PPI Reclaiming successes and failures

halphy

bugsy161 wrote: »

My undersanding is that you would only have to pay tax on the interest if it was declared, and then it would be subject to your tax status and level of allowances that you were entitled to.
If you are going to put your money into a savings account, non ISA, then you will be taxed on the interest anyway.

So just call your tax office would it be? God all the running round to give our money away!! LOL:rotfl:

saunders_donna

Update on my black horse ppi claim. After signing the offer acceptance form almost three weeks ago I recieved two letters of bh on Saturday one was a statement regarding my 155.05 arrears. I sent my first letter in march according to the statement they stopped paying the insurance in February but still took the original payment by dd but used the insurance money to pay off the 155.05 arrears then at the bottom of the statement dated the 1/6/10 ppi insurance cancelled and the amount then underneath that it says ppi insurance adjusted and a different amount then at the very bottom it states that I still owe 2 hundred pounds on the loan. Yet the other letter I recieved tells me that from 21/7/10 my payments will change to just 86.68 which is just the loan payments now that the ppi is cancelled for the next 15 months. When I asked for a settlement figure before the ppi was cancelled I recieved a letter stating that the amount to settle the loan was 1922.00. The amount including the interest that they awarded me came to just over 2,000. I have tried working all the figures out to see what I shud recieved in payment but none of the figures seem to add up! I'm really confused and as of today I have recieved no payment of bh not even just the interest.

bugsy161

halphy wrote: »

So just call your tax office would it be? God all the running round to give our money away!! LOL:rotfl:

This could be considered a 'grey' area because the money that you are receiving back was not paid out in the first place as an investment, and therefore you would be paying tax on money that you should not have had to pay out anyway.
I would definitely seek advice from your local tax office but I would certainly emphasise the fact that any tax liability should fall on the provider and not you.
You have been deprived of your money and are entitiled to every single penny back.

robbedofmymoney

Hi,

unfortunately the way the Tax system works anyone who gets the 8% awarded is liable for tax on this at their normal rate, so if standard rate tax payer its standard rate and if higher rate tax payer you are liable for the higher 40% rate.

this is because its classed as additional income just like any other interest you get from a bank.

there is a section on this within the HMRC website, if i can find it again i'll post the link.

this is of course providing you declare it, if you don't it is a risk you take as they could come knocking at a later date.

i understand some lenders are deducting this at source and passing to the tax man, others are not. if they are nt they are stating on their letters that the interest is taxable to cover themselves.

i hope this helps, even though it does seem unfair.

halphy

thanks Robbedof !

smithy1976

Hi

following lloyds getting my acceptance slips on 4 cases ( 2 upheld complaints and 2 goodwill payments) on the 13th june

I had a payment into my non tsb bank account on 02/07/2010. although LLoyds tried to say to me this wasnt from them as no money had been sent, i had spoke to very helpful girl who confimed it was for one of my loans, but they hadnt updated the cost card there end to show payment made.. and yes they were going to pay me it again...

they say a payment left them on 21/06/2010 not received as yet, and 2 goodwill payments released today. once i get the letters they state started on 21/06/2010 i will post figures of how calculated as much higher than originally thought.

If anyone needs to ring Lloyds and inrelation to chasing payment on loan PPI Chloe is excellent and does something for you, having spoken to almost the whole team she really does get things moving.

just though id share this with you guys

robbedofmymoney

smithy1976 wrote: »

Hi

following lloyds getting my acceptance slips on 4 cases ( 2 upheld complaints and 2 goodwill payments) on the 13th june

I had a payment into my non tsb bank account on 02/07/2010. although LLoyds tried to say to me this wasnt from them as no money had been sent, i had spoke to very helpful girl who confimed it was for one of my loans, but they hadnt updated the cost card there end to show payment made.. and yes they were going to pay me it again...

they say a payment left them on 21/06/2010 not received as yet, and 2 goodwill payments released today. once i get the letters they state started on 21/06/2010 i will post figures of how calculated as much higher than originally thought.

If anyone needs to ring Lloyds and inrelation to chasing payment on loan PPI Chloe is excellent and does something for you, having spoken to almost the whole team she really does get things moving.

just though id share this with you guys

i'm still waiting for mine, they received my acceptances on 1st June 2010,

i'll let know when i get payment

trish123

What were you reclaiming: loan
Who was the provider: Alliance and Leicester
How much did you get back: £3,881
Did you get it back after a letter or did you go to the Financial Ombudsman: one letter .

Another success today thats 2 in 2 days im so excited cant beleive it.I only sent one letter to alliance and leicester,only had my account number so wasnt even sure how much i paid.I am deleighted and Di cant thank you enough for your help.2 down 4 to go.

di3004

trish123 wrote: »

What were you reclaiming: loan
Who was the provider: Alliance and Leicester
How much did you get back: £3,881
Did you get it back after a letter or did you go to the Financial Ombudsman: one letter .

Another success today thats 2 in 2 days im so excited cant beleive it.I only sent one letter to alliance and leicester,only had my account number so wasnt even sure how much i paid.I am deleighted and Di cant thank you enough for your help.2 down 4 to go.

Well done and Congratulations Trish, so chuffed for you.
:T:beer::j
And its my absolute pleasure.:A;)

di3004

smithy1976 wrote: »

Hi

following lloyds getting my acceptance slips on 4 cases ( 2 upheld complaints and 2 goodwill payments) on the 13th june

I had a payment into my non tsb bank account on 02/07/2010. although LLoyds tried to say to me this wasnt from them as no money had been sent, i had spoke to very helpful girl who confimed it was for one of my loans, but they hadnt updated the cost card there end to show payment made.. and yes they were going to pay me it again...

they say a payment left them on 21/06/2010 not received as yet, and 2 goodwill payments released today. once i get the letters they state started on 21/06/2010 i will post figures of how calculated as much higher than originally thought.

If anyone needs to ring Lloyds and inrelation to chasing payment on loan PPI Chloe is excellent and does something for you, having spoken to almost the whole team she really does get things moving.

just though id share this with you guys

Good one Smithy1976 :T:T:j:beer: