1)I have PPI claims going through and Papylan have said that whilst I get ssoem of the stautory interest I am not entitleed to it all and only up to a maximum of £100. Is this correct?
2) I am thinking of stating a part time ebay business. Starting small and seeing what happens. After speaking with Payplan they first said they would see what my tax returns would be at the end of the year, which I think is fair, to see how much profit I would earn. But then he also said my monthly amounts would increase. How is this so as each month you could earn different amounts. different.
Hi and welcome, whilst personally I cannot answer your question I will keep this bumped up for you to enable another poster who does know to reply to you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
The interest payable on PPI claims is taxable and if the lender does not deduct this at source you will be liable. If this is the case you should be covered by your IP to whatever level of the HMRC liability and not capped at £100!
You should also be able to start a business but any review should be done at the end of the year and your payments increased going forward if affordable. I cannot understand how your payments can increase before the tax returns are submitted if that is what is being suggested.
Last edited by Michael Peoples on Tue Oct 21, 2014 9:16 am, edited 1 time in total.
Thank you very much for the advice. That has helped. I will speak to Payplan about the tax on PPI interest as they have not mentioned that to me.
As for the ebay idea definately something to think about then if the monthly payments would only go up after the tax return and be realistic and affordable.
Hi some good news this week. Previously Payplan said I was capped at £100 but this week they are giving me back £1500 from ppi refunds. Don't give up hope on ppi we are entitle to the interest back if nothing else and you just never know how much it will be. A complete shock for me
Thank you. It definitely is a turnaround. Payplan said the tax was already paid so all should hopefully be settle. Thanks for your help and advice though it has been very helpful merry Xmas
