A PPI Calculator helps you to calculate accurately on how much you owe by a mis-sold PPI (Payment Protection Insurance).
Are you still scratching you head on how much you could claim back after being mis-sold PPI (Payment Protection Insurance)? The best way to found out is by using a PPI claims calculator. It the easiest and a great way to quickly check if you owe any money from mis-sold PPI. Firstly, let us all understand some of the basics and the key terms to understand the process in a better way.
General Introduction about PPI
The most basic thing to understand as a customer is that, what is PPI? PPI is the abbreviated term for Payment Protection Insurance. It is a specific insurance policy created to help you pay your loan, credit card payments if in case you are able to work for an extended period of time. This scheme was formed and developed in order to actually help people with their repayments. But with the number of companies growing and lot of customers unaware about the process, they pay a premium for this insurance and then have been complaining when going to actually make a claim the process has been very difficult to understand. It has so many clauses that the intricacies becomes a cumbersome job and not always worked with has then in fact actually made it harder to meet their repayments.
How to Claim Back your PPI?
You can claim back your PPI refund if in case you have taken a loan, credit card or any sort of mortgage and you feel that were mis-lead and mis-sold the PPI. You can use a PPI calculator and then you will be able to determine and calculate an approximate claim value to apply for.
Once Claimed, What should be the Next Step?
Firstly getting your claim documents is the most important step, and one you file your claim, you should wait for the response. Once if it is accepted, you can be happy about the amount you are going to receive. But if the claim is rejected, then you need to file it again with the organizational bodies in order to get back your money. There is a series of steps which needs to be followed in order to get reimbursement.
There are many circumstances where a bank might reject a claim. There are instances where the people who have logged a claim report and are rejected still get a compensation letter in return. They are often misjudged by the banks and after the court order the banks have to return the compensation amount to the people.
If the complaint filed by you is still not addressed or is rejected from the court, nobody can help you. You will not get the amount which is liable for. But, one should not be disheartened if they get their claims rejected in the first shot.
There are banks which have followed the orders from the courts and refunded the PPI amounts. The complaints filed are sometimes not addressed and takes years to get settled and when the people actually get the claim amount, they are already dead or they no more require that amount.
In that case you can lodge a complaint with your bank. And even the bank says that you might wait for the legal authorities to contact you, and then you must have to wait and expect their letters. If accepted the banks will immediately role out your compensation and if rejected then nobody can help.
What if the Claims are Rejected?
If your claims are straightforward rejected, then you should go to the FOS. But in case if FOS has rejected your claim, them your claim has actually failed and you can’t get any compensation out of it. Then the FOS does not listen to your woes that you were mis-sold by a salesman or a bank. In that case, you can directly con tact the company with which you made a claim with.?