What Is

[TWR]

The interest rate on £2400? I hope I have put that in the right context, It's something to do with PPI / PPP / over 24years. tia

[boxtops]

I'm confused - PPI's not relative to interest rates, surely? - the PPI I'm reclaiming is a fixed amount per £ outstanding on the debt.


TWR... I still wish you'd put more than 2 or 3 words in your headings, so we know what it's about :-(

[factor-fiction]

But interest at 8% is added when calculating the total amount to be repaid

[boxtops]

Indeed it is, and you're supposed to declare that element to the taxman :-)

[factor-fiction]

Interest amounts are referred to in this link
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html

[factor-fiction]

Yes, we should have added that the amount paid for interest is taxable (just as bank interest is taxable) and I think the tax is deducted at source from the repayment, so if you don't pay tax or pay at 40% you have to sort out a reclaim or pay the shortfall via HMRC

[boxtops]

Not mine, factor - there's a note on my PPI repayment saying "don't forget to declare this as you may have a tax liability"