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What Is A PPI Claims UK Company?

Payment Protection Insurance (PPI) is a product that is meant to cover loan payments in the event that you wouldn’t be able to pay them (due to accident, illness or losing your job). However, PPI been mis-sold by dozens of banks, credit card and loans companies due to massive incentives offered to the staff selling it to customers in the mid nineties to early noughties (in particular customers being told they had to take out PPI in order to secure their loan or credit card).Claim PPI

If you were one of the many people who were mis-sold PPI, then you have a right to claim back the money that was wrongly taken from you – which in some cases could be thousands of pounds.

There are two ways you can reclaim PPI. One way is to do it yourself. There is plenty of information on the internet which tells you how to do this,and many people have reported success using these methods. In fact, I’d advise that anyone try this method first. You have nothing to lose by trying, and you could end up with a very handsome payout. However, if you find that you have trouble with this method, then consider using a PPI claims company.

A PPI claims company will do all of the legwork for you (writing letters to banks and following up), however, they will charge a fee which could be up to 30% of whatever you eventually claim back. The advantage of using a PPI claims company is that they will do all the chasing, particularly as it’s in their interests to make yours a successful claim. In particular, if you’ve a case of a mis-sold PPI claim which is pre-2005, which may need to go through court, a PPI claims company can be very helpful (as they’ll do this for you.)

However, if you are tempted to use a PPI claims company, try and find a company with a good reputation. Some PPI claims companies charge an upfront fee or will claim a fee even if you were in debt with a bank or load company which means you’ll get no cash (but a reduction in debt) but the company will still want their cut.

Reclaim Your Payment Protection Insurance Easily!

Do you believe you have been wrongly sold payment protection insurance? Many people have, in fact, it is unfortunately rather common! That is why we are here to help you find out how much of a refund you are entitled to by using our ppi calculator. A fast and easy to use tool, our ppi calculator does all the hard work for you so you don’t have to go through the trouble.

Often the stress of figuring out interest rates and premium payments can lead people to just give up on the idea of reclaiming their rightfully owed money, however, with our ppi calculator this would be time consuming task will be completed in seconds! Securing your refund does not have to be taxing on you, there is no need to worry about knuckling down and wondering if you will get approved.Claim Cash PPI

By using our ppi calculator you can have the assurance that you are being helped by experts in the field who have carefully crafted this tool to make your life easier. Many people have been mis sold ppi for numerous reasons, such as, the cover not being properly explained to you, over-pricing of the policy, you were not aware you were sold it as it was hidden inside your loan. For whatever reason you have been mis sold ppi we can help you.

Luckily there are many banks who are refunding their customers who have been mis sold ppi so there is no need to give up hope on getting compensation. Even if you are willing and have the knowledge to calculate ppi yourself using our ppi calculator will give you almost instantaneous results and within no time you’ll be able to see how much of a refund you’re entitled to. Don’t let yourself be pressured by the complications of working out a ppi claim refund, seek our help today!

What is PPI Insurance?

Payment Protection Insurance, also known as PPI, is an insurance scheme whereby consumers pay to cover their loan or debt repayments in the event that anything untoward should happen to them. PPI insurance can cover issues such as untimely death, not being able to work due to illness and even redundancy.

How the policies work can differ greatly depending on the policy, some are taken out as part of a mortgage or loan, but some can be purchased as stand alone PPI insurance policies.

Up until recently PPI insurance was generally sold by banks and credit providers, who would sell the policies as add-ons to loans or overdrafts etc. Although the consumer pays for the policy it is the lender who receives the payment if a claim is made.Claim PPI Cash

Recent years have seen the whole area of PPI insurance fall under close scrutiny following the controversy of allegations surrounding companies mis-selling PPI policies. It is very difficult for an individual to asses whether a PPI policy is right for them and so it is something that must be carefully considered.

