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Banks and other financial lending institutions including insurance companies may provide accurate calculations of your claim but it is still better if you can do the computation yourself to have a basis of the entire claims amount. There are PPI Claims Calculator available online which can help you compute the nearest estimate for your claim. Your own calculation can help you decide whether you should make a reevaluation or you should take the matter to the Financial Ombudsman Service for review.
What You Should Know
Before using the claims calculator available online, you should understand that the policies vary from one person to another and yet there are three important things that will aid you in proceeding with the calculation. First, you should be aware of the exact full amount which you borrowed depending on the documents entailed with the credit agreement. Second, you should identify whether the loan is monthly premium or single premium, again, as indicated in the written agreement. Finally, know the interest rate that is entailed with the loan.
In general, the PPI amount is actually 25% of the exact loan amount. The exact number should be multiplied by the interest rate within the full term of the credit agreement. Using a PPI Claims Calculator will ease out the process.
There are people who might find calculating a daunting task. Thus, it is useful to get the aid of some representatives from various insurance claims companies that offer assistance at reasonable costs.
Calculating your PPI Claim Made Easy
Below is an abridged process of claiming your Pipe insurance payment using the much popularized and reliable PPI Claims Calculator?
- Single premium policies would require you to take 25% of the loan amount which is equal to the PPI amount you can get
- Multiply the interest rate for the entire policy coverage with the PPI amount.
- Take the product and compute for the amount of years covered by the agreement
- Multiply again the product by 8 per cent to check for the interest rate.
- Finally, add everything altogether – PPI amount, interest amount and compensation amount. Using the PPI Claims Calculator, you will accurately arrive at the full claim from the bank.
It is never easy to do things like this on your own especially if you lack the experience and you hate numbers. Read some guides online for calculating and understanding how PPIs work and what needs to be done to claim it.
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