Using the calculator is extremely easy.
Enter your details as accurately as possible, press the calculate button and then on the next page the software will work out exactly how much compensation you are entitled to.
Calculating PPI compensation can be very difficult as everyone’s case is different.
When working out how much you are entitled to, it’s important to consider the length of the loan/finance, were there any payment holidays, did refinancing take place and more importantly which bank provided the insurance.
PPI stands for Payment Protection Insurance. It is an insurance that is added to loans, credit cards, mortgages and other similar types of finance used for cars, catalogues, high street store etc.
PPI was designed to cover your monthly repayment premium should you lose your job, become too sick due to work or be involved in an accident.
As far back as 1990, the banks and other financial institutions were systematically mis-selling PPI to their customers.
Businesses and those that worked for them who sold PPI were massively incentivised and pushed to sell PPI to every man and women that took finance.
The sales hungry businesses told mis-leading facts and figures in order to get people signed up on Payment Protection Insurance policies.
The FSA (Financial Services Authority) started investigating and fining companies in 2006.
The amount of PPI you pay on your loan is about 15% of your balance. It could however be up to 30%.
With the above in mind, on loans and mortgages your PPI claim could be worth £1000’s.
You can use our PPI Claims Calculator above to work out how much you should be able to get back. It’s then a case of whether you are eligible for a claim.
As a general guide we have provided some typical examples below.
We think it’s quite despicable that the banks are trying to get a deadline put on making a claim. Thankfully however, the financial watchdogs are not entertaining such a request.
Even if you no longer pay out each month for the insurance, you still make a claim.
If you took out insurance longer than 6 years ago, but the policy stopped within the last 6 years, you can still make a claim.
There’s also good news for those that took insurance over 6 years ago and stopping paying insurance over 6 years ago, as you can still make a claim. The only issue in this instance is that banks and other organisations are only legally obliged to keep records for 6 years. You may have issues making a claim but the important thing to remember is that you can still claim.