PPI reward advice

LEWI5777

I put in a few claims on the last day. I was always worried I wouldn't manage it on my own but it was fairly easy. I would like advice on a couple of issues if anyone can help though.
Firstly I put in a claim with GE where I had a credit card. After a couple of months or so they have got back to me and said it is nothing to do with them as GE credit cards are another company and Santander now deal with them. They had the same logo etc when I put the claim in so it seems a bit strange, but now the deadline has passed do you think I have any chance starting with Santander?
And secondly, Citi Bank who I discovered now deal with the old egg card PPI claims have offered me a little over £1000, but say if I cash the cheque I accept there offer and it is considered closed. I remember someone mentioning claiming back something extra to do with tax maybe after a successful PPI claim. Do I need to check for this before cashing the cheque? And should I just accept what they tell me regarding the offer, or do they sometimes offer less than they should? Thanks for any advice.

brettcta

You can only try with Santander but don’t expect anything and you won’t be upset when they say you’re too late.

RE Citi bank, they should have sent you a breakdown of how they’ve come to the figure they’ve offered.

The tax has nothing to do with Citi, you claim that back through HMRC if you’re eligible.

[Deleted User]

LEWI5777 wrote: »

Citi Bank who I discovered now deal with the old egg card PPI claims have offered me a little over £1000, but say if I cash the cheque I accept there offer and it is considered closed. I remember someone mentioning claiming back something extra to do with tax maybe after a successful PPI claim. Do I need to check for this before cashing the cheque?

Since you'll only pay the tax if you cash the cheque I'd say it was fairly obvious that you should check out your eligibility for a tax refund only after you've cashed the cheque. You do this via HMRC.

LEWI5777 wrote: »

And should I just accept what they tell me regarding the offer, or do they sometimes offer less than they should?

Barring an (unlikely) gross error by the Bank, your redress will be a full refund of the PPI you paid plus 8% simple interest. The redress is defined by the Regulator and so cannot be somehow bargained.

LEWI5777

brettcta wrote: »

You can only try with Santander but don’t expect anything and you won’t be upset when they say you’re too late.

RE Citi bank, they should have sent you a breakdown of how they’ve come to the figure they’ve offered.

The tax has nothing to do with Citi, you claim that back through HMRC if you’re eligible.

Thanks for the advice. There is a breakdown and it says they have removed £124, and if I am exempt from paying tax I can try to claim it back. As I pay tax I presume I am not exempt and would therefore be wasting my time? And by chance the cheque actually arrived while I was at work!

[Deleted User]

LEWI5777 wrote: »

As I pay tax I presume I am not exempt and would therefore be wasting my time?

It depends how much you've earned and how much tax you have paid in the current tax year. Contact HMRC for advice and assistance.

Dazed_and_confused

As I pay tax I presume I am not exempt and would therefore be wasting my time?

Unlikely. Even as a taxpayer it is likely some interest is due to be taxed at 0% so the tax deducted may well be more than you actually need to pay. Does depend a bit on what other interest you received in the same tax year (ignoring any tax exempt interest such as from an ISA).