The PPI claims calculator is designed in such a way that you can enter you monthly payment and length of your loan. The main purpose of the online claims calculator is to find out how much your claim would be worth. An online PPI calculator can help you in an extensive great way in that it will give you an estimate of the amount of money you should expect to receive after claiming. With the basic understanding on how the calculator should be used, you will be in a position to compute your PPI claims accurately.
What you can calculate
All kind of loans come up with diversified PPI amounts so it is good to know how much to expect in the long run. You will find that some unprotected loans have PPI of around 13% while a higher purchase for a car will often carry up to around 58% in the PPI fees. Therefore, when you arm yourself with a good PPI calculator you will definitely have an estimate of how much you are to reclaim. This is a very useful application that comes in handy to any PPI policy holder.
Usage of the claims calculator
To comprehend the usage of online PPI calculator in a proper manner, you need modest information that is essential. The most important thing for you to know is if it is either a credit card or loan PPI and how much the credit card or loan was for. Also, get to know the duration that you have had this loan or credit card. You will also need to know how much this credit card or loan was for. When you key in all this information to the PPI calculator it will be able to estimate exactly the amount of payment you are entitled to.
If you realize that your loan has PPI included in your payments then you should start making claims as early as you can for compensation by your bank. What you need to do is fill in the details of your loan in the calculator then you will see the amount displayed on your screen. You can also make use of the PPI claims calculator to know the exact amount of money that you are entitled to get from the bank. The use of an online PPI calculator is an unrivaled way to make multiple claims on different credit cards and loans that are due to payment.
The number of complaints handled by the Financial Ombudsman Services (FOS) has been on the increase, with the bulk of them being about mis-sold Payment Protection Insurance (PPI). There have been hefty payouts to consumers with the average payout being around £3,000. This has attracted the attention of fraudsters who also want to cash in on the scandal. Most of these fraudsters are targeting people who want a quick settlement. This is because the FOS process tends to take some time due to the high number of cases they handle.
What to watch out for
Fraudsters are coming up with new and more innovative ways to rip off people. Most of these scams promise quick settlements that get applicants excited, as the payment is quite substantial in these tough economic times. Even when the claims management firms are not bogus, they charge such a high commission which amounts to rip off. Below are some of the scams involving PPI claims companies.
The most common form of scam is through the claims management firms which offer their services to quickly handle your claim and charge very high commission. Most of these firms do not have the necessary details and evidence to support their case. As such these cases rarely go through and the customer ends up paying hefty charges for very shoddy work. Most firms charge an average of 20-30 % of the total customer’s pay out, should the firm win the case.
Another scam involves fraudsters calling people and offering them PPI compensation. The fraudsters however demand an administration charge to process the compensation. The offered compensation can be as high as £5,000 which is very attractive to people as you only supposed to part with a mere £200. The fraudsters request to be paid in Ukash vouchers by reading out the code over the phone. The fraudsters then cash the vouchers and this makes it very hard to catch the fraudsters.
Many other scams continue to flourish as everyone looks for an opportunity to cash in on the scandals. Texts, emails and calls from fraudsters have become commonplace. Even with the scam alerts, people are still falling prey to the fraudsters and are losing a lot of money in the process. It’s advisable to follow the right channels to claim compensation to avoid being a victim. If you not entitled to claim, do not get greedy as you will only lose your hard earned money to fraudsters.