Bank Charges Calculator
Unless you know that you have been carrying loan protection insurance on your loan you might be astounded to realise just how much they are charging you in fees! Keep in mind that the premium is paid onetime when you close on the loan so you are not only paying for the loan with those monthly instalments but are also paying for the loan protection insurance and interest on top of both! Calculating just how much mis sold payment protection insurance is really costing can take some pretty complex calculations, unless of course you have access to a bank charges calculator.
What Is a Bank Charges Calculator?
At this point you are probably asking what a bank charges calculator is anyways! You may have heard them referred to as PPI calculators, loan insurance calculators or even payment protection calculators. They are, quite simply, a small software program placed on certain websites that help calculate what you are owed when reclaiming PPI that has been mis sold to you. In terms of bank charges, these would be what your bank is tacking on to the original loan to cover the premium and interest for the loan insurance you may or may not have known your purchased. However, mis selling loan insurance is another matter altogether and the ultimate cause for why a bank charges calculator is so important.
Bank Charges Calculators for Mis Sold PPI
There are a number of ways in which consumers are mis sold PPI, payment protection insurance, but most often it is because the lender didn't disclose policy details, didn't tell the borrower they would be buying this cover or forced them into buying loan insurance by making it sound like a qualification for getting the loan. Why would you need a bank charges calculator after having been mis sold PPI? Why? To begin reclaiming bank charges that shouldn't have been assessed to that loan in the first place is why! Keep in mind here that it isn't always easy to separate PPI bank charges from the loan itself so a handy bank charges calculator, programmed to separate the two products, will let you know within a small fraction, the amount you are paying for mis sold PPI.
When looking for a bank charges calculator online, the best place to find one is on a site that specialises in PPI claims. Belmont Thornton has a PPI estimator on their site which does the same thing. You only need to know a few details in order to get the proper figures. You will need to know the exact amount of the loan as well as the percentage you are being charged and how many months the loan is amortised over. Once you have all these figures plugged in you will know just how much has been stolen from you in mis sold PPI.
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