Banks and credit agencies have endured vast criticism for their mis-selling of PPI over the years, the main complaint being that consumers didn’t actually realise they were taking out a policy and the “lenders” had simply added PPI to their mortgage payments, or whatever it was they were taking out. Another common issue borrowers encountered is that the policy was not properly explained to them, so they bought it not really knowing what it was.

Many people over the years have complained of being mis-sold PPI and have taken out claims against the company involved. Banks have been forced to set aside money to make repayments for their part in the mis-selling of PPI.

There are a number of ways to make claims, such as phone calls, filling out claims forms and enlisting the help of claims companies or the Financial Ombudsman.

Claim Back Your Mis-sold PPI

The recent years have propelled mis-selling of PPI orPayment Protection Insurance as one of the biggest financial scandals. Many people have spent thousands on policies that they did not require and which the banks and financial institutions had forced upon them. If you have also been mis sold PPI, you could claim it back.

However, you would first need to know whether a lender had mis sold PPI to you. Go through your paperwork and check for reasons for a mis sold PPI. And if, after thorough assessment, you find that it has been mis-sold to you, here are the steps how you can claim it back.Claim Cashback PPI

1. Go through your loan papers to check the cost of your PPI. A PPI could be listed under various other names such as credit insurance, loan protection, ASU insurance, loan repayment insurance, payment or account cover, etc. If you are unsure where you have a PPI, you can ask the lending bank or financial institution as well.

2. If you find out that the PPI has been mis-sold to you, make a claim for it on your own. Though there are many companies who offer their services, the process is pretty straightforward and simple and does not really require the intervention of middlemen.

3. Make a complaint directly to the bank or financial institution that mis-sold the policy to you. Write to them with all the details of the policy, along with the reasons why you think that the policy was mis-sold. The bank or institution has eight weeks to respond to your complaint and to inform you whether the complaint has been recorded or they need more time to assess it.

4. If the bank or financial institution does not respond to you within the stipulated eight weeks or you are not satisfied with the response provided by them, you can escalate the complaint to the Financial Ombudsman Services. There is a PPI claim form that you need to fill and submit. Ensure that this is done within six months of receiving a response from the bank. The ombudsman service will seek explanation from the financial firm or bank and then decide whether your complaint can be upheld.

Claiming back mis sold PPI is a simple process; however, if you require help filling the claim form, you can call the ombudsman service for assistance.

PPI Claims Companies can help you get all your PPI back.

PPI Mis Sold

The FSA (Financial Services Authority), is the regulative body that controls financial service providers in the UK. After many complaints, and consumer reports, the FSA investigated and subsequently started prosecuting those banks and finance companies, for mis-selling PPI. The FSA have also listed the many different circumstances that PPI mis sold to consumers were carried out, so valid claims for compensation can be made.Claim PPI Cash

FSA stipulates that a lender must conduct its business with due care, diligence and integrity. Companies should also focus on the quality of information given to each individual client, be communicative, without being misleading, ensuring the suitability of their products to each individual. PPI mis sold to consumers formed a general pattern and was also listed:

• PPI was added to monthly repayments without the knowledge of the consumer.
• People were led to believe that if they take out PPI, they will be approved for the loan or credit.
• The exclusion in the policy was not made clear prior to taking out the PPI.
• PPI was sold as a requirement first, in order to get a loan or credit.
• The self-employed, unemployed and retired had PPI mis sold to them with no chance of ever being able to make a claim.
• Some PPI policies did not match the loan by value and timescale.
• Over 65’s were sold PPI, which is outside the restricted age range.
• The fact that you can buy PPI from another company was not conveyed.
• When their loans were increased, so was the PPI payments.
• Consumers were not asked about existing insurance that may have covered the loan.
• PPI premiums were not paid back after the loan was paid off early.
• The PPI police’s terms and conditions were not explained clearly.

Even if a PPI policy has run out, a claim can still be made, if there were some impropriety. Also, if a claim has been made successfully against the policy, a PPI mis sold claim can be filed if there were not made aware that the insurance was optional.

