Discussion
Gents,
I had ppi applied to a loan without my consent a few years ago, I queried it recently and the bank confirmed they were at fault.
I've just received a letter with an offer to repay the payments with a reasonable amount of interest however they are saying a certain amount will be withheld for tax, as though this payment were income.
I would have thought that the funds they took from me were already taxed, being part of my income.
Or is this correct?
I had ppi applied to a loan without my consent a few years ago, I queried it recently and the bank confirmed they were at fault.
I've just received a letter with an offer to repay the payments with a reasonable amount of interest however they are saying a certain amount will be withheld for tax, as though this payment were income.
I would have thought that the funds they took from me were already taxed, being part of my income.
Or is this correct?
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