It is possible to use a PPI calculator to get an idea of how much your PPI payment may be, and there are a number of websites that offer such facilities. However, it is worth considering the many factors that can have an effect, in particular the following:
a) Is your premium may be monthly or single payment?
b) Does your premium cover a loan, a credit card or a mortgage, or another credit agreement?
The first thing you need to do is find the original paperwork pertaining to the loan as this will tell you the loan amount and the PPI charges. If you cannot find the original paperwork, simply call us on 0800 840 7292 and our friendly claims advisers will be more than happy to help. We will gather all the information needed and contact your lender to request the information via an SAR.
How to Find the Value for a Single Premium Policy
If you do not have the relevant information you can still calculate the possible payout, and you will need the following information:
1: The original amount of the loan
2: The loan terms
3: The APR figure
The following calculations may appear complicated, but if you take a little time and care and you will arrive at the right answer. For this PPI calculator example we will assume a loan of £10000 over five years, at 7.9%APR. The standard rate of PPI on such a loan is usually 25%, but his can be considerably higher; assuming the standard, this means the total amount of your loan is now £12,500. Have a look at this breakdown:
Loan Amount = £10,000
Term of Loan = 60 months
Interest Rate = 7.9%
Interest on Loan = £3,950
PPI Premium = £2,500
Interest on PPI Policy = £987.50
Total Repayable = £17,437.50
The opening PPI cost is £2500 and we can use a PPI calculator to calculate the complete interest charge over the five years: £987.50. This means that, before compensation is added, your reclaim amount is £3,487.50. Compensation is 8% per year, so we need to add an extra £79 to the total, making it £3,566.50.
Remember that there are further influencing factors. For example, you may have paid off your loan early in which case the PPI payment will be reduced, or your loan may still have a value outstanding. In this case you could be refunded the amount paid so far and the remainder will be applied pro-rata across the remaining loan.
How to Find the Value on a Monthly Premium Policy
If you check your annual statements you will be able to find out how much you have paid per month, and for how many months. It is impossible for us to assess an accurate PPI repayment figure for this type of policy as there can be many different monthly rates; we have seen payments as much as £150 per month, and as low as £9. By multiplying the monthly payment by the number of months you have paid, and adding the annual rate of 8%, you will arrive at your repayment value.
Calculating the Value for a Credit Card
Zahlreiche Detail von dolphins pearl kostenlos machen das Spiel unvergäßlich Again, this is a very difficult calculation to make as credit card balances can vary greatly from month to month. A typical PPI charge would be around 1% of the outstanding balance at the end of each month; if your balance was £5000 at month end, then your charge for that month would be £50. PPI on credit cards also accrues interest at 20% per annum, a figure that is not set in stone. We have had one customer who was awarded a massive £32,799.63 for just one credit card claim!
Let Us Calculate Your PPI Claims
As you have seen above you can calculate your PPI claims amount without using a PPI calculator, for some people maths is not a strong point. If this is so with you, or if you want more help and advice on your claim, simply fill in our simple online contact form and we will call you back at your convenience. Should you prefer, you can give us a call on 0800 840 7292 and one of our claims advisers will be more than happy to help.