How to Know if your PPI Compensation Offer is Fair
If you want to be sure that your PPI compensation is fair or not, you can use a tool call PPI calculator that is easily available online at many different sites. This tool actually would calculate the amount you are liable to get by taking into account all the factors, which includes your instalment amount, the tenure you paid instalment for and the interest that the court has ordered the bank to give to the consumers. It is a very easy tool to use, and all you need to do is to feed the tool with the necessary inputs.
Here are some of the ways to check if the offer by your lender for PPI compensation is fair or not –
- The first thing that you need to do is check the different factors that can affect the total amount that you receive like if you have a policy that has been paid or you still owe something to the lender.
- Another important thing you need to check the various assumptions that the lender has made when calculating the PPI compensation. If any such assumption was made, the lender should be able to explain it in the offer letter.
- You can go online and check through a PPI claims calculator if the offer is the same of something near to the approximate that it offers.
- If you think that the PPI compensation is incorrect and you deserve much better, you can choose to reject the compensation and write to the lender again to make changes.
These are the few ways you can use to get to know if the PPI compensation allotted to you is fair or not. This would ensure that you do not get cheated by the bank again, and can fight for your right through legal procedures if the need be. Consulting and negotiating with the bank is also one of the ways and if you have a valid argument, the banks generally do rec-consider. However, if the bank rejects your claim, you have the option to knock the doors of Financial Ombudsman Service or call PPI claims adviceline to know more.