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Taxman to make money from Payment Protection Insurance


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Surely you'd only pay tax on the rate that you were due to pay in the year that the interest was deemed to have accrued? That makes for some very tricky calculations as interest rates and tax bandings fluctuated.

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nope

you are being paid 'today'

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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I have a question, purely out of curiosity, as this will not apply to me:

 

Some PPI payouts are paid directly to offset/clear other debts with the same bank, so the person never actually has any control over the money.

 

What would happen to the tax man's slice of that?

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So, for example... someone gets their claim upheld, and it's £5,000. £1,000 of that is the 8% interest awarded. Of that, the tax man should be getting £200 (if the claimant is paying basic rate tax).

 

What would happen if XYZ bank offset the whole £5,000 against another debt with themselves. Would the claimant have to pay £200 "out of pocket" to the tax man?

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  • 4 weeks later...

hi,

 

after dealing with a claims handler(edit),

 

the bank offered me a settlement on prior loans i didnt know about,

 

i never informed (edit),of these ones,

 

it is now 2 months after bank has settled on these and (edit),have written to me saying they have been offered a settlement on these loans

and are after there commision,

 

do i need to pay them?

 

already paid them for loans i informed them about.

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start your own thread and please do not advertise

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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