Using A PPI Claims Calculator Is The First Step To Your PPI Refund

A PPI claims calculator enables you to check how much you would be owed if you were to successfully file a PPI refund case with your lender or former lender. Typical claims can reach as much as ?2,500 per case and if you have several accounts with different providers then there is the potential for your refunds to reach a considerably larger amount than this. The first step to claiming a refund is to determine how much you might be owed while gathering the information and documentation that you will need.

You will need to determine whether you have any PPI policies that are active or that have been active in the past few years. In some cases, companies have been found guilty of charging payment protection without informing their customers that they are doing so. This is one of the biggest forms of mis-selling and it also means that it can prove difficult to determine whether any element of a repayment plan is actually dedicated to payment insurance.

Get hold of a payment schedule, breakdown, and a copy of your agreement. These will contain the information that you need to first work out whether you have paid payment protection. You can also use this information to help build a case. For example, if you had a pre-existing medical complaint that meant the policy would not pay out but were still sold your policy then your policy details will give you a reasonable indication of whether the company were aware of your condition.

Using your agreement you will be able to calculate the terms of your payment protection policy. Consider that you may have bought your policy nearly ten years ago and it is hardly surprising if you have forgotten the precise breakdown of your payments.

Also consider that some lenders made more money from PPI commissions than profit on their own products and it will be little surprise that payment protection can make up a sizeable chunk of a credit card repayment schedule.

As well as being able to reclaim all the money you have paid on a mis-sold PPI policy you also have the right to claim interest on those charges. The total amount that you are due can be considerable because of the combination of refund and interest on refunds. An average value for a PPI refund is around ?2,500 but this figure can be considerably higher especially if you have multiple policies that you have been paying for several years.

Entering your payment protection details into a PPI Claims Calculator means that you can effectively calculate how much you are likely to receive as a refund from your lender. You could be owed as much as ?2,000 or considerably more if you have multiple claims to file. The first step is to work out whether you have indeed been paying this type of policy and whether it was mis-sold to you in any way. Following this, you will need to make contact with your lender to start the refund process.

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