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PPI and DWP

allie007
allie007 Posts: 23 Forumite
Ninth Anniversary 10 Posts Combo Breaker
in Benefits & tax credits
Apologies if this has been asked before. I have found out today that I will be receiving a PPI payout approx £2600, £1600 is gross interest which I know I have to declare to DWP as I receive tax credits. I used a claim company and will have to pay them over £600 from the total amount I receive. My question is do I declare the £1600, as my income wont be increasing by that amount due to the payment to the PPI company, or doesn't that matter?

Comments

  • calcotti
    calcotti Posts: 15,696 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    To be clear. What benefits are you receiving? Your post mentions tax credits but your title mentions DWP. Tax credits are not a DWP Benefit, they are dealt with by HMRC.
    Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    45002 wrote: »
    OP post the same question 3 times in different places
    To be fair, this was the most appropriate forum in the first place and I referred the OP here...
  • 45002
    45002 Posts: 802 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    Moneyineptitude


    To be fair, I did Delete the post once I spotted the mistake.
    Advice given on Assured and Regulated Tenancy, Further advice should always be sought from a Solicitor....
  • allie007
    allie007 Posts: 23 Forumite
    Ninth Anniversary 10 Posts Combo Breaker
    Ah ok. Im receiving working tax credit and child tax credit.
  • allie007
    allie007 Posts: 23 Forumite
    Ninth Anniversary 10 Posts Combo Breaker
    Yes I did post in the wrong place, aplogise for that. Thank you for suggesting this forum.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    45002 wrote: »
    To be fair, I did Delete the post once I spotted the mistake.
    Too late, I'd already quoted you and responded.. :p
  • calcotti
    calcotti Posts: 15,696 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    There is a £300 interest disregard but other than this you will need to declare the full interest for tax credits purposes. So if you have no other interest in the year you would need to declare. £1300.

    It is your choice to have paid a fee, this has no impact on your tax credits.
    Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.
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