Manchester, England -- (ReleaseWire) -- 04/22/2013 -- Throughout the United Kingdom, over 20 million PPI (Payment Protection Insurance) policies were mis-sold. PPI is insurance that is added to loans, credit cards, mortgages and other similar types of finance used for cars, catalogues, and high street stores. The FSA investigated this product and discovered that most policies were mis-sold by bankers and other financial institutions. An estimated £11bn is owed to customers in compensation.
PPI policies were found to have several key mis-selling points. For one, PPI is overpriced, with policies added to a £8,000 loan on a 5-year term costed the policy holder an additional £2,000 to £3000. In addition, many banks and other financial institutions have systematically mis-sold PPI to their customers - against which they can never actually claim. More often than not, the self-employed and students often can't make claim if they are unable to pay the monthly loan payment.
When a PPI compensation claim is made, the banks will try to pay out a minimum amount - and may miss off the statutory interest of 8%. In this regard, it is important for PPI policy holders to find a tool that helps them determine exactly how much they are entitled to.
PPICalculator.com is dedicated to helping people find out how much PPI compensation they are entitled to reclaim. The easy to use PPI Calculator, will assist users to discover exactly how much compensation they are entitled to - quickly and for free! The tool also helps people find out how much statutory interest they should get back.
The website notes that the amount of PPI people pay on their loan is about 15% of their balance, but can also be as high as 30%. In such a situation on loans and mortgages, a PPI claim could be worth £1000s to the consumer.
By using the website's PPI Claims Calculator, anyone can stop wondering if they are eligible for a claim. People who no longer pay out each month for the insurance can still make a claim against their banks, including those whose policy stopped within the last 6 years.
To find out more about how the PPI Calculator works, please visit http://www.ppicalculator.net for information.
PPI Calculator helps consumers in the United Kingdom discover how much their PPI (Payment Protection Insurance) claim is worth via a PPI Calculator. The website also provides advice and assistance on actually claiming for PPI against the UK banks.