How to Calculate the PPI
Mis sold payment protection insurance has become a huge concern in the UK simply because there have been so many reported incidences of it and so many people filing payment protection insurance claims. It has been noted that claims are increasing at record speeds and UK consumers are becoming more and more concerned with whether or not they will be able to get a refund on claims they have submitted to their lenders. Actually, before even thinking about filing a claim it is imperative to have a good idea as to how much money you have coming back which means you need to know how to calculate the PPI on your loan in order to separate that from the actual loan amount.
Don't Misunderstand PPI Refunds
There is a bit of misunderstanding when it comes to payment protection refunds because each type of loan may have a slightly different way of carrying PPI. For example mortgage loans, car hire for purchase loans and personal loans are all assessed a one-time premium that is attached to the loan at closing. Whether you were apprised of the insurance being added to your loan or not, you will still need to pay that money back once you sign the closing statement. This is where learning how to calculate the PPI is of prime importance. After you find that you are mis sold PPI and need to claim back any money you have paid in, you will need to understand how to calculate the PPI because when you file a claim, that is the portion you will be trying to get refunded.
Simple Way to Calculate PPI
One of the tools you will find on the Belmont Thornton, the PPI Claim Company website is a PPI estimator tool that is a handy little software program. All you need to do to learn how to calculate the PPI is to find the percentage of your loan they are charging for payment protection (usually between 13 and 56%), the amount of your loan and how many payments there are. That is all there is to learning how to calculate the PPI because the software does the actual calculations for you. This is the number to pay careful attention to because this is the amount you will be claiming back when filing a refund for mis sold PPI.
So many people have found that the information contained on the PPI Claim Company website provides invaluable resources for learning not only how to calculate the PPI but how to file the claim as well. Belmont Thornton, the PPI Claim Company has helped tens of thousands of UK consumers file mis sold PPI claims with a no win no fee* contingency. After having spent what could amount to thousands of pounds on mis sold PPI, consumers are reluctant to spend any more money even if it means helping them reclaim PPI that was mis sold. Belmont Thornton understands this reluctance and will not charge until you win your claim. For further information on filing a claim and how to calculate the PPI, contact the claims team on 0207 471 2000.
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