Please help - anyone know anything about PPI and/or child tax credits?

[JudithOfThePeace]

Right, we're reviewing our finances and like many people, we've found things to be a bit grim. It's not panic stations, but it's not easy.

Firstly, we're wondering whether we might be due some PPI compensation. We've had loans in the last 7 years with Lloyds TSB and Natwest. Can anyone give me a brief idiot's guide to what I need to do to investigate this?

Secondly, I'm sure we used to get about £80 a month as some sort of child tax credit thingy after DS was born nearly 5 yrs ago. Or do I mean child benefit? What's the difference? Any ideas why we don't get it any more? ShouldI be claiming something for DD - she is 20 months.

Any advice or words of wisdom gratefully received!

Well child benefit is £20 per week for first child and £13 for each subsequent child.

Look on www.gov.uk to see if you'd be entitled to tax credits.

Ah, so probably child benefit, then? Will look at government website. Not sure why we're not getting it any more, though.

Thank you.

Go to moneysaving expert, Martin Lewis site for advice re PPI compensation
here We did this and both got a fair amount back, no fee.

Go on the Financial Ombusman website for all you need to know about PPI reclaim. They have forms you can use etc

Ombudsman

Thanks for that link. There's links to the ombudsman stuff on there, too, so it's very handy. It doesn't look as straightforward as I'd hoped but I am probably just lazy!

Do you not get child benefit for your first child still?
Can you work out when it stopped as new rules came into force in January which stopped earners in the higher tax credit claiming child benefit.

Reclaim PPI guide from moneysavingexpert.com.

For the rest you can run your circumstances through the benefits checker at www.turn2us.org.uk. That will show you what, if anything, you are entitled to claim as a family. You'd have had to consciously opt out of Child Benefit so I don't think that was your £80/month. However, you may have initially received Child Tax Credits and the thresholds for that went down about 18 months ago.

Thanks ladies. I'm looking at it all again now while DD naps.

That turn2us website looks very good - that's my first job, I think. I feel rathe silly for not knowing whether it was Child benefit or Tax Credits. Is it possible that when I changed banks the info didn't get passed over and that's why? Or, as you say, maybe it's the higher tax threshold thing.

Thanks again.

The suggestions and links to Martin Lewis and Financial Ombudsman websites are excellent advice. Both have downloadable templates and easy-to-use tools for anyone running DIY PPI mis-selling claims.

In addition, I would suggest you send £2 to Equifax or Experian and request a copy of your Statutory Credit Report ( don't be tempted by their "FREE" offers for which you will have to sign-up for a trial and ongoing monthly payments ).

You will get instant online access to your Credit Report which can help jog your memory about long-forgotten credit cards and loans.

Some of the biggest PPI mis-selling payouts I've seen have been from credit cards started as far back as the 1990s. One MBNA cardholder I know of received a settlement totalling £46,728 on a card he signed up for in 1998 - most of the settlement was actually a result of adding 15 years worth of statutory interest at 8% to his refund!