PPI (Payment Protection Insurance) serves the good purpose as it will help you repay the loan or credit card dues if you fail to pay the amount due to financial constraints. If you lose the job or become sick, it is difficult to fulfill your financial obligations. In this context, the PPI policy will release the required amount so that you will be able to make the most of your time. However, if you feel that you had mis-sold PPI, you can go for a claim. The claim can be made as far back as 6 years as the banks will maintain the data up to the past 6 years.
Benefits of the calculator
The ppi calculator will help you make correct entries. The PPI cover is also called as credit, insurance, loan repayment insurance, loan protection, account cover or accident, sickness and unemployment insurance. If you check the product statement, you can find the premium paid towards the PPI. If you check the policy booklet or the loan agreement, the complete details about the PPI will be listed.
There is every reason to mis-sell the PPI. The sales team is compelled to sell PPI to achieve their own targets. It was proven that banks made great profit through the mis-sold PPIs rather than the original loans. In this context, the banks and other financial institutions were advised to refund the mis-sold PPI. Thus, it is possible to make a claim with the financial institution from which you had obtained the insurance.
The PPI online calculator will help you so that you can get the claim amount very easily. If the PPI was sold under the impression that it is the requirement, you are entitled for refund. It should not be included for a self-employed person. If you suspect that you have mis-sold PPI, you can make a claim after doing the calculations in an appropriate way.
Claims management
Instead of using the ppi calculator, you can also approach the claims management company which works for your interests. The documentation will be done on behalf of you. Thus, you will not want to go through the complex documentation process. If you speak to the company representative, you will take the first step to raise a complaint. After assessing the information, the company will take a decision so that you will move forward. The financial institution should respond in a time bound manner. You should get either acceptance or rejection from the financial institution within 2 to 8 weeks. If the response is not received, you can bring it to the notice of Financial Ombudsman (FOS). The FOS will ensure that you will get a reply from the financial institution. If there is no response from the financial institution, the FOS will take up your claim. However, it will take long time. At the moment, the minimum time required to get acceptance will be about 1 year. It may take more time as well, depending upon the complexity of the case.
When you take the help of a claims management company, the calculations will be done accurately. As there will not be any risk in dealing with the professional agency, the issue will be settled immediately. You will not pay any amount to the professional agency if the case is not won. The advantage with the agency is that the documentation will be done properly. The professionals are aware of various documents from which the information will be collected. Thus, it is possible to save time and effort to get your claim settled by the financial institution without any delay.
