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PPI and pension credit.

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This is a question from a close neighbour and involves PPI and Pension Credit.

They claim Pension credit and have recieved a Payment off a claim for PPI which relates to a claim dating from 1993.

Thay have paid tax on it and are wondering if it will affect there claim for Pension Credit, just to clear up the figure which is less than £6,000.

Will they lose there PC or does it go onto saving and if so what is the figure which would lose there PC, they already have savings which would take it to just over £10,000.

Many thanks for any help.

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  • dunstonh
    dunstonh Posts: 116,696 Forumite
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    Thay have paid tax on it and are wondering if it will affect there claim for Pension Credit, just to clear up the figure which is less than £6,000.

    It wont have a direct impact. However, the next time they are asked to supply their balances, it would have an impact if the value is higher than the point to which savings reduce the credit.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • welshee
    welshee Posts: 364 Forumite
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    Thanks for your swift reply i will pass it on.
  • societys_child
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    I think the limits are £6k for a single person, £10k for a couple.

    So sounds like "they" are over, but it's an expensive time of year, presents to buy and all that . .
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