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Mbna Plevin payment . Slight confusion

another_casualty
another_casualty Posts: 6,506 Forumite
Part of the Furniture 1,000 Posts Name Dropper
in Reclaim PPI & other insurance
Howdy !

I’ve just received a letter from Mbna regarding the above .
Sorry to sound so stupid , but the wording has confused me somewhat . In short they’ve refunded me some money ( I think )
The column says : amount of applicable commission and profit share
£472.19
Total amount of fees refunded £0.00
Amount of historic interest £ 107.00
Applicable 8% gross interest £ 651.56*
Less uk withholding tax - £ 130.31 *

Uk withholding tax of £130.31 has been deducted from the 8% gross interest amount . You may need to inform Hmrc of ,his amount .

So, have I been awarded nothing , or £472.19 ?

I am unemployed and have not signed on . However I did get £727.00 rebate from Hmrc as I paid too much in tax year when I quit my last employers .

Please advise

Thanks

Comments

  • -taff
    -taff Posts: 15,582 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    472 plus 107 plus 651.66 minus 130.31
    Non me fac calcitrare tuum culi
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    another_casualty wrote: »
    So, have I been awarded nothing , or £472.19 ?
    Neither! You receive far more!
    If you continue to be a non-taxpayer (due to being unemployed) you will be able to get a refund of the tax from HMRC. Otherwise, just as it says, you are due ALL the totals shown minus the tax.
  • another_casualty
    another_casualty Posts: 6,506 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Thanks for the speedy help and bearers of good news :)
    So I should expect £1,100.44 after tax ??
  • another_casualty
    another_casualty Posts: 6,506 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Moneyineptitude wrote: »
    Neither! You receive far more!
    If you continue to be a non-taxpayer (due to being unemployed) you will be able to get a refund of the tax from HMRC. Otherwise, just as it says, you are due ALL the totals shown minus the tax.

    Just re read this . Thanks again:)
  • Lemmons46
    Lemmons46 Posts: 8 Forumite
    Fantastic new for you another Casualty! Well done::D
    I’m still waiting for my Plevin decision from MBNA but am due a reply in next couple of weeks. I am just interested to know what your average balance was in this card and which years it relates to. It looks as though they have added 14 years simple interest so I am guessing this was from about 2004? Mine was from 1999 to 2004 which had a very high balance of £10k plus for ages due to going through a divorce and waiting for settlement. I would like to compare what I am likely to get refunded is all. But well done you as this level of commission clawed by the banks was unacceptable, even in that era!
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    Plevin is based on Commission paid at the outset, not your "average balance"..
  • another_casualty
    another_casualty Posts: 6,506 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 7 December 2017 at 8:20PM
    Lemmons46 wrote: »
    Fantastic new for you another Casualty! Well done::D
    I’m still waiting for my Plevin decision from MBNA but am due a reply in next couple of weeks. I am just interested to know what your average balance was in this card and which years it relates to. It looks as though they have added 14 years simple interest so I am guessing this was from about 2004? Mine was from 1999 to 2004 which had a very high balance of £10k plus for ages due to going through a divorce and waiting for settlement. I would like to compare what I am likely to get refunded is all. But well done you as this level of commission clawed by the banks was unacceptable, even in that era!

    Thanks lemmons :)
    Hope you are getting your life together now .
    It was the first credit card I ever took out in 1988 . I remember cutting the application out of a magazine and then filling in the forms soon after . When I did this , I ticked the box for protection .
    About 4 years ago , I went to see if I was eligible for ppi.via a third party who were next to useless. That got declined .
    I transferred it to the mint card back in the year 2000i think
    I think it was less than two weeks that I applied for this plevin and tbh am very impressed with the speed of the good news I have just received . My balance those days got up to around £8,500 back in 1997 when I was withdrawing cash from the wholes in the wall
    when things were tough . Lesson learned etc. Now :)

    As I say, I found the jargon confusing and expected nothing..or next to that .

    Payment is within 28 days of the letter which was dated 5/12.
    Reasons to be cheerful .
    Just gotta find out the score from Hmrc and how to claim the tax back , as I’m not working and cannot see myself working till about Easter
  • another_casualty
    another_casualty Posts: 6,506 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Just thought I’d give you an update.
    I received a letter from Mbna a few moments ago. Oh no I was thinking . I’ve been rejected due to some technicality. I gave them my bank Acct details as requested and expected the sum to be paid in there.
    However, at the bottom of the letter was a cheque for£1100-43
    :j:j:beer:
    So I guess I may have to contact Hmrc as I am unemployed( but haven’t signed on as yet )?

    Thanks :)
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