People could potentially earn thousands of pounds in their pockets, as Martin Lewis explained the four places you can look now for instant payouts.
The Money Saving Expert is always on hand with his best advice, practical tips, tips, tricks and advice on finances – and he’s saved millions of Britons big bucks. .
Appearing on ITV’s Martin Lewis Money Show, Mr. Lewis celebrated the successes of viewers who had used his tips to recover the money they were owed.
âThese are big sums of money that you might be missing out on – I have four,â he told viewers as he revealed where to look for the payments.
And there was no shortage of success stories, reports the mirror.
So, to motivate more people to claim the money they are entitled to, he pointed out the broad areas in which to seek money – as well as how many real viewers had recovered that way.
This is where he said to look:
1. Recovery of tax paid on PPI compensation
Anyone with a PPI claim might also have an additional refund claim – this time from the tax authorities.
This is because the PPI payments included an additional amount to offset what you might have earned in interest if that money had been in your savings account instead of with the insurer.
And this extra money is taxable.
The problem is that for the past year we’ve had Â£ 1,000 tax relief on the money we earn as interest on our savings – and that was ignored when the money was deducted from the payments.
Which means you can get it back.
âYou can only recover in April 2016,â said Martin – but it could still be worth a lot.
One viewer got Â£ 2,400 back this way.
2. Council tax cuts for severe mental disorders
If you – or someone you live with – have a disability, health problem, or are a caregiver, you could be paying too much on council tax without even knowing it.
“I’ve been campaigning on this for a long time,” Martin said.
There is a 25% reduction if you live with a person with a severe mental disability and no other adults, or only adults who are not also counted for the purposes of the council tax or a reduction of 100% – if you have a severe mental disability and live alone.
The best news is that the claims are backdated which means you could get huge sums of money back.
One viewer recovered Â£ 700 for his father and claimed an additional Â£ 2,100 for his mother.
âTo get it back, contact your local council,â Martin said.
3. Allowance for married couples
There is tax relief available for married or civil partners that could be worth over Â£ 1,000 if you haven’t applied for it before.
Marriage allowance allows people with an income of Â£ 12,500 or less to transfer up to Â£ 1,250 of their personal allowance to their husband, wife or civil partner – if their income is higher.
It’s worth Â£ 250 a year – but you can date it as well.
One viewer received a check for Â£ 900, but Martin said some people can go further – with Â£ 1,180, the current maximum you can get back.
4. Student loan overpayments
The way people pay off student loans is a strange partnership between the IRS and the student loan company.
As a result, a lot of people have started to see money taken out of their paychecks before it should – and that’s before they get to the fun that happens if you have the chance to erase one.
The good news is, if you started paying too early or kept paying for too long, you can get the money back.
A viewer said she received a payment of Â£ 500.
“To do this, just call the Student Loans Company – it’s easier if you have your payroll number, but it’s okay if you don’t.”
You need to tell them that you think you started paying off your student loan by April after leaving college and want the money back.