Welcome PPI claim pre 2005 *** SUCCESS ***

[dx100uk]

no that's the discount you got for paying it early. [interest rebate]

 

you settled the loan on XXX date

 

you paid them £XXXX to settle the debt

[hillards]

no that's the discount you got for paying it early. [interest rebate]

 

you settled the loan on XXX date

 

you paid them £XXXX to settle the debt

We paid them £11,055.92 to settle on March 6th 2006

They charged £469.91 Penalty Fees

The gave -£745.80 Insurance Rebate

A fee rebate of £335,41 (no idea what that was for)

A fee rebate of £59.71 (again, no idea)

'Interest posting' of -£0.94 ?

'Correction' of -£153.21 - which they seem to have 'written off' somehow.

 

What have I missed ?

[dx100uk]

so 18.276% of that £11k is for PPI and should be included on the spreadsheet as a PPI payment on the date you paid it.

 

dx

[hillards]

so 18.276% of that £11k is for PPI and should be included on the spreadsheet as a PPI payment on the date you paid it.

 

dx

 

[ATTACH]50363[/ATTACH]

 

Like that ?

[dx100uk]

yep that looks better

 

i'd expect their other bits rebates you mentioned to then be taken from that total

 

should be close now

 

dx

[hillards]

yep that looks better

 

i'd expect their other bits rebates you mentioned to then be taken from that total

 

should be close now

 

dx

 

£6,200.15 as per the spreadhseet, less the bits detailed in #52, gives a total of £5,489.24.

 

Their offer was £5,915.10, above the calculated total here, so we're going to take it while we can.

 

OK, so that's less £487.88 to HMRC, leaves £5,427.22 for them to pay us - but I'll reclaim the 'tax' as soon as I can and we're able to get my missus a replacement car. She's already looking on-line

[dx100uk]

there you go got there

 

well done

 

give us a call when the money arrives and i'll mark th thread

 

dx

[hillards]

there you go got there

 

well done

 

give us a call when the money arrives and i'll mark th thread

 

dx

 

Great stuff - will certainly update the thread when they cough up

[hillards]

Congrats on getting an offer that meets your expectations.

 

Thanks. It's not the end of the issue though, there are other possibilities to reclaim invalid insurances on the same loan agreement. That will be in a different thread though, this one is just for the PPI and once we've worked it all out properly their offer is within reasonable range of my figures so we may as well accept, or spend another year arguing about it via the FOS for the sake of a few quid.

 

We have some more claims to start on yet, several more came to light when we got the SAR for this one. If we spend £10 on a SAR and reclaim £200 of charges then it's well worth it. That's what the Barclays one ended up being - http://www.consumeractiongroup.co.uk/forum/showthread.php?421662-BC-penalty-charges&p=4508482&viewfull=1#post4508482 - which we should hear more about soon.

[hillards]

And..... money is in the bank this morning - ** SUCCESS ** :-)

 

The second part of the story for the MIF and insurances is ongoing at http://www.consumeractiongroup.co.uk/forum/showthread.php?422956-Hillards-v-Welcome-MIF-amp-insurances-re-claim

[ims21]

Well done hillards.

 

Your thread title has been changed to reflect your success.

[hillards]

Thank you ims21 for updating the title.

 

A question relating to this: Welcome have deducted 'income tax' from the award of £487.88, against the £2,439.38 interest at 8%. I have asked Welcome for some sort of documentation for this that I can send in to HMRC to get that tax back as I'm on Disability allowance plus a pension and don't get anything near to my full tax allowance. With an overpayment of tax on my pension last year I am only just able to claim that back as it is classed as PAYE. This is a one-off, so can I claim it this year, or have to wait until next April ?

[ims21]

Hi hillards

 

it is standard now to deduct basic rate tax from the 8% interest element.

 

If that is shown on the offer letter and given your situation with regard to benefits I would contact HMRC sooner rather than later and send a copy of the offer letter to them. See what they say.

 

You may be able to accelerate the refund given your circumstances.

[hillards]

...I would contact HMRC sooner rather than later...

 

I'll give the tax office a call and see what they say. The offer letter does show that they will deduct 20% of the interest but there's nothing to tie that to my NI number or a tax office code to enable HMRC to find the money, that was my reason for asking Welcome to give me something in writing.

[hillards]

OK, tax office are always helpful. They need me to get a letter from the DWP about my ESA, showing how much I was 'paid' in the last year as they don't issue a P60 for that and the details take so long to reach HMRC. They will then update my account and can look at making a refund of the tax paid on the PPI. At this stage they cannot say if it would be this year or if I have to wait until the end of the tax year, next April...

[suvin50]

Ask welcome to send you an R185 certificate and forward this to HMRC along with an R40 form claiming the tax back.

[hillards]

Further checks with the tax office show that although I am not in full time employment, my ESA payments are taxable, as are my small pension payments. Together they account for almost 85% of my tax allowance for the year so I may not be able to to reclaim all of the 'tax' that Welcome deducted.

 

I was asked to get a statement of my ESA payments and send that with a copy of the award letter and breakdown. I'm waiting to hear back from the tax office, letter sent today, and guess perhaps 65% if I'm lucky. Better than nothing, and we have already had a sizeable payment so can't grumble.