There is a growing trend amongst UK payment protection insurance claims victims of wanting to know the value of their claim in advance as opposed to waiting until the claim has completed and receiving their check in the mail.
What is a PPI Claim?
The term “ppi claim” refers to when a potential ppi miss-selling victim endeavours to get a refund for the miss sold policy they paid insurance premiums on.
This can be done in 2 ways:
1. Use a ppi claims management company to help you, some of them offer free ppi calculator estimations to help the website visitors estimate the value of their claims. Once you engage the services of a claims management company the claim begins and if successful you will receive your refund & someone else does the work and the chasing up for you (you just have to provide information) (you will pay a fee on completion).
2. Claim yourself without the use of a claims company, slower, however it is free, with no fees payable to a company for their services.
Why Do People Now Want To Calculate Their Refund Before Claiming?
One reason is that there are costs associated with using companies, so some people want to calculate the value of their claim upfront along with any costs that may accompany that refund.
Another reason is the growing availability of these ppi calculation tools that can give people guidance on how much their claim could be worth (before it was a compliance minefield, now it is permissible and is perfectly fine as long as no false statements are included).
An additional reason is just pure curiosity, people like to get excited about windfalls and the prospect of a big refund, this is human.
An advantage of knowing what a claims’ value could be is that it gives the claimant an idea of how much investigation could be required too, and whether it is worth them pursuing it alone in relation to how much money they could be refunded by the banks.
Aside From A Refund, Are There Other Fees Or Compensations Due?
Interest is paid on each insurance premium payment to the rate of statutory interest (which is 8% in the UK), this is given to the victim of miss-selling once their claim is completed (if successful), certain charges can also be repaid, it is worth discussing this with the company that you decide to put the claim through with.
It is advised that with the impending ppi claims deadline, any claims not started yet are put through as soon as humanly possible, even if this means using a claims’ firm to expedite the commencement of it.
Once spring 2018 comes it will likely be too late due to the recent enforcements by the financial regulators as the banks’ campaigning has granted them a deadline, however there is still more than enough time for people to input their claims until that comes into play.
There are a wealth of websites and lots of information to guide anyone making a claim, simple searches online can give all the information someone might need in order to get started.