In recent years millions of customers in the UK were mis-sold Payment Protection Insurance (PPI) policies on their mortgages, credit cards and personal loans. The PPI policies were designed to ensure loan premiums would be met even if the borrower fell on hard times and was temporarily unable to make payments. However some banks engaged in dodgy practices like adding the policies to the bill without telling the customer or demanding it be paid in cases where the PPI policy was neither required nor needed. Other policies were sold with fine print that made it difficult or impossible to collect benefits.
The PPI policies involved are believed to be worth £17bn with over 12 million customers deserving of refunds. That translates to a lot of money, with the refunds averaging up to 3K, although only the use of a PPI Calculator can accurately estimate specific refund amounts. The process of reclaiming the improper payments can be complicated, which is why the use of a professional PPI Calculator is probably the fastest and easiest route to claiming your refund.
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The probability of a customer collecting a refund is quite high. Whatever amount the PPI Calculator estimates the refund to be is likely to be close to what the customer actually receives, as nine out of ten requests for refunds are predicted to be upheld. Most who are eligible have not yet had a PPI Calculator estimate the refund due them, and the total number remaining of those who still need their refunds determined by a PPI Calculator is likely to be much larger than the compensations already paid so far.
So far banks in England have refunded more than £2bn to customers who were victims of PPI scams, but that may represent as little as a third of the refunds still to be paid. If you suspect that you have been the victim of PPI policy abuse then you should contact a reputable PPI Calculator today who can determine the size of your refund plus interest and get it to you as quickly as possible.