British financial institutes have already paid out over £9 billion in mis-sold PPI claims, and if you’ve been mis-sold Payment Protection Insurance then you may be eligible to make a claim too. But for how much? If you’d like to know before you get started, a PPI claims calculator will tell you the potential value of your claim.
Using a PPI claims calculator is straightforward and does not require any knowledge of insurance or the claims process. Simply submit the amount that was borrowed, and the calculator will estimate the value of your claim. If your PPI claim is worth pursuing, you can then begin the claims process immediately.
A PPI calculator can only ever give you an estimate of what you are owed. Several factors can influence the amount you will actually receive, such as the term of the loan, whether you made your repayments on time, and if the loan was restructured in any way.
Your claim may also vary depending on which company you purchased your insurance from. You needn’t worry if the insurer in question has gone out of business, as the Financial Services Compensation Scheme in place in Britain will honour any successful claims.
With those factors in mind, a claims calculator will give you a good indication of what you might be owed. And you might be quite surprised by how much you stand to gain; the average value of a successful PPI claim in 2012 was almost £5,000.
Once you’ve decided to proceed with your claim, the next step is to decide whether you want to apply directly or ask a Claims Management Company to act on your behalf. Those who seek professional help in making their claim are successful in 82% of cases, which is a significantly higher success rate than those claiming directly.
The task of claiming for a PPI refund is easy but it takes a lot of hard work to ensure that the same is successful. Everyday, thousands of people apply for PPI refunds and the number is even larger in case of mis-sold PPIs or Payment Protection Insurances but not all of them are successful in claiming their mis-sold policies. Therefore, it is important to ensure that your attempt would be successful. How can you do this? Through a PPI claims calculator of course!
This is a special type of calculator offered by various websites online to people who need them in order to compute the amount they ought to get back from their PPI refunds. The first step that you need to take in this regard would be to check whether you are eligible to apply for claiming back your policy. This can be done through checklists offered by various websites. The next thing that you need to do is to fish out all the documents pertaining to your policy which would serve as a proof of mis-selling. After this you need to make your refunds, this can either be done on your own or you can take the help of claims experts in the United Kingdom.
Now that you have everything laid out in front of you, you might think that you should have the application submitted immediately but you’ll be making a mistake if you do so. You need to review your PPI refund application online to see if all the documents and paperwork are in order. You can select any one of the many UK websites that offer such services online. It is very easy to identify these websites because they are usually the ones who offer PPI claims calculator as well.
A review on your PPI claims refund acts as a safety measure to check that all your documents are fine and that the chances of success in claiming back the money are high.
As soon as the grounds of mis-selling are established, you can proceed to make the PPI claims. The steps to officially make the PPI claims are:
• Complaining to the firm or bank that sold you the insurance, and if that particular firm was acting as the representative of another company, you should write to them as well.
• You must include all the reasons that substantiate that you have been mis-sold the insurance.
• You need to send all the paperwork as evidence and mention any change of address, change of other details or change of name.
• In case you do not have the paperwork or details of the policy provider and your loan or credit card was active in the last six years, you are allowed to access your credit file via CallCredit, Equifax and Experian, and track the required information.
• In case the account was closed more than six years ago, you can still extract the information via Financial Ombudsman Service (FOS)
• If the complaint is pending with the bank for eight weeks or the claim is rejected, then you need to approach the FOS within six months.
• You can also approach claim management companies who make the PPI claims on your behalf, but they charge 25% of the claim amount in case of successful settlement.
Once it has been agreed by the bank, the firm which sold the PPI or the FOS, that you have been mis-sold the PPI policy, you are eligible for PPI claims. You are entitled to get back all the premiums paid by you along with the interest. Even if you were not mis-sold the product, but were meted unfair treatment when you opted to cancel the single premium policy, the firm must give you a fair-refund. If you still feel that the refund is unfair, you can file your complaint with the FOS again.