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Reclaim PPI Calculator

Part of the problem with filing for a PPI refund against your lender is in not knowing exactly how much money is due back when you submit a payment protection claim. The reason for this is because payment protection insurance doesn't work in the same way that other insurance products work when it comes to paying premiums. PPI is collected just once at the beginning when the loan is initiated and the total is then amortised over the life of the loan and collected each month with interest tacked on as well. It is a nice little racket the lenders have going on but to get to the bottom of just how much is owed you would probably need something called a 'reclaim PPI calculator.'

What Is a Reclaim PPI Calculator?

Actually, a reclaim PPI calculator is a small software program found on the websites of most reputable PPI claims companies. There are fillable fields where you plug in information which is needed in order to calculate a figure that is pretty close to what the lender has already taken from you. You will need to know:

  • The amount of the loan
  • The percentage being charged for payment protection insurance
  • The number of months the loan is for
  • How many months you have already paid

Sometimes a reclaim PPI calculator would ask for other information, but the above is normally the only information required. They are user friendly and really all you need to do is fill in the blanks and within moments you will see how much you have already paid.

What to Do With This Information

The first thing you would do would be to file a claim against your lender using the figures from the reclaim PPI calculator. Make sure to detail how the payment protection insurance was mis sold (the way in which it was sold) as this will be very important. Keep in mind that unless the cover was mis sold by the lender you would have no need for those calculations you made with the reclaim PPI calculator as you wouldn't have a claim! The government is very specific as to what constitutes mis sold PPI and if your policy was not mis sold you don't get a refund! Another purpose for having those figures is that the bank is liable to make an offer. If it isn't consistent with your calculations you may not want to settle for it!

Because there is an art to negotiating with lenders when it comes to settling PPI claims, using a reclaim PPI calculator on a website of a professional PPI claims management site can help you speak more intelligently with your claims specialist if you hire their services. The claims specialist may ask what your bottom line is and if you have the figures in front of you then you can name a figure. However, some PPI claims management companies will also give you counsel on what they feel you should claim. Talk to your specialist before setting a figure and that is what he or she will use when filing your claim.


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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit 16, Elysium Gate, 126 New Kings Road, London, SW6 4LZ and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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