The extent of Payment Protection Insurance mis-selling has been well documented, but for those seeking to claim back compensation for mis-sold PPI, the key question is often how much compensation they might expect. Industry statistics on the potential size of a PPI compensation claim vary but the Financial Services Ombudsman (FOS) have published figures that the typical compensation package is in the region of £1,500. This figure will naturally vary but is calculated using the following criteria:-
- Amount of Loan. The first figure that is needed to calculate the amount of PPI compensation is the scale of the loan you undertook.
- Total Term. Calculated in months, this figure establishes how long you undertook the PPI policy for.
- Remaining Term. Again the number of months remaining in your PPI policy will determine how much you have paid to date and how much remains on your policy.
At PPI Return we have worked hard to return more than £7.5 million in compensation to our customers who were mis-sold PPI or loan insurance and we offer a unique PPI Claims Calculator that will ask the simple questions above to provide an estimated compensation package that you may be entitled to. We don’t like to work to the word “average” and our highly skilled PPI claims specialists and consultants always work to the principle of gaining back the “maximum” PPI compensation package. For ongoing financial packages, the PPI Claims Calculator helps those that are still committed to completing the term of the loan to reduce their monthly repayments.
This naturally assumes that you are eligible to make a claim for PPI compensation and in the first instance we would urge visitors to our website to take the simple 60 Second PPI Claim Test to see if there claim can be pursued until successful compensation. We would like to hear from anyone considering making a claim of for PPI compensation and can always be contacted on 0800 877 8888. Together we will work hard to take your PPI compensation over and above the average.