The people who have lost money due to mis-selling of PPI all over the country are now fighting for their rights and getting their money back by making PPI claim. However, most of the people who get started with the process of claiming money get stuck to the question of how much money are they eligible for and how much they would be getting. This question can be simply answered by using PPI calculator online.
By using PPI calculator online, people would get approximate estimate of how much money they can claim for PPI refund. People who have lost their money due to PPI are now filing cases and claims on the banks and thankfully, all the verified claims are being paid duly by the banks as well. However, the onus is on the customers to follow the process and ensure all the documents related to the PPI are furnished for the banks to process the claim with ease and approve it without any problems.
Top factors that will affect the size of your PPI compensation claim –
Number of Policies
For those who have multiple policies, they need to find out if they were mis-sold PPI separately on each of them. The number of policies will decide the size of your compensation claim.
PPI policies have been sold for about three decades now. You need to find out how long it has been since you were charged the PPI premium. If it was long ago, you will get a bigger claim.
The Way the Premiums Was Calculated
Since the premiums on credit cards changes from time to time, you need to check how much premium you were charged on the amount outstanding each month.
These are the few factors that would decide how much money you can claim and get from the bank. The banks are also ordered to pay an interest of around 8 percent annually for each year that the PPI amount and premium is with the bank.
And, this would make the entire amount considerably sized. When you are using PPI calculator online, the interest amount is also added to it automatically to give you an accurate update of how much you can and should get. The most important factor in this regard is to ensure that you do your research, gather all the relevant documents and make the PPI claim after understanding the process.