How much do they owe you?
If you have taken a mortgage, loan or availed a credit card overdraft facility over the last 10 years or so, chances are you are now owed Payment Protection Insurance (PPI) payments by your financial institution. The question is - how much are you owed? Only a comprehensive PPI compensation calculator can help determine that.
But you won't find one on a Bank's website. Nor will your insurance or mortgage broker, who sold you the credit product as well as the PPI for it, tell you where to find such a useful tool. That's because they fear that once you know where to locate a reliable PPI compensation calculator, you will know exactly what they owe you.
A right denied
When big corporations like RBC, Barclays, HSBC and Lloyds-HBOS sold you one of their credit products, they often included PPI as part of that deal. However, in many cases consumers like you didn't really need PPI. Sometimes you were not even made aware that you are paying for PPI. And yet at times, unsuspecting clients were wrongly lead to believe that their credit application would be denied if they didn't opt in for PPI.
Still, even though consumers had valid PPI policies, when they made justifiable claims against them, their claims were often denied. Usually, they were told that the cause for denial was fully explained in the "fine print" of the policy. So in fact, even though they paid for "protection", they received none!
The long arm of the law
As a result of persistent complaints from victimized consumers, the Financial Services Authority (FSA) and the Office of Fair Trading (OFT) took it upon themselves to investigate the claims of wrongdoings. It is because of the findings from those investigations that some of the largest financial corporations in the U.K. have now been ordered to make restitution of wrongly charged PPI to over 6.44 million consumers.
Putting a price on it
In total, these corporations will be paying out over £9bn in PPI compensation. In order to get your refund however, you have to file a claim. And professional Financial Claims Specialists are now stepping forward to help consumers lodge their claims. But without an accurate PPI compensation calculator, aggrieved individuals such as yourself will likely never know how much your claim is worth.
Since the banks and financiers are not willing to help you determine how much they owe you, the claims specialists have developed specialised compensation calculators to assist you. All you need to do is fill in a few simple pieces of information, and submit it to them. Their experts will run the numbers and put a price on how much you can expect in refunds.
And when you file your claim through these specialists, they never ask you to provide any original documentation of your policy. Instead, they work behind the scenes on your behalf to get all the paperwork completed, so you can expect a full and timely refund.
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