Using a claims company advice
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I’ve printed and completed the form on ombudsman website (consumer questionnaire) and popped in an envelope ready to send back to NRAM (Northern Rock) in the morning.
Have also completed the query forms on all bank/lenders websites he recalls having a credit card with. Doesn’t think it was on any mortgages so not bothering there. So ball is rolling have told him I’ll only charge 25% commission no VAT :rotfl: in seriousness I think it will be used to top up weak pensions.
Thank you and others who encouraged us to give it a shot, will update any successes.0 -
Update; we have one offer still waiting on another company to come back to him.
£2,000 PPI amount of premiums on a loan
£1800 Interest at 8% on premiums
£350 Less tax deducted at 20% from interest
£1420 net interest received
Total refund offered £3450
(Note figures changed slightly just for security purposes)
I worked out the claims company would have taken around £1250 of this (presuming they take 25% plus VAT on ppi amount plus the same on gross interest owed) which oils have left him with £2200 as oppose to £3500 so thanks all for the encouragement to go it alone, it was as easy as you said
My question now is (he needs to send back acceptance to their offer) is there anyway we can prevent them taking tax on the interest to avoid later having to reclaim from HMRC - I understand you can earn £1000 in interest a year before tax so presumably they should only tax the £800 as oppose to the £1800 (he has no monies earning interest elsewhere).
Can we send proof to the company to prevent the deduction or do I advise he signs returns gets the cash then reclaim excess tax paid on the interest from HMRC?0 -
I'm afraid not.00kitkat00 wrote: »Can we send proof to the company to prevent the deduction
However its simple enough to have the tax refunded if he is a non-taxpayer. Contact HMRC.0 -
Moneyineptitude wrote: »I'm afraid not.
However its simple enough to have the tax refunded if he is a non-taxpayer. Contact HMRC.
Thanks will get acceptance sent back. He does pay tax in UK so will just be claiming the tax back on the interest up to value of £1k from HMRC as no savings interest elsewhere0 -
I used The Fair Trade Practice to claim, and so far, I have been awarded over £4000. Yes I've paid about a third in fees and vat but apart from the inital forms and trying to remember back 30 years, they have worked hard on my behalf.
What is your definition of working hard?
They got you to supply the information to them which they put on their form that will look the same as those you download from the internet for free. They send it to the same free of charge complaints address you would use. They then sit back and wait for the response.
So, the cost of a piece of paper, an envelope and a stamp and about 10 minutes of work done by an unqualified student or mum earning a bit of money. Yet so far, you have paid over a thousand pounds for that.
I suppose if you have been missold PPI then you are an easy target for a CMC.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
What is your definition of working hard?
They got you to supply the information to them which they put on their form that will look the same as those you download from the internet for free. They send it to the same free of charge complaints address you would use. They then sit back and wait for the response.
So, the cost of a piece of paper, an envelope and a stamp and about 10 minutes of work done by an unqualified student or mum earning a bit of money. Yet so far, you have paid over a thousand pounds for that.
I suppose if you have been missold PPI then you are an easy target for a CMC.
I think you have taken that original quote off another thread as I can’t see that anyone who replied to me responded advising they had used a claims company, all advice was geared to do it yourself which we did0 -
I did reply to the almost the same post that was made on this thread. It has since been removed by the board. So, my reply looks orphaned now.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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00kitkat00 wrote: »I think you have taken that original quote off another thread as I can’t see that anyone who replied to me responded advising they had used a claims company, all advice was geared to do it yourself which we did
Some chump was promoting a claims company that looked like spam so it's been deleted0
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