PPI or Payment Protection Insurance is a type of insurance policy which seeks to cover the insurance holder's monthly repayments on loans, mortgages and credit cards should he/she fall sick, meet with an accident, face unemployment and so on. Thus, there is no doubt about the fact that PPI is a useful insurance policy but many a times it is mis-sold, i.e. sold to the wrong person, thus making it completely useless. A PPI is not at all a useful thing for a person who doesn't qualify for making claims or one to whom it has been sneakily sold to. This is the reason why PPI holders seek claims the moment they find out that they have been cheated and mis-sold such as policy.
Reclaiming PPI is a task that seemed fairly impossible until the outburst of PPI claim companies, i.e. companies that help wronged PPI policy holders. However, in order to be able to make PPI claims with the help of the Financial Ombudsman, it is essential that you educate yourself first about how much you are entitled to receiving. In order to do this, you can make use of a PPI calculator. This is a special type of calculator that allows one to calculate the amount of money one would receive owing to the mis-sold protection insurance.
Making calculations about the amount owed to a mis-sold PPI holder is a tedious task because it involves a lot of complex and confusing calculations. Nevertheless, one does not need to worry because one can have easy access to these calculators. These are easily found online in many PPI claims website; the best thing about them is that most of them are free to use! With the help of these calculators, one would be able to tell in just a matter of seconds as to how much one can be refunded if the claims that one make become successful.
Different websites have different PPI calculators, while some of them do not require one to feed in a lot of information, others can be a bit tedious to use. Thus, it is always advisable that one should find a PPI calculator that is easy to use and efficient. Depending upon the reason of being encumbered with a PPI loan, you could seek out the type of calculator that you require. While some calculators are meant for loans, others are meant for credit cards. In order to use these you just need to key in the essential information. Some of the common fields are: the amount of loan money borrowed, the duration of the loan, the amount of time one has been repaying the loan, the average monthly balance of the credit card, the number of years one has had the credit card, etc.
After entering the necessary details, you will be able to get the results that you need with a single click. All in all, these online PPI calculators are extremely useful devices that have an important role to play in your quest of making mis-sold PPI claims.
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