One off my PPI claims as been sent to GT,over 2,900.
But all the the money is the interest only. Due to an accident at work a few years ago i had to claim on the ppi. I get to keep all the interest so no money for EIC on that one HA ha
Was the claims process started before you signed the MVM letter, they only pay interest back on claims which have been started AFTER you sign the letter. Good luck trying to get any money back from them..
Her indoors just said she thought the paperwork we received said something along the lines of GT "should be in a position to repay the interest element" how is it worded on your paperwork..
I wonder which date is the one they will use ... the date the MVM letter was signed or the date of the relevant meeting ( which might not have even happened yet !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
successful ppi claims paid out shall be an asset of the arangement. However the debtor will be entitled to receive any amounts of statutory interest (net of costs) included within any payments received into the arrangement as an incentive for co-operating with the PPI claims process
Going off that you will have to deduct the 35% for claims company and the 15% for GT so you will only get half the money, you will also be liable for tax on the whole amount as well which has to come out of the half you get..
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by nickjohn
Going off that you will have to deduct the 35% for claims company and the 15% for GT so you will only get half the money, you will also be liable for tax on the whole amount as well which has to come out of the half you get..
MVM increased GT fee to 25%, which I believe they take from the gross amount. So £1000 interest pays £350 to Claims, £250 to GT .... don't know if tax is on gross figure or what you end up with ... say the latter 20% of £400 = £80 to HMRC .......
You get £320 [B)]
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
From what I was told the tax is due on the gross amount as this is the cash u have received, the fact you give some away to the claims company and GT is irrelevant in the eyes of the taxman..
