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Archive for tag: How Much Can I Claim

How Much Can I Claim?

We are asked so many questions about payment protection insurance (PPI) and how much money customers could potentially claim back and so we thought we would answer some of those questions here!

Read on and if you think you have a claim for PPI compensation why not call us to find out more?

Is there a limit on how much I can claim?

No, there is no minimum amount to claim and no maximum that can be claimed. The 'average' claim is around £2,750 but some customers have claimed much more, whilst others have claimed less.

Why is the average figure £2,750?

This is a calculated figures, recognised as a result of the value of the many thousands of policies sold across the UK and the number of policy holders it affect. This is why this figure will change.

How much can I claim back on my credit card?

Credit card PPI compensation payments tend to be a less than loans or mortgages, simply because the amount lent to people tends to be lower; limits on credit cards, for example, hoover around the £2,000 to £3,000 mark although some people have a higher limit.

But, how come some people are claiming back high amounts on their credit cards?

When it comes to credit cards, the amount you claim back will depend on:

i. How long you have had the credit card for

ii. How many credit cards you have

iii. The interest applied to the credit cards balance and PPI needs to be accurately calculated

Those people who have claimed huge PPI compensation pay outs had more than one credit card, which they had active for over 10 years with the limits across the cards being reached or, for many people, exceeded the limit. The addition of interest also significantly increased their PPI compensation claim.

If I am in debt, what happens? Can I still claim?

Yes you can! If you have PPI on your loans, credit cards etc. this will, in all likelihood, have contributed to your debt issues. PPI is known to have been expensive and over-priced for the cover it offered, meaning that the monthly payments people were making on loans etc. were very high.

If you are in arrears with a lender, the amount of PPI they owe you will first be applied to the amount you owe and you will then receive the rest. In our experience, people in debt still receive a lump sum that is very welcome!

How much does it cost?

With Payment Protection Scotland, making a successful claim will cost you 25% of the final settlement amount you receive.