrote: »

-
They are paying the 8% compensation for the 28 days from the date they refunded the PPI to the day they actually paid you.
The 8% is taxable if you are a taxpayer.


This 8% is compensation and they have given you the PPI back plus the interest on those payments.


Did you repay this loan early? to know if they have given you the correct PPI back you need to know what the initial PPI was on the loan.

mishk

just had an amount paid into my account, the only thing i have on going at the moment is a claim for credit card ppi, has anyone had a refund from lloyds tsb credit card ppi paid directly into lloyds bank account? if so what does the payment show as in the description? this payment shows as loansdirect? can anyone help with this?