How is ppi calculated on a credit card

So if you was not not paying the monthly PPI premiums on the outstanding balance you would also not be paying the interest on those sums also. Personally putting the PPI premium before the monthly interest is a ripoff and should not be aloud. Hold tight he will be with you shortly. But I will say that compounded interest does make a big difference to a claim.

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If you'd like information on sources of free, regulated, debt help and advice you can visit the Money Advice Service. It's an independent service, set up by the government to help people make the most of their money. Court Claim? Guides and Letters. The aim of a PPI claims calculator is to offer an estimation as to how much you could receive from your bank. It will likely never be an exact match of the amount you receive, but the more accurate details you have, the more likely it is to match the amount you will receive in total.

If you have a successful PPI claim, the bank will send you a breakdown of the refund amount, including the PPI policy amount, the interest and statutory interest. If you are making a PPI claim under the Plevin rule , you may be curious to know how much you will receive from this type of PPI claim. Plevin refunds are based on how much commission the bank or lender had on your PPI policy.

Remember, the clock is ticking for you to make a claim. In these circumstances, cardholders may have a valid mis-selling claim. Whilst the monthly premiums for credit card PPI are much lower than those which are paid on other types of debt, a consumer who is paying for PPI on several credit cards can potentially have claims for a substantial amount of money.

Using the example above, lets break it into 2 parts. Some Lenders who have mis sold PPI on their credit cards are:. Whilst the calculations are somewhat intricate, having to take into account interest rates, amount borrowed, dates interest and payments were posted etc.

If your PPI was added to a loan, mortgage, car finance or hire purchase agreement you will have paid a set amount each month as part of your regular monthly payment. If your PPI was added to a credit card, store card or overdraft you will have paid a varying amount each month as part of your monthly payment, dependent on what your balance was at the time. Basically, as PPI was added to your balance it created an artificially higher balance than if it were not added in the first instance.

You would have therefore been charged interest on a balance that was higher than it should have been.