PPI Reclaiming successes and failures

[Deleted User]

moneysavelou wrote: »

My question is without the paperwork how do i know if this reflects the actual amount i paid? what would happen if i took it to the ombudsmen?
and what does it mean when it says... subject to your personal tax status this may be taxable? will i have to pay tax on this??

You can reject the Bank's offer and go to the Ombudsman, but what evidence have you got that the Bank's offer is inadequate?
The 8% simple interest on your redress is indeed taxable income.

moneysavelou

I am more than happy to accept their offer.. i would merely would like to understand how they have come to this figure. when it comes to the tax how do i make enquiries about that? i don't want to pay off my loan then find i have a large some to pay in tax.

amersall

It is only the 8% amount that is taxable if you are a tax payer, contact HMRC and let them know you have received this 8%.


With loans, if they were rolled over into the next, you would have been given a rebate of the PPI, they take this back, it is possible you had loans that only lasted a short time before taking the next, this will reduce the payout too as you did not repay the full PPI over the loan term.

I cannot answer for the CC I am afraid, this will depend on the PPI you actually paid.

As this was upheld, they have given you full redress.

-taff

moneysavelou wrote: »

I am more than happy to accept their offer.. i would merely would like to understand how they have come to this figure. when it comes to the tax how do i make enquiries about that? i don't want to pay off my loan then find i have a large some to pay in tax.

If your complaint has been upheld, they will add a breakdown or you can request a breakdown of how they came to that figure

husaberg

husaberg wrote: »

so after FOS initially finding in my favour LTSB have to make an offer or respond by the 4th of Feb......my question is what are the chances of them replying on time????

cheers in advance

Not much it seems i've just called the fos, and they've not heard from lloyds regarding my case, and will send lloyds a letter soon asking them to respond,:mad:

I'm beggining to think this is standard practice, i'm clueless when it comes to this type of situation, has anyone any similar experience??

[Deleted User]

husaberg wrote: »

Not much it seems i've just called the fos, and they've not heard from lloyds regarding my case, and will send lloyds a letter soon asking them to respond,:mad:

As this was only an initial finding by FOS, you can likely expect the Bank to appeal the ruling (in their own good time).

Expect a FOS referral to take a year or more from beginning to end and you won't be expecting a conclusion anytime soon.

husaberg

Moneyineptitude wrote: »

As this was only an initial finding by FOS, you can likely expect the Bank to appeal the ruling (in their own good time).

Expect a FOS referral to take a year or more from beginning to end and you won't be expecting a conclusion anytime soon.

hmmm thanks for the response, i had no idea about the ppi, I've never signed for anything, the fos initially find in my favour, pretty much telling Lloyd's to pay me £0.79 for every hundred outstanding plus interest, or to respond by the 4th of Feb which they haven't, and now there's a chance i could still be left without redress.........I honestly have no understanding of this, the only hope i have is my memory and my conscience i know i never was offered ppi ever
well its been over 7 months now!!
so i can only hope the ombudsman finds in my favour

maybug1

:beer:Hi thanks to all have received an offer from hsbc today £2546, waitng on payment from blackhorse £2796, missed a phonecall from shop direct:

pearlof69

I originally posted back in January advising you all that I had received £11,969,95 from Barclays regarding loans I had taken out in the past with PPI.

I have since had another refund of £6,744.28 from Barclaycard Gold with a decision still to be made regarding my Mastercard.:T

I have two complaints still outstanding with Marks & Spencer Money and we let you know how I get on with them in the foreseeable.

The only rejection I have received is from Barclays concerning my overdraft which I find really odd as I had the overdraft in place long before the loans and the subsequent refund of £11,969,95!!:eek:

Good luck to all in their claims.
Jacqueline

John1429

What were you reclaiming: 1 PPI claim from BH
Who was the provider: Black Horse
How much did you get back: £6500
Did you get it back after a letter or did you go to the Financial Ombudsman: Out of the blue,Black Horse wrote to me saying I may have been mis sold PPI. Asked me to complete and return form.
And then write your brief reclaim tale: Black horse being proactive and sent me claim form with account number. I filled in form at beginning of November and received upheld letter at end of December. Mid January told signature didn't match and forwarded further proof. Cheque arrived today.