Mbna Plevin payment . Slight confusion
Options
another_casualty
Posts: 6,506 Forumite
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
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
0
Comments
-
472 plus 107 plus 651.66 minus 130.31Shampoo? No thanks, I'll have real poo...0
-
another_casualty wrote: »So, have I been awarded nothing , or £472.19 ?
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.0 -
Thanks for the speedy help and bearers of good news
So I should expect £1,100.44 after tax ??0 -
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:)0 -
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!0 -
Plevin is based on Commission paid at the outset, not your "average balance"..0
-
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 Easter0 -
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 )?
Thanks0
This discussion has been closed.
Categories
- All Categories
- 343.5K Banking & Borrowing
- 250.2K Reduce Debt & Boost Income
- 449.9K Spending & Discounts
- 235.7K Work, Benefits & Business
- 608.7K Mortgages, Homes & Bills
- 173.3K Life & Family
- 248.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards