When you are filing for PPI claim, you need to know how much money you can get back. It is an easy process, but knowing the amount the banks would pay you would definitely help. However, when you are calculating the amount of PPI claim, there are certain things you need to keep in mind in order to get to the right figure. The court have ordered the banks to pay the customers their due amount along with the interest, and thus, you need to add the interest for the tenure you have been paying the PPI premium. The interest is roughly around seven to eight percent.
Once you know add the interest amount for the tenure you have paid the PPI and add to it the instalment in total that you have paid so far, you would get to the figure that you are supposedly going to get back from the bank. You can also use the PPI refund calculator online to know the approximate amount. Using this calculator is easy and you would not have to worry about any complex calculations, as this calculator would do everything on your behalf.
Here are the top key elements that you have to know in order to reclaim your PPI –
- The first important thing you need to know is the exact amount of money you were charged for the PPI alone. It can be easily found on your credit agreement. Just go through the agreement carefully and note down the amount you were changed including any tax.
- You will then have to calculate how much you have already paid to the lender for the policy. You need to know your repayment schedule and how much you are paying every time.
- The next important step is to calculate both of them together and then putting a statutory interest on it for each of the year that the loan was present.
- Even if your loan has been fully paid, you can still claim your PPI using the above method.
Adding these elements would ensure that you are able to calculate the refund amount quickly and without any hiccups.