PPI or payment protection insurance is the biggest financial
scandal in the United Kingdom today. You could claim your PPI refund for about
£3000-3500 on average, but it is highly possible that your lender owes you more
money. Here are a few things you need to know about increasing your PPI
refunds.
1.
Compound Interests
Some insurance policies, including MBNA payment protection,
could be registered as a packaged item along with your loan in your billing
statements. This means your insurance policy repayment amounts move higher as
your interest rate or monthly payment amounts go higher. Compound interests can
be very complicated and you might need expert help in reclaiming complete PPI
refunds from these insurances.
2.
Multiple Credit Cards
Owning a compound interest on more than three credit cards
will get you back more than £10,000 in total refunds. Increases in your credit
limits will also increase your insurance premium rates. If your interest rate
also increases, so does your insurance repayments.
3.
Years Owned
If your lender does not have a policy regarding keeping six
years of consumer financial information, you could be owed more than £3000 for
PPI.
Remember, you might need legal help especially in untangling
compound interest rates. You could count on claims management companies to help
you in finding out the total PPI refunds you are due.
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