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PPI and DWP

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
2 replies 831 views
allie007allie007 Forumite
18 posts
edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
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?

Replies

  • MoneyineptitudeMoneyineptitude Forumite
    26.1K posts
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
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    allie007 wrote: »
    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?
    Probably better asking on the Benefits board of this forum;
    https://forums.moneysavingexpert.com/forumdisplay.php?f=139

    (Yet another reason for not using a Claim Company)
  • brettctabrettcta Forumite
    4.2K posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    It’s likely the DWP will base it on the gross amount as they haven’t instructed you to use a CMC and will see it at £1600 earnings. The fact you have to pay a CMC is your problem, not theirs
    helpful tips
    it's spelt d-e-f-i-n-i-t-e-l-y
    there - 'in or at that place'
    their - 'owned by them'
    they're - 'they are'
    it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)
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