If you will search for ‘PPI claims calculator’, you will obtain numerous results. You may wonder why these websites are having this particular tool. If you will click each website then you will discover that most of them are Payment Protection insurance reclaim companies. Maybe they have this type of tool so the user can utilize it in computing for the potential PPI reclaim. The company is hoping that you will use their services in obtaining your claim which you can do yourself.
Can You Reclaim Your Own PPI
Computing the amount of your potential reclaim is not really that difficult. In fact, you can effortlessly do it yourself. By searching for the phrase ‘How to Reclaim PPI’, you can obtain a lot of results. These websites can give you more information and guidelines on how you are going to reclaim your PPI. You can also read articles which talk about ‘Is there a calculator for PPI claims’. Here you can find a lot of advice on how you will reclaim your PPI if you choose to do it yourself instead of hiring the services of a Payment Protection Insurance claims company.
If you want to utilize a calculator for your PPI claims or not will be all up to you. But always remember that the amount that you will see is an enormously exaggerated amount if ever the claim will be successful. This is because these companies are attempting to obtain your business.
However, this is not actually applicable to all companies. There are also other companies who will not take an enormous amount from your successful PPI claim. The best thing that you can do if you want to use these claims companies would be to read forums. In this way, you will have some knowledge about other people’s experiences.
Using PPI Claim Calculator
Nowadays, there are many people who are trying to claim back their PPI also known as payment protection insurance. PPI come from mortgages, loans and credit cards. You might be wondering what the purpose of PPI is. Well, PPI is actually a certain type of insurance plan that comes along with your loan or mortgage. The goal of this insurance is to provide protection to the borrower just in case he will not be able to pay the minimum amount required due to an illness, unemployment and others. For instance, if the borrower was laid off from his work, the insurance can pay the minimum amount required for a period of 12 months.
The drawback of PPI is a lot of consumers are misled in buying them. These consumers are paying the insurance without their knowledge. For instance, the lender will inform the borrower about the cost of a “completely protected loan”. But the borrower is not aware that he is also paying additional for an extremely expensive insurance plan. Another instance would be when the lender does not tell the borrower that this insurance is only optional and not really a compulsory one. There are even some lenders who will tell their borrowers that they are not eligible for the loan if they will not take the insurance.
Before you process your reclaim of your PPI payments, you should first compute the amount that you are owed. PPI plans are sold in two ways. The first one is it is sold upfront as a solitary premium which is added to the overall cost of the loan, or otherwise as a monthly payment. If it is done on a solitary monthly payment then you will quickly know the amount that you were paying every month. This is also the amount that you will be reclaiming. On the other hand, if it is on a lump sum payment then it is quite difficult to determine the amount that you are owed. The reason behind this is the lump sum will be combined with the overall cost of the loan, consequently making interest over time. You have to check and review the details of the contract. At the same time, you must also examine the current statements in order to find out the accurate amount that you have paid every month.
The PPI claims calculator can be very useful for your reclaiming your PPI.