What are PPI Reclaims

What is PPI?
The scandal surrounding Payment Protection Insurance (PPI) broke recently when it was discovered that many lenders had sold their unwitting customers PPI in addition to their loan. This is insurance for the lender that states they will receive full payment of a loan even in the event of the customer’s death. Although the customer pays for this insurance, it is the lender that receives the benefits. Since the scandal broke, the question on everyone’s lips has been PPI reclaims.Claim PPI Cashback

PPI Reclaims
Lenders are now being forced to repay any PPI that was mis-sold to customers. Everyone mis-sold PPI is entitled to reclaim 100% of the money charged. However, claims generally expire 6 years after a policy has ended, so it is important to act quickly if you think you have a claim. Generally those entitled to compensation will be contacted by their lender or the FSA, but if you feel you have been mis-sold PPI it may be worth inquiring to your lender. Calculating the value of your PPI compensation is simple, plus most lenders will have records for each customer. Most PPI reclaims have a value of about £2000-£5000, depending on the value of the loan. Don’t expect your money instantly however, millions of people have been mis-sold PPI, and every one of them has to be repaid in full.

On of the most popular, and most widely advertised methods of PPI reclaims is “no win no fee” lawyers. This method is highly beneficial to the customer as there is no real loss if the claim is unsuccessful. However, enders are often willing to cooperate on PPI claims, and so if you have the time,and are willing to put in a bit of legwork, it is possible to make make any PPI reclaims you think you may have yourself.

How to Calculate Your PPI Refund

Payment protection insurance is a very controversial topic today as many people have been sold this product without understanding what it is and weather they actually need it. A PPI policy is a product that is applicable to those who are purchasing a financial agreement such as a loan or mortgage. If you are unable to work due to loss of a job, injury or ill health the payment protection insurance will take over and will cover your minimum expenses for usually up to two years. This is of course a costly extra, but a lot of financial institutions have sold this product to people claiming it was mandatory. This is very far from the case.PPI Claim

If you believe you have been sold a PPI policy without actually desiring it the first step is to establish whether your written contract (e.g. Mortgage contract) states you have a PPI policy. If it does you should ask yourself if you knowingly and willingly signed up for it. If you did not, you could claim the money spent on the policy back! Claiming back PPI is only valid for contracts that have been sold within the last six years and have never been used.

Many companies offer free PPI calculators to work out how much money you could be owed on a loan or mortgage, but it is possible to do rough calculations for yourself. It is fairly simple to do these calculations, but I would only use your results as a guide line.

If you have a mortgage, take a look at the contract. You will see that you have a ‘loan amount’ followed by other itemized costs and a final Total monthly cost at the bottom. If you subtract the loan amount from the total cost you will calculate the extra money you have been paying every month. Adding up these extra costs over the duration of the contract will almost equal the amount you are due back. The small difference you will notice is due to interest accumulating on your loan.

Using a PPI Calculator will take into account the interest factor and give you the exact figure you are entitled to receive. Using a PPI Calculator is simple and usually very quick. I would recommend using a PPI Calculator before deciding whether to pursue your claim.

How Much PPI Compensation Are You Owed

It is advisable to consistently re-examine claims in order to ensure that whatever the situation as a client you are undergoing is completely covered. Depending with the need because PPI Compensation claims vary, and in order to ascertain the Compensation claims, you can take advantage of the many of the available PPI compensation claim calculators that are normally integrated on websites.Claim PPI Cash

However, calculators may also give out errors and it is advisable to even personally further understand the figures behind PPI Compensation that you are owed.
To begin, computing PPI Compensation is not an easy task. One way to estimate what you are entitled to, is to begin by calculating what your monthly loan repayments should be. For instance,

• If you took a loan of £5,000 over a period of 5 years at 5% interest the monthly repayments should be £95 per month
• If your took a loan of £10,000 over a period of 10 years at a rate of 10% the repayments should be £130 per month
• If you took credit for £20,000 over a period of 3 years at a rate of 20% the repayment rates should come at around £750 every month

Immediately you have determined this figure, you may then proceed and determine the cost of interest (In this scenario you are likely to be re-directed to same position that you could have been if you would not have taken out the insurance) together with the 8% interest that a court of law would have awarded in form of compensation loss.

