Protection Insurance Refund
Anyone who has been mis sold PPI is probably asking the very same question, "Where can I get a protection insurance refund?" It is only normal that you should wonder how to get a refund on the money you should never have been asked to pay in the first place, and the answer to that is actually quite easy. You can get a protection insurance refund by filing a payment protection claim with the lender that mis sold you the PPI policy.
Filing for a Protection Insurance Refund
Before you file your claim it is always helpful to think about the way in which
your policy was mis-sold. To be deemed to have been mis-sold a failure must have
occured at the point of sale. The precise nature of the failure can vary
radically from your lender giving you the wrong information to the salesperson
putting you under undue pressure to you being sold a policy that you were
ineligible to use. If any of these circumstances apply to you, you could be
entitled to a protection insurance refund.
Why the Loan Amount is So Important
Before filing your claim it is also important to have a rough idea how much you
have paid into your PPI policy as this will determine any potential refund. Many
people use an online PPI calculator to help with this calculation. Many people wonder why a PPI refund calculator needs to know the amount of the loan. Actually, payment protection insurance
works a bit differently than other forms of insurance. The premium for PPI is
based on a percentage of the loan so it is vital to know the exact amount of the
loan. Unfortunately, you will also need to know the exact percentage being
charged. PPI is extremely expensive and there really is no 'usual' cost!
Premiums cost anywhere from 13 to 56% of the amount of the loan. That amount is added to the loan and then the total amount is amortized. When considering that interest is paid each month on both the principal and the premium, some rather complicated calculations are required to determine the exact amount of a protection insurance refund.
PPI Claims Companies
Once you have determined the basis for your mis-selling case and have a rough
idea of the refund you could expect, you should be in a position to file your
complaint. Your initial complaint should outline the reason you are making your
complaint and the redress you seek. Should you require help with your PPI claim,
you can call The PPI Claims Company on 0207 471 2000 we work on a No Win
No Fee* basis meaning you only pay if we are successful with your claim.
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