The hidden dangers of using PPI claims calculators

Many websites pretend to have PPI claims calculators, but the truth is that they can easily use that for their own profit.

07:52 05 September 2013

Every time a Payment Protection Insurance - PPI claim - is calculated, companies that you were referred to from certain websites earn in-between 10% and 30% of the respective claim, plus VAT. This is why most of the websites claim to have a PPI claims calculator, when in fact they are calculating it wrong and overvalue the claim so that they can obtain more profit. So what can you do to avoid these scams?

• First of all, you have to know that calculating the PPI claim yourself is not a very complicated process, and many expert sites will offer you resources that will guide you step by step through the whole process;

 

• If however you use a PPI claim calculator on the Internet, always double check the claim once it has been calculated. If it seems to be way too much than what you would expect it may very well be a scam. You can actually double check the claim with another websites that offers the same services. If the results don't match, it's a clear indicator that at least one of the PPI claim calculators were wrong;

 

• Search the Internet for forums where other people with the same problems have described their experiences. You can usually find very useful information regarding the websites that others used for the PPI claim and the outcome they had.

Keep in mind that you can always calculate the PPI claim yourself by following simple steps described in great detail on trustworthy websites. One more thing – be aware of the fact that, if you were mis-sold a Payment Protection Insurance, you should be able to reclaim £ 1,000.