Black Horse PPI reclaim

[Bill-K]

Re: Black Horse PPI reclaim

We'll be glad to check your settlement offer, D1anne. If you prefer privacy, there is an email address that Turboman and I use for this purpose.

As regards the tax - your refunded PPI is not taxable, but any 8% compensatory interest you receive IS liable for Income Tax. So - technically - this should be declared as income to HMRC. However, if you are below the tax threshold, then of course you should not have to pay tax on this. Some lenders are now deducting Income Tax from this 8% interest, which I personally don't think they should be allowed to do, and I'm not exactly sure how you should go about preventing them from doing this - but I would suggest that you tell them you are exempt from tax, and that there should be no deduction. Hopefully, another member will be able to help with this.

[d1anne]

Re: Black Horse PPI reclaim

Leave it to our resident experts because their may well be a special calculation for working out the interest and our Turbs, Bill and Di are the best around hun.

Lets see what they have calculated and let our experts do their magic with the sums. I am sure as eggs are eggs they may have not calculated it correctly as I have known many members after consulting with our experts did get more money awarded as per FSA guide lines. Also, hun I would suggest if you do not get the workings from the bank re the PPI refunds then either an SAR (which cost £10 - they then have 40 days + 2 to respond) then their data controller has a responsibility to provide any information that you request. I am also a firm believer in keeping everything in writing and not phone calls as they can deny having agreed something with you like sending you the calculations and then not doing it.

Have a lovely Xmas and a peaceful and healthy 2013 x

Yes tuttsi I was thinking that they may have calculated things wrong as well, hence the reason for me wanting to double check, will see if they come back to me with info i need and post it up to see if anyone can help me check it out.

Re: Black Horse PPI reclaim

Leave it to our resident experts because their may well be a special calculation for working out the interest and our Turbs, Bill and Di are the best around hun.

Lets see what they have calculated and let our experts do their magic with the sums. I am sure as eggs are eggs they may have not calculated it correctly as I have known many members after consulting with our experts did get more money awarded as per FSA guide lines. Also, hun I would suggest if you do not get the workings from the bank re the PPI refunds then either an SAR (which cost £10 - they then have 40 days + 2 to respond) then their data controller has a responsibility to provide any information that you request. I am also a firm believer in keeping everything in writing and not phone calls as they can deny having agreed something with you like sending you the calculations and then not doing it.

Have a lovely Xmas and a peaceful and healthy 2013 x

mmm interesting to know Tuttsi i thought stat 8% was standard, so does this mean I should get more ?? I will post further info requested before when i receive the spread sheet i have requested, this is hoping that the information is actually showing on this sheet as i was told when I called them.

[d1anne]

Re: Black Horse PPI reclaim

Statutory interest is 8% that is if you are doing a court claim. I am sure Turbs, Bill and Di will make sure you get everything and I man everything to obtain the correct amount of interest.

mmm interesting to know Tuttsi i thought stat 8% was standard, so does this mean I should get more ?? I will post further info requested before when i receive the spread sheet i have requested, this is hoping that the information is actually showing on this sheet as i was told when I called them.

Re: Black Horse PPI reclaim

Statutory interest is 8% that is if you are doing a court claim. I am sure Turbs, Bill and Di will make sure you get everything and I man everything to obtain the correct amount of interest.

No Mr Kangaroo, its 20% tax on statutory interest what ever that is !!!!!! but as i am unemployed i dont believe i should have to pay tax........

[d1anne]

Re: Black Horse PPI reclaim

Hi d1anne, you mentioned 'TAX' on your original post. Is it 20pc VAT they are trying to take?

No Mr Kangaroo, its 20% tax on statutory interest what ever that is !!!!!! but as i am unemployed i dont believe i should have to pay tax........

[Mr Kangaroo]

Re: Black Horse PPI reclaim

Hi d1anne, you mentioned 'TAX' on your original post. Is it 20pc VAT they are trying to take?

[d1anne]

Re: Black Horse PPI reclaim

If you phone tomorrow--ask them to give you the detailed information on the calculations--if they will do that--it will save the need for a DSAR

Hi, Just an update, have been on the phone this morning to black horse requesting a detailed explanation of how they have worked out the calculation for my settlement, I was told that this is the copy of the calculation they have used to work out my settlement, the guy was getting a bit stroppy on the phone when i was asking for this information, asked what i didnt understand and i told him that i didnt understand why the mninuses in loan one and 2 were showing yet in the summery it didnt show this being paid back to me, i also said that the explanation i have received didnt show me the dates of the agreements, dates of first payments and ammounts, amount of PPI on each loan etc he said he had another spread sheet showing this info that he would send me.

So I guess now I wait and see what i receive through and see if i can then make any sense of it and maybe it will give me the info Turbo asked me about in an earlier post so that it can be checked to see if what they are offering me is correct before I sign the acceptance letter.

ill keep you posted.

[brummie]

Re: Black Horse PPI reclaim

Hi

Sorry to bump in here....maybe my experience of SARS might be of help to you.

If you are to request a SARS to check your figures, i beleive you can use your request to hold the time set against replying to the offer.I.E. if you state that you require a SARS before you accept any offer i beleive the bank must up-hold your request to an extention of time, as the SARS is your right to exposure of your information. The full and final statement only makes people scared and want to take the money....

In my experience i have found that;

Put everything in writing. ( SARS requests forms on the forum..)
Check and double check that when you send your requests it is going to the right place.
Send it recorded, or signed for.
Take it into a branch, get the manager to stamp and sign it as being a bank-related document, and get them to fax it to their relevant PPI team. Then get a copy of the fax transmition.

As you are dealing with bank buisiness they have no right to dismiss sending these documents for you, to the departments that are relevant.

Good luck.....(butt-out, now!!lol....):santa_smiley:

[Turboman]

Re: Black Horse PPI reclaim

If you phone tomorrow--ask them to give you the detailed information on the calculations--if they will do that--it will save the need for a DSAR

[d1anne]

Re: Black Horse PPI reclaim

Sorry for the confusion, D1anne - I assumed this was Black Horse from the thread title - but I guess these loans were from other members of the Lloyds group - or recently acquired lenders.

If the acceptance form says 'full & final settlement,' then there is a deadline, and you may need to decide by then. Getting DSAR data usually takes 40 days or more, so I doubt if you'll be able to check the figures until after the deadline expires. However, as the details of the offer are insufficient to enable you to make an informed choice as to whether the offer is correct and fair, then you should be able to write and tell them that you will need more time. You could tell them that you have sent A DSAR, but you realise this may take some time to be complied with. You could ask them if they would kindly directly send you the data they actually used in their calculations, in order to reduce delay. But - make sure you get an acknowledgement of this letter.

Meanwhile, if you can answer Turbo's questions as accurately as possible, we might be able to get a preliminary idea.

Hi Bill, thaks for thr reply, when i said i didnt have an account with Black Horse I meant a bank account ( so i dont have an account number etc )
I DO however have agreement numbers for all 3 of my loans, and I know how much they were for, I also know the dates of them, its the other info info Turbo asked about that i dont have, when i look at the offers, I believe that I probably paid more PPI then the offer says...... my guess anyway which is what i think i need to question. Ill give them a call tomorrow and see if they can give me any info on the phone, failing that I will write to them asking for a more detailed explanation of how they have worked out what they owe me. It does say that the offer is a final response, but it doesnt say a date of when i should return the signed agreement, Also i dont understand the bit ( Iv typed above in an earlier post ) that in loan 1 they have a minus £121.87 carried forward to next loan and in loan 2 they have minus £396.59 carried forward to next loan, i would have thought that as these figures were carried forward they should be refunded to me ????? maybe im picking the info up wrong........

[Bill-K]

Re: Black Horse PPI reclaim

Sorry for the confusion, D1anne - I assumed this was Black Horse from the thread title - but I guess these loans were from other members of the Lloyds group - or recently acquired lenders.

If the acceptance form says 'full & final settlement,' then there is a deadline, and you may need to decide by then. Getting DSAR data usually takes 40 days or more, so I doubt if you'll be able to check the figures until after the deadline expires. However, as the details of the offer are insufficient to enable you to make an informed choice as to whether the offer is correct and fair, then you should be able to write and tell them that you will need more time. You could tell them that you have sent A DSAR, but you realise this may take some time to be complied with. You could ask them if they would kindly directly send you the data they actually used in their calculations, in order to reduce delay. But - make sure you get an acknowledgement of this letter.

Meanwhile, if you can answer Turbo's questions as accurately as possible, we might be able to get a preliminary idea.

[d1anne]

Re: Black Horse PPI reclaim

Also I didnt have an account with black horse, I do however have the 3 agreement numbers for the loans, i assume i would quote these whenh writing to them ??

[d1anne]

Re: Black Horse PPI reclaim

Yes--if you want us to check it properly

You have 2 options

1. Request a detailed explanation as expected from the FOS Guidelines (Bill or Di will ref the info shortly for you)
2. Send a formal detailed SAR costing £10 and which they have 40 days to reply (If you decide that route--I've recently posted up an SAR (a detailed one) here

http://www.legalbeagles.info/forums/...117#post298117

Going out till 9:00pm--will call in then -no doubt Bill & Di will chip in soon too

Turbs

Thanks for the replies guys.

So when i send the template letter do i still have to send a £10 postal order ?? and can they withdraw the offer they have already made to me ??

None of these loans are still going they have all been paid off in full. but for all i know I may be due more from them, I also notice from what i have typed above ( there offer and working out ) that there has been no compensation included from them, should there have been some for the fact that they have missold me these policies ??

[Bill-K]

Re: Black Horse PPI reclaim

Agreed !!!