Have you claimed your PPI Tax Refund?

Have you ever had a successful PPI claim pay-out from your bank or other financial institution?
If you have, then the chances are that you could now be due a tax rebate!

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Most people without knowing paid too much tax on their PPI refund.

This was automatically deducted at source when the claim was processed, even though most people did not need to pay it.

In April 2016 changes to personal tax allowance were introduced which allows taxpayers to earn up to £1,000 a year tax-free on their savings and this also includes the statutory interest paid on any PPI refunds they may have had. As PPI is taxed as a lump sum payment at the point it is paid, most people who have paid tax on PPI refunds since April 2016 are entitled to some money back.

Why am I able to claim?

When you received a PPI refund you would have received interest on your payment. Your bank will have deducted tax from the interest element of the payment and you received the balance as redress. However, if the total interest you’ve earned from your savings and the PPI statutory interest is less than your personal savings allowance, you can claim all PPI tax paid during the last 5 tax years.

What is your fee?

If we are successful with your claim we will be entitled to a fee of 40% at a flay rate per claim.

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How long will the claim take?

Each case is different depending on circumstances, when we submit the claim we will have a good indication of the potential timescale.

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What is PPI?

PPI was often sold to people when they took out credit such as loans, credit cards, store cards, overdrafts, & mortgages. It was sold to cover the monthly repayments in the event that the individual was unable to pay. This included things such as redundancy or illness & injury which meant they were unable to work. However, PPI was often mis-sold, and many people weren’t even aware it had been added to their credit accounts.

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How much will I get back?

It varies hugely depending on the size of your PPI pay out and when you took out the loan.

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How was PPI mis-sold?

Up until 2012, if you went to the bank to take out a loan, finance deal for your car, or a credit card, then there’s a chance you’d have been sold PPI.

Banks and other financial institutions often explained PPI poorly, missing key details such as what it covered, whether the customer really needed it and whether or not they’d be able to make a successful claim.

In some cases, banks simply added it to loans without customers’ consent.

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Do I have to give my bank details?

We will not ask you for your bank details until we have your payment from HMRC. The reason we then ask you for them is to bank transfer your payment. If you still do not want to give us your bank details we can send you a cheque.