Dwp claim i have undeclared capital!

Novembermoon

Quick update:
Had a reply from mylostaccount, No accounts have been found in my name either current or dormant with Barclays Bank.
So I don't know where the DWP & HMRC are getting their info from!

dippy3103

Novembermoon wrote: »

Quick update:
Had a reply from mylostaccount, No accounts have been found in my name either current or dormant with Barclays Bank.
So I don't know where the DWP & HMRC are getting their info from!

Have you ever reclaimed PPI from them?

marliepanda

Novembermoon wrote: »

Hi, I have had a PPI refund from Barclays regarding a loan within the last 5 years, but why should this have anything to do with this?
Thanks.

OP clarified this earlier but has not mentioned it since.

NYM

The OP did mention ...I was given an exact balance and it is way more than 8 times my PPI refund, they have stated in the hundreds of thousands region !!!!

It's not very likely a balance of hundreds of thousands would have anything to do with the interest on a PPI refund.

What about a trust fund set up by g/parents or great g/parents ?

zagfles

NYM wrote: »

The OP did mention ...I was given an exact balance and it is way more than 8 times my PPI refund, they have stated in the hundreds of thousands region !!!!

It's not very likely a balance of hundreds of thousands would have anything to do with the interest on a PPI refund.

Why not? If they do a backwards calculation from the interest, eg perhaps the PPI refund went into a holding account paying 0.1% interest, and the PPI interest was £200 (several years at 8%). So HMRC get notified that £200 interest is paid on a an account that pays 0.1%. Implies a balance of £200,000.

Obviously it's a right balls up, but seems the most likely explanation particularly as the same thing happened to another poster.

tomtom256

NYM wrote: »

The OP did mention ...I was given an exact balance and it is way more than 8 times my PPI refund, they have stated in the hundreds of thousands region !!!!

It's not very likely a balance of hundreds of thousands would have anything to do with the interest on a PPI refund.

What about a trust fund set up by g/parents or great g/parents ?

Its how GMS matches work, they assume an automatic high interest and show this on the match as the alleged capital held! We often get matches indicating £200k plus when all they have had was a £2k PPI refund as the interest figured used is disproportionate to any actual interest paid, hence why compliance make contact.

OP just needs to tell the compliance officer that it was a PPI claim and sign an MF47 statement to that affect if that's what happened and the matter will be resolved.

Novembermoon

dippy3103 wrote: »

Have you ever reclaimed PPI from them?

Yes I have , about 5 years ago.

Novembermoon

NYM wrote: »

The OP did mention ...I was given an exact balance and it is way more than 8 times my PPI refund, they have stated in the hundreds of thousands region !!!!

It's not very likely a balance of hundreds of thousands would have anything to do with the interest on a PPI refund.

What about a trust fund set up by g/parents or great g/parents ?

My thoughts exactly!

Diary

I tried to explain the PPI thing to the OP many posts ago as it happened to us last week. She was very dismissive of my detailed very personal explanation.

The original post rang 'alarm' bells with me as the account number we were given by DWP was in a format Barclays have never used as an account, exactly the same scenario as the OP's experience. We were told by DWP compliance our total savings that year must have been in excess of 100k because of the way the interest is accrued during the life of the PPI.

Although the OP didn't think it to be the case with her problem I hope my post will help others in the same situation.

Novembermoon

Diary wrote: »

I tried to explain the PPI thing to the OP many posts ago as it happened to us last week. She was very dismissive of my detailed very personal explanation.

The original post rang 'alarm' bells with me as the account number we were given by DWP was in a format Barclays have never used as an account, exactly the same scenario as the OP's experience. We were told by DWP compliance our total savings that year must have been in excess of 100k because of the way the interest is accrued during the life of the PPI.

Although the OP didn't think it to be the case with her problem I hope my post will help others in the same situation.

d
Thanks for the information, I was not dismissive, just not sure as there were so many opinions coming at me at the same time & I wasn't sure which one was correct.
Ps. I am a he not a she