In case you already know your PPI Compensation monthly insurance cost, then what you are required to do is to multiply that very figure by the loan term in order to ascertain the real cost.

In case you do not have the exact figures, you can compute the total cost of the loan by multiplying the monthly re-payments together with the loan length and then deducting 15% from the total.

Calculate what your PPI is worth

Payment protection insurance was mis-sold by many financial institutions in the United Kingdom. A product largely inappropriate for the needs of the customer, yet one that bought many a bottle of Bollinger at the bankers’ Christmas party.

The British High Court has since declared that consumers can claim back their payments, along with interest and fees incurred, if they believe they were mis-sold a ppi policy. As a result, to settle claims, £10bn has been set aside within the financial industry.

There have been approximately twenty million ppi policies sold in the UK. Although many of these policies were sold in good faith, it is predicted that around fourteen million of these policies have been potentially mis-sold. Claim PPI Cash

The amount your ppi is worth depends on a number of variables. The value of the money you borrowed and the length of time it was lent over, being two of the main factors. The average ppi is worth around £3,000 or 40% of the loan premium, according to the latest industry statistics.

A ppi claims calculator can be used to determine how much compensation is due by considering the claimant’s circumstances. The claimant will be prompted to feed their relevant information into the ppi claims calculator and a reliable claim estimate will be returned as a result. The ppi claims calculator is an invaluable tool when it comes to making such calculations, as they are invariably quick and easy to use. The process is disentangled by the use of such a tool and provides you with the information of the sum you can claim.

The ppi claims calculator is a tool offered free to use on multiple websites. The process is accommodating as it results in reliable information being obtained, which lowers the risk of having to submit several claims before a case is accurately settled.

PPI Calculator : What Were You Mis-Sold?

PPI Calculator help people calculate the compensation due from banks who have mis-sold them Payment Protection Insurance (PPI).

UK banks started selling PPI Insurance in the 1990s. PPI insurance would take care of debt repayments if the insured lost their job or became unable to work owing to illness. Since such insurance offered immunity to the debtor and security for the creditor, it was sold alongside most mortgages, loans and credit cards.

PPI however soon started attracting criticism for inflated premiums and its anti-competitive nature.

A major charge against PPI insurance was that it was mis-sold. PPI insurance is in essence optional or voluntarily. Many banks however forced consumers to buy it or incorporated it with the loan on the sly. Banks also sold such insurance to categories of people such as self-employed who were ineligible to claim the insurance amount in the first place. In many cases, the purchasers were not informed that they could shop and choose the best policy available in the market, with the lender insisting that the borrower take the laid down policy along with the loan. In other cases, the banks did not provide adequate paperwork.PPI Calculator

The Financial Services Authority (FSA) entrusted with the task of regulating the general insurance industry brought out guidelines that barred the sale of PPI for a minimum of seven days after agreeing to the loan, mandated a personalised quote that provided details of the cost and cover and made it explicit that PPI was optional. Banks also had to disclose details of successful PPI insurance claims.

The FSA guidelines were applied retrospectively and people sold PPI policies in violation of the laid down standards could claim compensation for having been mis-sold PPI insurance. The FSA estimated around 3 million people eligible for PPI refunds totaling £4.5billion.

In April 2012, the British Banking Association (BBA) fighting against the FSA guidelines suffered a landmark defeat at the high court. Banking major such as Lloyds has decided to pay out compensation rather than appeal the ruling.

Hundreds of people are now claiming compensation for mis-sold PPI policies. The PPI calculator helps such people calculate the quantum of compensation due and make a claim. The PPI calculator calculates the compensation after taking into consideration the premium payment and the number of payments. Standard PPI calculators calculate compensation at 20 percent of the premium paid and factor in statutory interest.