ppi and benefits

[SHEEPOFDESTINY]

hi can someone advise me please . Being a pensioner and receiving housing benefit if I get compensation for mis sold ppi will it effect my benefit. Any advice would be appreciated.

[Amethyst]

Re: ppi and benefits

I believe it wouldn't affect you unless the refund would be over £10k and then only affect you as if you were earning £1 for every £500 you have in capital over the £10,000.

So if the refund was £12,000, you'd be deemed as having £4 of additional income.

However if it was over £16k it would remove your entitlement to housing benefit entirely ( while you still had over £16k in the bank)

Are you expecting a large PPI payout ?

[EXC]

Re: ppi and benefits

hi can someone advise me please . Being a pensioner and receiving housing benefit if I get compensation for mis sold ppi will it effect my benefit. Any advice would be appreciated.

The 8% statutory interest element of any PPI compenstion is treated as income for the purposes of income tax by HMRC (in the same way as interest earned on savings) and so may well be treated as income for housing benefit purposes. I'd ask them directly.

[SHEEPOFDESTINY]

Re: ppi and benefits

thank you for your reply it is very useful

[SHEEPOFDESTINY]

Re: ppi and benefits

I believe it wouldn't affect you unless the refund would be over £10k and then only affect you as if you were earning £1 for every £500 you have in capital over the £10,000.

So if the refund was £12,000, you'd be deemed as having £4 of additional income.

However if it was over £16k it would remove your entitlement to housing benefit entirely ( while you still had over £16k in the bank)

Are you expecting a large PPI payout ?

Thank you for your reply. We are pensioners now after having our home repossessed in 2009 we receive housing benefit. So we went through a claims company to see if we had any ppi. It turned out that we have several mainly in 2001 -2003 and one prior to these dates. we have heard on three at the moment 2 for 5,000 and one 1000. But we have to pay 30% to the clams guys.

[EXC]

Re: ppi and benefits

Thank you for your reply. We are pensioners now after having our home repossessed in 2009 we receive housing benefit. So we went through a claims company to see if we had any ppi. It turned out that we have several mainly in 2001 -2003 and one prior to these dates. we have heard on three at the moment 2 for 5,000 and one 1000. But we have to pay 30% to the clams guys.

Have you actually received the refunds yet or just had notification that you will? You need to be careful as the Claims Guys might want their money before you get it http://legalbeagles.info/forums/show...he-claims-guys

[SHEEPOFDESTINY]

Re: ppi and benefits

We have received notification but the claim company have said theywill wait until we receive the payment,