RBS SAR missing details for PPI complete PPI reclaim - help pleas

[dx100uk]

no need to set a time limit.

 

being dyslexic is not a general excuse for not understanding things

its the way the explanation is worded.

 

you have been charged 'something' that you should not have been.

 

that 'something' could have been yours from day one and gathered 'interest'

but you were prevented from having that 'something'

so thus prevented from using the 'something' to gain you interest to your pocket.

 

the person that had that 'something' actually charged you interest for 'looking after it'

so you are entitled to to the 'something' and the 'looking after it' interest back.

 

however, the person stopped charging you interest for looking after that 'something' years ago.

but.

you were still without that 'something' none the less.

 

so you are entitled to charge said person the interest on the 'something' that they deprived you of.

 

that is where the 8% statutory interest comes in [but only where no other interest has been charged]

 

as you could of had that 'something' and put it in the bank to gain you interest

but you didn't have it..

so the person that did have it, must pay you this interest too.

 

dx

[Gilly35]

Thank you for clarification on what compound interest means D.

 

I feel that I may not have been clear in what I was asking you.

 

I understand what CI means and how it should apply to claims.

 

My problem is have they given me the 8% stat back or not in their offer?

 

This is what I mean about the dyslexia.

 

I find writing clearly what I mean difficult and also calculus.

 

However I am going to trouble you no further with this.

 

I will send off the letter as discussed above without the time limit and hope that I have done the correct thing.

 

Thank you for all of your continued support and help with my claim,

 

I would not have got this far without you G xx

[dx100uk]

they have not mentioned 8% statint from the card int stop date

so they are trying it on.

 

its well know for RBS to do this.

 

they'll also now try and deduct 20% income tax from the 8% refunded sum

 

dx

[Gilly35]

And they shouldn't do that I take it? God it's a minefield!! Do you think I should add into my letter that they should not charge the 20% income tax on this amount? Thanks D I feel much better about all of this now xx

[Gilly35]

Hey D I have added this into my letter,

 

"What your calculation does not include is the 8% stat interest from the period 05/10/2004

up until the date of the payment of redress on this account.

 

I also expect this payment to be exempt from income tax as it is not interest based on a deposit

and HMRC have specific exemptions for banks on the need to deduct tax from yearly interest. "

 

will that cover it?

[dx100uk]

not sure on the 20% tax bit

 

obv you know ore about your situation than me.

 

the 8% stat int can be viewed as 'enrichment' so needs to be declared to hmrc.

oneway or another I think.

 

dx

[Andybars]

From 1 October 2013 all 8% PPI redress payments are required to have 20% withholding tax deducted from the payment. If you are a non tax payer you should be able to reclaim from HMRC, if you are a higher rate tax payer you will need to make an additional payment.

 

Prior to 1 October 2013 all 8% interest should have been declared to HMRC but much of it wasn't hence the change to legislation in the 2013 finance bill. (Essentially the government saw all the money being paid in redress and wanted a slice - in the same way that if you pay a third party to do the claim you have to pay VAT on the invoice)

[Gilly35]

Great thanks for clarifying everyone