Thousands of people are realising that they can make payment protection insurance claims on policies that were mis-sold to them in the past and that the financial benefits of claiming could be very rewarding.The amount people receive from PPI refunds depends on how long they have been paying the premiums as some claims can be made on policies taken out as far back as 2001.Mike Warburton, tax director at Grant Thornton, told the BBC's Money Box podcast that the interest rate on the premiums was better than those currently found in many bank or savings accounts.He said the eight per cent rate was "very good" for people and ensured that compensation was fair to them.Mr Warburton also advised people to read the letter they get with their compensation payment, as it will explain whether the interest has been taxed or not.According to Which?, more than £200 million has already been paid out by banks and providers to individuals who have made PPI claims this year.Samantha ClarkeSamantha is a former banking assistant and has over ten years experience in retail banking.
Belmont Thornton Ltd. is regulated by the Ministry of Justice in respect of regulated claims management activities; our registration is recorded on the website www.claimsregulation.gov.uk number 18273
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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.