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Reclaiming PPI payments from account settled with reduced settlement payment

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Does anyone know if you can reclaim PPI payments after settling an account with a reduced settlement payment? It is marked as settled in my credit file but as I did not pay the full amount owed, I do not know if I can make a claim for PPI mis-selling. Even if I am successful in my claim, would I receive payment or would they reduce it by the amount I underpaid on settlement?

As always, any advice gratefully received.
[STRIKE]Cahoot £327, Nationwide £1400, Capital One £500[/STRIKE]
Mint [STRIKE]£1295[/STRIKE] £725
Santander (Wescot) [STRIKE]£3300[/STRIKE] £2110
CURRENT TARGET = HSBC [STRIKE]£3250[/STRIKE] £2900
Natwest £500
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