Announcement

Collapse
No announcement yet.

Successful PPI reclaim on defaulted account

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Successful PPI reclaim on defaulted account

    Good morning everyone,

    It's been 10 years since the credit crunch when I defaulted on a number of accounts. After the initial flurry of letters, I never heard a peep from this particular account. I've not moved in over 12 years and never received notice of assignment for this account so wasn't sure whether it ever got sold to a DCA.

    It would probably be too late now to try and get statements from accounts defaulted 10 years ago so I got in touch with a CMC earlier this year, who only asked you to tick boxes for those companies you thought you may have had accounts with, including banks, credit card companies, storecards, etc. Their services were no win no fee so I said, why not give it a go.

    I have recently received a pleasant surprise, in the form of a payment for a few grand for PPI on this account. CMC did all the groundwork for 25% which, under the circumstances, wasn't bad at all, since I wouldn't have known where to start. The account was live for around 15 years, so a lot of PPI was accrued. Was a little surprised to hear that the 8% statutory interest is taxable, I don't recall hearing that before, maybe it's something new.

    TV ads constantly remind us that the final deadline to reclaim PPI is the 29th of August, so I'd like to encourage anyone who hasn't tried it yet, to do so, even if you use a CMC who keeps some of the money, it is money you'd never have had.

    Despite the lack of clarity regarding assignment of this account, the OC paid out instead of offsetting. This had been the reason for not doing anything earlier but now the deadline is upon us, something had to be done and it paid off. YAY!

  • #2
    I forgot to say, the CMC is still working on other accounts I had, so there may be more good news. The deadline is just to submit the initial claim, not to finalise the process and get a payoff, which can take months.

    Comment


    • #3
      I had a small reclaim recently and I had some tax deducted from the payment. As I am a non taxpayer, I wonder if HMRC will repay the tax for me.

      Comment


      • #4
        Originally posted by Warwick65 View Post
        I had a small reclaim recently and I had some tax deducted from the payment. As I am a non taxpayer, I wonder if HMRC will repay the tax for me.
        You can always try to ask for a tax refund, if you don't earn above the tax free allowance, you shouldn't have to pay. That's not the case with me at the moment though.

        Comment


        • #5
          You can claim tax back from Hmrc, call them and they’ll tell what part of their website you’ll need to claim it. Note it is quicker to do it online rather than a paper claim.

          Comment


          • #6
            I had the pleasure of a refund of bank charges, have just had the refund from HMRC as I don't earn anything so don't pay tax.
            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

            Comment


            • #7
              Originally posted by nightwatch View Post
              I had the pleasure of a refund of bank charges, have just had the refund from HMRC as I don't earn anything so don't pay tax.
              That's very good news, sadly I do have to pay tax. But I didn't know you could reclaim bank charges, I thought this matter had been settled over 10 years ago. What sort of charges did you reclaim? For unpaid direct debits? Unauthorised overdraft?

              Comment


              • #8
                I would be interested as well as I have significant bank charges from Halifax (sold and now SB) , Nationwide (sold and SB) and Santander but this has not been sold but is SB

                Comment


                • #9
                  It was a packaged RBS account, bullied into taking it out in 1999 by one of their " advisers", Insurance was no good for hubby as he was a fireman, so sickness and other things already covered,

                  most of the "other benifits" were of no use, appart from the preferential overdraft fees, that we ended up using, to the point that Hubbys wage went in, paid off overdraft, then they paid all bills out of the overdraft we had just paid off,

                  I went through MSE reclaim site, was a shock to get it back
                  I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                  If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                  Comment


                  • #10
                    Hi I have read your post that you have discussed on PPI reclaim. so here I would to give some advice that As far as I know you can still try to reclaim on the PPI if this was miss sold to you if in default.You can also do this on here with no charge, as I understand these claims companies do charge and keep so much of your money, so be careful just in case.

                    Comment


                    • #11
                      https://www.fca.org.uk/news/press-re...eadline-closes

                      PPI reminder from FCA check and try to remember if PPI in many years past
                      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                      Comment


                      • #12
                        Originally posted by jhonpaul View Post
                        Hi I have read your post that you have discussed on PPI reclaim. so here I would to give some advice that As far as I know you can still try to reclaim on the PPI if this was miss sold to you if in default.You can also do this on here with no charge, as I understand these claims companies do charge and keep so much of your money, so be careful just in case.
                        Yes, claims companies do take their commission but then 75% of something is better than 100% of nothing. And there's some further news in this case: the claims company received an offer from another bank, for the same credit card! Turns out they were responsible for this card until 2002, even though the bank I originally took the card with ceased to exist 10 years ago. So this other bank made a further offer of just over £1,000, saying they had no data from that long ago, and neither did I, since this refers to a period in the last millennium, and the card's credit limit was initially just £500 in the '90s, so I accepted the offer.

                        I don't recall ever reading about reclaiming from two different companies for the same credit card, so it would never ever have occurred to me, hence there may be an advantage in using a claims company. All in all, I'm left with around £4,000 in my pocket after tax and commission, not bad when the alternative was zilch!

                        Comment


                        • #13
                          Originally posted by Warwick65 View Post
                          I had a small reclaim recently and I had some tax deducted from the payment. As I am a non taxpayer, I wonder if HMRC will repay the tax for me.
                          Originally posted by Aster View Post

                          That's very good news, sadly I do have to pay tax. But I didn't know you could reclaim bank charges, I thought this matter had been settled over 10 years ago. What sort of charges did you reclaim? For unpaid direct debits? Unauthorised overdraft?
                          Originally posted by nightwatch View Post
                          I went through MSE reclaim site, was a shock to get it back
                          Speaking of tax and MSE, I found on that site, that you can reclaim the tax on the PPI interest as noted here: https://www.moneysavingexpert.com/re...insurance/#tax

                          Comment

                          Who's Viewing Thread: 1 (0 members and 1 guests)
                          Working...
                          X