Ppi Reclaim Mistake ?

[EDDIE51]

I an reclaiming PPI from loans I had several years ago.
I was offered £1126 which I thought was fair and accepted. I have finally got the cheque and it is for over £4000 . The settlement letter did say the final figure might not be the exactly the same as the offer but I never expected to get this much. Is this likedly to be a mistake and if it is will they cancel the cheque ? I have already banked it . Anyone else had something like this ? . I did not use a claims company just did it myself and it was very easy , just one letter to write and the loan company did the rest.
I am just panicing that they will stop the cheque.

[boxtops]

Wow - well done, Eddie. I've never had this happen, my refunds have always been the amount they suggested in the offer letter.

If you want to.... you could always give them a ring and ask for a breakdown of the final payment. They should give you this in writing anyway, since you need to know (for tax purposes) how much of the settlement relates to the 8% interest they will have given you on the refund amount.

[EDDIE51]

Hi boxtops I'm afraid to call them incase they realise they have made a mistake. I'll just leave it and hope the cheque clears. There was a full breakdown of how it was worked out in the offer letter and £200 tax been deducted from the £1126 so there must be a lot of tax on this one.

[factor-fiction]

Those amounts in the initial letter don't seem to add up Eddie. Tax is only payable on the interest element so if the tax was around £200 then the interest amount must be around £1000. In addition to the interest there will be any repayment due. Having said that, the interest seems too high if the final cheque was only £4000
Have another look at the original letter

[Peter Pedant]

Hmm lucky boy Eddie

I would wait and see.

Oh, I might write and say I have received a cheque for Exks thousand in full and final settlement of my claim of so and so.

and then wait and see.

[EDDIE51]

Have had another letter today that should have been sent before the cheque arrived. It explains that in the original offer the intrest was incorrectly worked out and was not backdated to the original loan date, Anyway the amount is correct . Yippee !!!!