PPI Claims Calculator – What Is It For?
One of the first questions people usually ask when looking into claiming is ‘How much will I be able to claim’? The answer to this isn’t straight forward as different financial providers seem to calculate the amount in slightly different ways. As a rule, even though they are different they do all return simular results but as we’ve seen in the press lately, some have under paid people. For this reason it is at least worth a bit of your time to estimate what your claim is likely to be so you can see any large discrepancies between this figure and your actual refund. If there is a big difference then you can use your estimate to help get more money back.
How Can I Calculate My PPI Claim?
In short PPI claims are worked out on the amount you paid into the policy over the time you had the insurance. If you have records in the form of bank or credit card statements then you can usually see the amount it was costing you. Often you will find a monthly outgoing to something stated as PPI or protection insurance going to an insurance company. If you then add up all the payments you’ve made you can get a rough idea of how much a refund will be. Sometimes it can be difficult to find any reference on your statements so using a process of elimination may be necessary to weasel out the one for PPI.
If you have many years of statements it can be tedious counting them all up and so a PPI calculator like the one below can assist you in getting an approximate estimation.