PPI Claims Calculator – What’s it all about?
Payment Protection Insurance is an extremely useful insurance. There are some PPI policies that are miss sold together with loan, credit cards and other finance related agreements, by the time you find ways to claim it, you end up knowing that most of them are no use to you. With the help of PPI claims calculator, you can not only get to know the claim amount, but also the interest that you should expect.
How to claim your PPI?
Bank wherein you had bought a policy would send a letter to you for you to claim your compensation due to you. It now the right time to get in touch with the Financial Ombudsman Service to get your claim back, if you were rejected payment once by the bank earlier..jpg?timestamp=1413456129440)
Summary of the scandal:
Way back in 1990s, many insurance firms miss-sold over 20 million policies. This was due to the hunger in sales that was considered as a business.
It’s estimated that about £11 billion is owed to customers as compensation, with interest rating at 8%. In few cases, the PPI contract cover only minimum monthly payment, which means you balance, is never reduced. Many PPI policies last only for a period of five years, if the term of your finance or loan is more than that; you’ll be paying interest still.
The investigation was done by financial Services Authority starting 2006 and that’s when the need for PPI Claims Calculator came into picture.
What is PPI Calculator and how does it work?
You can find the compensation value that you’re entitled to reclaim by using a PPI Claims Calculator.
Apart from giving the compensation value, this also gives the statutory interest that you’re to get. This software works instantly without making you to wait, unlike others.
Before calculating your entitlement, it is important to know the length of the loan / amount (in case of credit card), was refinancing included, any payment holidays were taken into account? And most importantly, which bank provided you the insurance?
This calculation is the sum of the premiums paid, when the actual premium was paid doesn’t really matter – the interest lost compensation covering the time..jpg?timestamp=1413456102306)
For example, if you’ve paid 10 PPI Premiums of £50.00, then your claim will be 10 * £50.00 = £500.00 plus the interest.
It’s much obvious that the bank trying to make the minimum amount and might end up missing the 8% interest. Policy / Credit Card holders should be alert in find some tools that would help them the exact amount that they are entitled to. This is when easy to use PPI Claims Calculator assists you. This online tool, that’s free and shows results absolutely free, allows you to discover the exact compensation you’re entitled to.
By using the free online PPI Claims Calculator, people may stop to wonder if they’re eligible for the claim. For example, if you’ve taken the insurance/policy/ credit card, about 6 years back and just paying the interest until date, bank or other financial institutions are legally obliged to hold records until 6 years back only, in that way this is a good news for you that, your refund is still there for you to claim.
