Tuesday, 7 April 2015
Calculate Your PPI Claim Payout
How To Calculate Your PPI ClaimGetting an exact figure of what your PPI claim will be is not always easy but you can work out what you've actually paid into the policy since it started which will give you a close estimate. Of course there are other factors used by your finance company to work out the payout, such as interest and possibly compensation for distress, but we will stick to the basic amount paid in. Although the interest could add up to a lot it can be difficult for most people to understand how to work out, so if you at least know the minimum amount to expect (from what you paid in) you can reject an offer that is lower than that amount right away and ask for more, or even contact the ombudsman..Why should I even bother to calculate my PPI refund? The main reason is so you know how much to expect and can question an payout that seems too low. What do I need to make a calculation? You will simply need your statements that show the monthly amount paid for Payment Protection Insurance and a calculator (unless you are very good at mental arithmetic!). So how do I calculate it? Simple, just add all the amounts you paid for PPI for any individual policy together and that will be the minimum amount you can expect you refund to be. Example: If you paid £50 per month for PPI for 60 months (5 years) the amount will be (£50 x 60 months) = £3000 minimum payment. As stated previously, the interest will make this figure higher but knowing the minimum to expect will give you piece of mind. |
