Many people who have been mis-sold payment protection insurance (PPI) policies are unaware that they can claim back the premiums they have paid. Millions of PPI policies were sold alongside loans, mortgages and credit cards. A High Court ruling means that banks and other lenders who have breached the regulations are obliged to pay back all fees – plus compensation – on such policies. It is now known that billions of pounds have been set aside to cover the costs of this scandal, and with an industry average payout of just under £3000 per policy, it is well worth seeing if you are one among the millions who are owed money back from the banks.
- How Do I Know I Can Claim Back PPI?
You can claim back PPI costs if you can prove you were mis sold the policy in the first place. When you took out the loan concerned you should have been given a full explanation of your rights regarding PPI, including the right to look for the best deal. In many cases the lender implied that their own PPI policy was necessary, and in some the borrower was not even told they were paying into a PPI policy and it was just added on to the repayments.
Should I use a PPI calculator?
The use of a free PPI calculator will give you a fair idea of the amount you may be owed. Details needed to give a more accurate figure include the name of the lender, the type of credit, the duration of the loan and its interest rate. It will only be an estimate though will be a good indication of the money you should expect back. The compensation amount will be the PPI premium, interest you paid on that premium, and a certain percentage in compensation too.
Remember, you may have more than one PPI policy on which you are owed a refund, so be sure to check all the paperwork you have relating to credit agreements past and present, and do a separate PPI calculation for each one.
- How Best to Claim Back PPI
You are able to lodge a complaint for compensation directly against the bank yourself, or you can appoint a professional PPI claims company to do the claims process on your behalf. FreePPICalculator operate on a no win no fee basis, meaning it won’t cost you any money at all if you don’t win your compensation case. It is well worth using the PPI calculator and speaking to an advisor to see if you may have a case; they help hundreds of people win their money back from the banks, in a swift and hassle-free way.