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Payment Protection Calculator

There has been so much talk lately about mis sold PPI cover which is why consumer awareness is growing. Most people now know millions of consumers in the UK may be due a refund on mis sold PPI. In fact, there are so many payment protection insurance claims that lenders are hard pressed to keep up with them. However, that is where it seems to stop. The question that remains on most people's minds is just how much money can they claim back on mis sold payment protection cover.

Aspects of a Payment Protection Calculator

Most people who have been mis-sold payment protection insurance are keen to know what refund they may be entitled to. Actually, that is a difficult question to answer without knowing some pertinent information about the loan that has mis sold PPI attached to it. If this information is on hand it is possible to use an online payment protection calculator to estimate how much you may be able claim back. This information includes the amount of the actual loan, the percentage of that amount you are being charged for PPI and the length of time you have been paying on the loan.

The Total PPI Premium Needs to Be Known

A payment protection calculator will first assume that your cover was added as a total premium to the cost of the loan. So if your loan was for £150,000 as might be the case with a mortgage loan, the amount of the total loan with the cost of PPI cover could be as much as £225,000. That's the sum total of the amount being borrowed plus a fifty percent charge for PPI.

What is the Insurance Rate Being Charged?

In the above example, the insurance rate was at 50% of the loan amount but that percentage varies. PPI costs anywhere from 13%-56% of the loan amount so you would need to know that information in order for the payment protection calculator to estimate payment protection refunds due.

How Many Years Have You Paid On Your Loan?

Finally, it is important to know the length of time you have been making payments on the loan. Some people have paid off their loan over a five year period while others are in the eighth or ninth year of a thirty year mortgage loan. The payment protection calculator will use this information to calculate how much you have paid, including interest on interest that you have also paid!

Online Payment Protection Calculator

Most reputable PPI claims websites have a good payment protection calculator also called a PPI estimator available for you to use. It gives you a rough idea of what you can expect to get refunded from your lender if you were mis sold PPI cover.

That only leaves one important aspect to consider. It first needs to be determined if you have been mis sold PPI. To talk to a representative on the claims team to see if you are eligible to file a claim and what it will entail call 0207 471 2000


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