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There are 3 main parts to calculating a basic Payment Protection Insurance (PPI) claim:
This part takes into account the amount you actually paid as part of your mortgage, loan, car finance, credit card or store card.
Because Payment Protection Insurance was added to your balance, your repayments would have been higher. Therefore, you are entitled to receive the additional interest you would have been charged because of the higher total balance.
You are also entitled to 8% compensatory interest based on part 1 and part 2 for each year since you first made the finance agreement. If you took out the finance agreement a long time ago, this part can be the largest part of the claim.
We have a PPI calculator that you can use to give you an idea of how much you may be entitled to once you receive your refund. Alternatively, get in touch with us today – we’ll open your case and start work on your PPI reclaim.
