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Claimed from first plus and received an offer. It gives the option of taking the money or paying the money towards the loan. If i chose to take the money my monthy loan payments then increase, i'm confused, is this right?

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FP LOAN june 2006.

 

loan of £30k

ppi charge £5,979 making loan 35,979.

 

Monthly ppi payment of £51.86.

 

Got back initial ppi after 5 years of £5979.

 

Offer now made of £4904.29 and £817.12 for 8%.

 

If they recalculate loan monthly payments go up from current £329 to £346.

 

Does this sound right?

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Strange as it may seem it could be correct.

 

I'm happy to do some maths for you though but can you let me know the normal monthly repayment i.e. was it exactly £329 or were there pence involved?

 

What was the original term of the loan in months?


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1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

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3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

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Thanks, much appreciated. I've been paying 329.51, although this had gone up and down a few times with interest rates but has been static for some time. The loan is over 204 months.

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OK Thanks.

 

Bear with me cos I'll have to have a look at this in the morning for you


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Sorry realised second post not clear, the 4904.29 includes the 8% payment of 817.12, from which they have already deducted 20% tax.

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Hmm....can't make it work at the moment.

 

Any chance tou can post up the agreement please (MINUS ANY PERSONAL DETAILS)

 

Use this method by dx100uk

 

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc using paint program

but leave all figures and dates. {DO NOT USE A BIRO OR PEN]

convert existing PC files to PDF [office has an installable print to PDF option]

..

goto one of the many free online pdf converter websites [http://docupub.com/pdfconvert/]

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

try and logically name your file so people know what it is.

i'e Default notice dd-mm-yyyy

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Thanks

 

I've attached a file which contains the offer and Page 3 contains details from the original agreement. I did get back the original PPI payments of 5979 in 2011. Should also say they made this offer in September and I've been sitting on it until I found this extremely helpful site.

 

Also, it says they have deducted 20% tax from the 8% payment so would I have to inform the tax office or would that only be if I paid higher rate tax or was due a refund?

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Ok done it. Sorry for delay but work gets in the way sometimes :lol:

 

I've run this through the spreadsheets and making an allowance for the fact that I don't know exactly what dates the repayments were made or the interest rate changes were I broadly agree with the figures they have presented to you.

 

The amount of £4,087.17 represents the PPI part f the loan repaid and the contractual interest on it.

 

The amount of £2,828.60 that they mention a bit later is the actual contractual interest paid on the PPI part of the loan.

 

Taking one from the other we end up with the amount actually paid in respect of the premium itself which is £1,258.57.

 

On the restructure, hopefully this will explain it...

 

1) If you elect to have the adjustment done via the loan then the only adjustment needed is to refund the contractual interest part to the account i.e. £2,828.60 and this is the part where they say that the balance of the loan will reduce from £28,288 down to £25,459. This is because you have already had the full PPI premium refunded to you by way of cheque back in 2011. Also there is no adjustment to the account for the 8% as they have stated that this will be paid to you direct anyway.

 

2) If you elect for the refund to be made to you then there will be an increase in the balance of the loan to the tune of £1,258.57. This takes it from the £28,288 up to £2,9546. Remember that you have already had the full premium refunded to you (the cash back offer) but the £4,087 includes £1,258 of premium payments. So if they physically give you back the £4,087 they will actually be refunding you £1,258 too much in premium so they will add that to the loan.

 

As regards the 8%, personally I would let the tax office know about it. If you are a basic rate taxpayer then there will be nothing extra to pay in tax because the 20% has been deducted at source. If you are a non taxpayer then some or all of that 20% deduction could come back to you via HMRC. If you are borderline Higher Rate payer then this interest could tip you over into the higher rate and a little bit more tax may be due.

 

I don't know what your personal circumstances are but don't forget that the requirement is to make a full declaration of income etc to HMRC so better safe than sorry and I would declare it. The bank will be passing the information to them as well so if you don't let them know then they may well ask why you didn't declare it and generally we don't like HMRC asking questions.

 

Don't forget that if you receive this interest in the 2012/2013 tax year then it should be declared on your returns for 2012/2013.


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Thank you so much, i really appreciate you taking the time to help me out. I'm a basic rate tax payer and have never completed a tax return, is there a specific form/time frame that i should do this. Do i declare tthe whole offer or just the £817?

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Hi

 

First off you don't need to do anything until you actually get the money.

 

As you have never completed a return I would simply write to HMRC telling them in a letter that you have received £x in interest as a result of a PPI claim and that £y has been deducted as tax. When the bank pay you they should ideally give you a certificate of tax deduction. If not, just enclose the letter you have received which you posted above.

 

At least that way you have fulfilled your obligation to advise HMRC and have done it in writing.

 

If they require you to complete a tax return they will send one out to you or of you feel safer you can request one from them.

 

You would declare the gross amount of interest of £1,021.40, the tax deducted of £204.28 and the net amount of £817.12.

 

You don't need to declare anything else in respect of this claim.


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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Hi

 

Many thanks. What a great site, will definitely be making a donation when the cheque arrives :)

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:thumb:

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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