Strange Refund!

[PABBY]

We've just received a letter from our Mastercard company (Tesco Bank) stating that we have been credited with a refund from August 2012 that had originally been sent to an expired card. The refunded amount was £42, but they've added on interest at 8% and refunded us a grand total of £75.14 (after deducting £8.28 tax)!

My DW immediately checked our card and yes, there was a £75.14 credit on there!

Has anyone ever had such a strange refund after almost 9 years?

[Dinglebert]

Originally Posted by PABBY

We've just received a letter from our Mastercard company (Tesco Bank) stating that we have been credited with a refund from August 2012 that had originally been sent to an expired card. The refunded amount was £42, but they've added on interest at 8% and refunded us a grand total of £75.14 (after deducting £8.28 tax)!

My DW immediately checked our card and yes, there was a £75.14 credit on there!

Has anyone ever had such a strange refund after almost 9 years?

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Odd. Why did they deduct tax?

[Colette-S]

What I lovely surprise. Never happened to me but it would take a lifetime with the amount of cards I’ve lost and cancelled over the years.

[Hopefuldad]

Not quite as good an amount as yours, but we had a £3.33 payment from county court last year. Was very confused about it. Made a few phone calls and turned out it was compensation from 2009 when someone slashed one of our tyres.

[Dinglebert]

Originally Posted by Hopefuldad

Not quite as good an amount as yours, but we had a £3.33 payment from county court last year. Was very confused about it. Made a few phone calls and turned out it was compensation from 2009 when someone slashed one of our tyres.

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That'll teach them not to do that again.

[PABBY]

Originally Posted by Dinglebert

Odd. Why did they deduct tax?

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The letter states that you have to pay tax at 20% on interest earned.

[Emmie2016]

I recently got a credit of 20 odd pound. It was from a debt I had when I was 18. That was 12 years ago haha. I had interest aswell.

[Tsoski]

When I went fishing for PPI with the Co-Op for a loan I took out as a student, they told me I didn't have any claim.

A few weeks later though I got a letter through saying there had been an issue with not sending me the right documents during the loan term and they were refunding the interest I had paid. Was about 6 years after I had settled the loan but was a cheque for £440 so that was a pleasant surprise.

[storm]

Tesco had an issue with charging twice ( was in the national press) so maybe that's why you have a refund.They were unable to refund original card hence delay.

[Dinglebert]

Originally Posted by PABBY

The letter states that you have to pay tax at 20% on interest earned.

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Not exactly true. You have to pay tax if you earn more than £1000 interest in a tax year.