Martin Lewis has warned millions of people who previously had a PPI payout could be owed hundreds more.
The Money Saving Expert founder told viewers on The Martin Lewis Money Show some people may be eligible for a second payout and revealed what they can do to check their entitlement.
The 47-year-old said although there is no tax due on payments or compensation, there is tax on interest you earn and interest is automatically added to payouts, Wales Online reports.
He added: "For the millions who’ve already reclaimed the £37 billion so far, and the hundreds of thousands who’ve put claims in, it’s worth knowing PPI payouts are taxed.
"Most people whose claim is going through now or who have done it in the last four years can get this money – which can be £100s - back."
Since 2016, there has been an allowance for money people earn on their savings, which is the reason why you can get tax back.
Those on the basic rate of tax (20p) get the £1,000 of interest they earn per year tax free.
People on the higher rate of 40p meanwhile get the first £500 free.
You might be able to get up to £12,500 worth of interest a year before tax if you don't pay any income tax at all.
Martin stressed you may need to act fast, saying: "If you got your PPI payout between April 2015 and April 2016 you need to do this by April 6, 2020.
"Then again, as the Personal Savings Allowance didn’t start until the following tax year, this is really only for non-taxpayers."
Martin says anyone who thinks they're owned money back should visit the HMRC website and make a claim by filling out the R40 form.
To help you fill in the form, Martin has posted some tips to help you on his website - assuming you are on PAYE, and have simple tax affairs
