Reclaim you Payment Protection Insurance Using PPI Calculators.

It would be easy for you to calculate the exact amount you would be receiving, if you make a PPI refund claim using PPI refund calculator. You just need to fill in some of your details and can very easily calculate the refund amount you are expecting. The refund amount you will be receiving can be more or less what you get from PPI calculator, thus you should not make any financial decision based on this, instead use this as a guide only.

If you want to have a more accurate picture of what will be your refund if you go for PPI claim, then you need more information, like the actual monthly payment which you do against the policy or the interest rate of your policy or the total cost of your policy which you paid.

Hidden dangers of PPI calculators:

Each time you opt for a claim company they get about 15-20 % of the claim. That is the reason why most pf the claim companies have PPI refund calculator at their websites. They do wrong calculations so that they can make more profit. So what all you should know to avoid these scams?

1. First thing you should know that you can calculate the PPI by yourself, it’s not that difficult task. You can very easily get a number of websites that can guide you how to calculate the PPI.
2. If you use the PPI calculator make sure that you cross check though various sources that what you got is correct or not. If it gives you a value much more than what you are expecting then it is possible that it is a scam.
3. You can search the internet for forums where a lot of peoples have described their experience over the same problem. It may be possible that you will find a valid website that can help you in calculating PPI. If most of the people support the website then there are less chances of being a scam.

Who can reclaim the PPI- did you got PPI

First of all you need to figure out whether you have PPI or not, it may be possible that you have been sold PPI without realising. When you sign up for credit card make sure that you go through the statements properly. It will be shown in the statement if any payment is taken For PPI, but if have opt for personal loan then there are chances that you have PPI with your loan. Best option is to inquire you lender regarding this.

There are chances that you were sold the insurance but you cannot claim it back when you needed, so make sure you go through all the details.

1. In case you were not employed at the time when you took the insurance, then it will be impossible for you to claim the insurance even if you are unemployed or retired. In this case you have been mis-sold.
2. At the time of buying the insurance if you have any medical problem that can kept you away from working, then you should have been warned before only that the this insurance is not suitable for you, But if wasn’t told before then you can claim.
3. It might be possible that you get only a part of total money which you paid for policy as a refund. In that case you can again claim to get the full refund.
4. If you were told that the insurance is compulsory at the buying time then you can claim it back.
5. Most of the policy have an age limit like 60-65, thus if you were sold the policy when you are at a higher age than what is allowed, you can go for reclaim.

Thus in conclusion, you have to be very careful and informative while you are buying any policy, to make sure that you don’t face nay tough situation in future.

 

Tags: Insurance, Payment Protection Insurance, PPI

Category: Insurance