Nationwide PPI Claim

skeggs885

Hi
I wrote to Nationwide as knew I had a secured loan with them at some stage and was likely to have taken PPI, they confirmed it on a loan but said they cant find the secured loan which I know I had as it had a charge on my property.
The personal loan I took out post 6 years ago they said that they would pay me back the PPI that I had paid
they say that the full and final settlement is only 109.02 which they have calculated by adding the
ppi refund
8% interest charge calculated to 8/1/18
then tax me at 20 percent

Is it usual to have to pay tax and should they say how much I paid back over what period to show the amount of PPI I WAS PAYING

McKneff

Yes, it is usual to pay tax but only on the interest if you are a taxpayer. If not, you will have to reclaim it from hmrc

dunstonh

and should they say how much I paid back over what period to show the amount of PPI I WAS PAYING

They usually tell you the total you paid in the redress letter and from your comments, they have. Loans were single premium. So, seeing one figure is normal.

[Deleted User]

skeggs885 wrote: »

Is it usual to have to pay tax and should they say how much I paid back over what period to show the amount of PPI I WAS PAYING

The bank will provide a fuller breakdown of the refund if you ask them, but it sounds as if you didn't actually pay the PPI for very long. If you can find documentary evidence that you paid more than they are refunding then you should challenge the Bank's calculations.

skeggs885

skeggs885 wrote: »

hi
i wrote to nationwide as knew i had a secured loan with them at some stage and was likely to have taken ppi, they confirmed it on a loan but said they cant find the secured loan which i know i had as it had a charge on my property.
The personal loan i took out post 6 years ago they said that they would pay me back the ppi that i had paid
they say that the full and final settlement is only 109.02 which they have calculated by adding the
ppi refund
8% interest charge calculated to 8/1/18
then tax me at 20 percent

is it usual to have to pay tax and should they say how much i paid back over what period to show the amount of ppi i was paying

anyone around to advise

skeggs885

whose only here for the weekend?

skeggs885

6 years since have been on your site since I challenged the interest on my banks credit cards, it has caused me no end of problems over the 6 years and I thought it would be over once 6 years passed but still I am on a dip with ccs and I get letters saying if I don't continue payments they will take me to court. with the defaults and the problems it causes if you want to get a mortgage of even rent i don't think i would have done it the way i did.

[Deleted User]

skeggs885 wrote: »

anyone around to advise

You appear to have three responses already. What else do you want to know? If you want debt advice, you should head over to the designated forum.