We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Wonga refund
sithmaster
Posts: 311 Forumite
in Loans
Hi all
I would like someobe too look over this
I have received a letter to say I am to receive a refund from a loan I took out year's ago.
Nowhere does it say when I took this loan out as I took several out about 5-6 years ago.
It say the refund reason is due to a balance miscalculation
But it does not say what that amount is.
It just says amount to be refunded including interest @8% - tax
Should it give me a complete breakdown?
Why the tax? If I had a refund from a shop I wouldn't pay tax on it, and if tax is to be paid as it's there error surly they should pay it.
Thanks
I would like someobe too look over this
I have received a letter to say I am to receive a refund from a loan I took out year's ago.
Nowhere does it say when I took this loan out as I took several out about 5-6 years ago.
It say the refund reason is due to a balance miscalculation
But it does not say what that amount is.
It just says amount to be refunded including interest @8% - tax
Should it give me a complete breakdown?
Why the tax? If I had a refund from a shop I wouldn't pay tax on it, and if tax is to be paid as it's there error surly they should pay it.
Thanks
0
Comments
-
A refund from a shop wouldn't have interest added. Interest is considered as income by HMRC unless it comes from certain products (such as an ISA). So I suspect they have no choice but to withhold the tax.0
-
There's no harm in asking for a breakdown, alternatively you can request a full loan history detailing all loans, interest and fees paid etc. It may take a few weeks though. Just email their customer services0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards