Natwest credit card ppi redress offer help

[Bazza]

On reviewing a previous offer details after the recent publicity regarding Banks underpaying claims, I noticed that the attached did not include 8% simple interest.

Therefore is the presentation of figures correct considering the account was passed to Natwest internal debt team in October 2005, in which the account is still open and currently still paying an agreed payment plan ?

Thanks for looking.

[Turboman]

Re: Natwest credit card ppi redress offer help

I think you are right Bazza--it has been missed off

see here--page 106
http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

On reviewing a previous offer details after the recent publicity regarding Banks underpaying claims, I noticed that the attached did not include 8% simple interest.

Therefore is the presentation of figures correct considering the account was passed to Natwest internal debt team in October 2005, in which the account is still open and currently still paying an agreed payment plan ?

Thanks for looking.

[Bazza]

Re: Natwest credit card ppi redress offer help

I think you are right Bazza--it has been missed off

see here--page 106
http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

Cheers for that Turboman.

I will send them a request as to why it was not added.

[Bazza]

Re: Natwest credit card ppi redress offer help

Also if there is 8% simple due (less tax) am I entitled to payment and not offset against the balance ?

[Turboman]

Re: Natwest credit card ppi redress offer help

Different firms treat it differently---some take it off anyway & if you don't pay tax you have to tell them to get it back

Others don't hold anything back and leave it up to you to declare it (lol) if you pay tax

EDIT--above answer addressed the deduction of tax--lol

I think (not sure) but if you have a balance--they can merely use it to reduce the balance by the PPI redress portion--BUT NOT THE 8%--you should get that as its compensatory interest

see page 124 onwards re PS10/12 (link in post 2 above)

Also if there is 8% simple due (less tax) am I entitled to payment and not offset against the balance ?

[Bazza]

Re: Natwest credit card ppi redress offer help

Different firms treat it differently---some take it off anyway & if you don't pay tax you have to tell them to get it back

Others don't hold anything back and leave it up to you to declare it (lol) if you pay tax

EDIT--above answer addressed the deduction of tax--lol

I think (not sure) but if you have a balance--they can merely use it to reduce the balance by the PPI redress portion--BUT NOT THE 8%--you should get that as its compensatory interest

see page 124 onwards re PS10/12 (link in post 2 above)

Thanks again Turboman for your time in responding - all a bit confusing lol !

So therefore compound interest is not taxable but only 8% simple ?

[Turboman]

Re: Natwest credit card ppi redress offer help

Yes..cos you are merely receiving what you have paid. ..but the 8% is extra and taxable

Thanks again Turboman for your time in responding - all a bit confusing lol !

So therefore compound interest is not taxable but only 8% simple ?

[Victoria27]

Re: Natwest credit card ppi redress offer help

Yes, Bazza, Turboman is absolutely correct, as always

8% is extra and taxable. Some companies deducted it straight away, some companies refund you everything without taxes deduction. Then you have to pay taxes on it. They usually write in the letter their calculation and tell you whether taxes were deducted or it is up to you to do it yourself.

V

[Bazza]

Re: Natwest credit card ppi redress offer help

Yes, Bazza, Turboman is absolutely correct, as always

8% is extra and taxable. Some companies deducted it straight away, some companies refund you everything without taxes deduction. Then you have to pay taxes on it. They usually write in the letter their calculation and tell you whether taxes were deducted or it is up to you to do it yourself.

V

Thank-you both as always.

See that's the confusing issue, as they have not applied the 8% simple interest therefore there is no tax deduction ? They have only applied compound interest on premiums paid.

Obviously I have not got a problem paying the tax lol but just wanted a bit of clarity. I see on their covering letter that they mention 'Interest will be paid Gross or net of the lower rate of Income Tax depending on your tax position' ???

I also read on the FOS website that any period before 1st April, 1993 that 15% simple interest is to be applied - has anyone encountered this ?

Sorry for all the questions but its all for a peace of mind.

[Bazza]

Re: Natwest credit card ppi redress offer help

Rather than start another thread, further to the above.

If I have a ppi claim with Natwest on another card account (that is paid up and closed) in which is eventually paid out, can they offset against a separate account in which has a in-house debt plan set-up ?

[Turboman]

Re: Natwest credit card ppi redress offer help

Good question-but I'll leave it to di30 and Victoria27-as I don't know (I'm just a mathematician)-lol:beagle:

Rather than start another thread, further to the above.

If I have a ppi claim with Natwest on another card account (that is paid up and closed) in which is eventually paid out, can they offset against a separate account in which has a in-house debt plan set-up ?

[Bazza]

Re: Natwest credit card ppi redress offer help

Good question-but I'll leave it to di30 and Victoria27-as I don't know (I'm just a mathematician)-lol:beagle:

LoL Turboman,

Cheers for your input anyway

[Victoria27]

Re: Natwest credit card ppi redress offer help

Dear Turboman,

I cannot imagine there is anything you do not know, you seem to know absolutely everything

I do not know the answer to that question, unfortunately.
May be Di does know.



V

[Bazza]

Re: Natwest credit card ppi redress offer help

Dear Turboman,

I cannot imagine there is anything you do not know, you seem to know absolutely everything

I do not know the answer to that question, unfortunately.
May be Di does know.



V

Lol Turboman, I wouldn't go that far. I only know what I have learnt from everyone on here but I am afraid that there is always something else to ask, hence why I use this site.

Hopefully someone else can clarify.

Cheers

Bazza

:tinysmile_twink_t2:

[Victoria27]

Re: Natwest credit card ppi redress offer help

Dear Bazza, I hope somebody will be able to answer. I am sure.
This is a wonderful forum and we constantly learn something from each other.

V