The group of claims advisory has recommended that anyone who has taken a loan for any purpose in the past few years have to find out how much money can they reclaim in the premiums of PPI. The financial services authority, in the past few years has fined many lenders and many banks for mis selling the payment protection insurance to many customers. The payment protection insurance covers the payment of debts. In case the customer is not in a position to repay the loan due to ill health or loss of job, the PPI covers the payment for few months. The amount which the PPL plan covers depends on the plan taken by the customer. Many customers have become a part of scams in the recent years due of lack of knowledge. Few customer are not even aware that their plan covers a PPI insurance as a result of which the lender makes money and the customer unnecessarily spends huge money due to ignorance. In case of a mis-sold PPI the customers can get back the money he has spent in getting the PPI cover done. Reclaiming the mis-sold PPI can be done for free without getting a reclaim company involved.
PPI calculator can be used to check how much money can be reclaimed in the form of payments. Many PPI calculators are available online. They are usually provided by the companies which help the customers with PPI. Try this PPI calculator company through which you have calculated the PPL claim online.
How Can A PPL Calculator Help?
If you have taken a loan or if you are planning to take a loan, you are likely to have some kind of PPI coverage which is attached to your payments. Using the PPI calculator you can estimate the amount you are likely to get back. Many people have realized they can actually get huge money by calculating through PPI calculators which they have otherwise not expected. Different loan amounts have different PPI claims. The unsecured loans have PPI of around 13%. By using good PPI calculator, the customer can get an idea of how much they can reclaim. In most of the cases 20% is the approximate claim of PPIs.
How To Use PPI Calculator And What Information Should Be Available Before Using PPI Calculator?
Before using a PPI calculator you need to have some information in hand. First understand if it is a loan or a credit card PPI. The calculations are made differently for both the claims. You also need to know for how long you have had the loan or the credit card. The most important information is what so the total amount of the loan or the credit card. The reclaim process depends on these factors and therefore the PPI calculator need to be presented with all these information before it calculates the PPL amount. Those customers which have joint account receive different amount compared to individual ownership of account despite having all the other details very similar.
The claims advisory groups have said that the people should the customers should make the claims for PPI recompense as quickly as possible. Most of the people claimed that they have got larger amount of money than they have expected to have got. Some people are said to have paid about 56% of their loan on the form of payments of PPI. Few banks sell their customers PPL coverage without explaining them the requirement and advantages of having it. Such customers have the right to reclaim the PPI. They ca reclaim a part of it or completely. Make the claim process as soon as possible once you get to know that your loan is inclusive of the PPI plan.