If you have just realized that your payment protection insurance (PPI) was misold, the next step is to determine exactly how much you are owed before you claim a refund. There are different ways to calculate your refund. You can choose to do manual calculations or simply use online refund calculators. It is necessary to have accurate figures before you begin the calculation process. When you take a loan or make a credit purchase, a certain figure is established. This figure is referred to as a loan principal. You are also charged monthly interest and PPI policy payments. To come up with an accurate PPI refund figure you need to factor in various components including:
- Monthly loan payments without including your PPI payments
- Loan amount
- Annual percentage rate (APR) on your loan
- Loan term. This is the period that your loan is supposed to run for.
Once you know your APR, divide it by 12 and multiply the figure you get with your monthly balance. Calculate the total amount of your monthly loan cost or monthly interest. Add the figure you get to your loan principal. It is important to determine exactly how much you are paying for the loan when you are doing the calculations. The best way to do this is by checking your monthly statements. Total all the payments you have made since you took out the loan.
Using an Online Calculator
A PPI calculator can make it easy for you to estimate how much you are owed. Most people find out that providers actually owe them a lot more money than they expected. It is important to note that PPI amounts tend to vary depending on the kind of loan you took out. An unsecured loan can have a PPI of about 13% while leasing acar can have as much as 55% PPI. A reliable calculator will help you get a good idea of the amount of money you can recover.
You need to have some basic details before you can use the online calculator. The first step is for you to clarify whether it was a credit card or PPI loan. It is also necessary to indicate the period you have owned the credit card or had the loan. These details are essential to equip the calculator with the information it requires to give you an estimate of the amount of PPI you are eligible for. If you have a joint account, your PPI claim will be different compared to an individual who is operating an account on their own. The calculator will give you an estimate a few minutes after you enter this information.
After Calculation
Calculating your PPI refund is just the first step. Once you know how much is owed, you can go ahead and claim the refund. It may be difficult to do this on your own because it can be time consuming. Identify a professional company to handle the refund claim on your behalf.
It is advisable to make your PPI claim as soon as you find out about the misold PPI. Get in touch with a company that specializes in PPI refunds to get all the assistance you require. The companies will explore every aspect of your claim using its expertise to make sure you get the amount the lender or bank owes you. It is a straightforward process and all you have to do is sign a form that the company will send to you to allow them to initiate the refund process.
Banks or lenders can reject initial claim but this should not worry you because the refund company will simply appeal with the Financial Ombudsman. Make sure youwork with a reputable company that is willing to go out of its ways to get you satisfactory outcomes.
There are no upfront fees when you calculate your PPI refund online. The calculator is available at no charge. It is also important to work with a company that will only charge you once they have managed to get the refund on your behalf. You should not pay money to determine if you have a claim. Once you have utilized the online calculator, you can choose to work with the company that offered the tool or identify another option that meets your requirements. Click here www.haveigotppi.org.uk to know information about it.
