With a final deadline implemented recently, a fresh wave of people who have yet to claim a PPI refund has started looking into the claims process. One thing that many people want to know at the outset is how much their claim could be worth, and this may well affect how you proceed with your claim. PPI claim calculators promise an easy way to estimate the value of your refund before you speak to a single person about making a claim, but how far can you trust them to give you an accurate figure?
Estimating Your Refund With an Online Calculator
A PPI claim calculator certainly offers one advantage, in that it allows you to get an idea of the value of your claim before you take any further steps and before you speak to a human being about it. This eliminates the danger that you might feel pressured, whether the person you are speaking to intends it or not, to take your claim forward with a particular company because you have contacted them for an estimate. For many people, this alone is a good reason to use a PPI calculator as long as it is not so inaccurate as to be useless.
However, this does not actually do anything to answer the question of how accurate these calculators are. Well individual tools may vary, but on the whole they are certainly not inaccurate enough to make them useless. There is a fixed process for calculating the value of a PPI refund so, and online PPI calculators use this same formula. As long as you have accurate information to put into them, such as the value of the missold policy and relevant dates, the calculator should output a reasonably good indication of what you are due.
The Limitations of a PPI Calculator
Even so, you should certainly bear in mind that PPI Calculators do have their limitations. Some kinds of policy are more complicated to calculate than others, and to make the calculators quicker, easier, and more user-friendly there might be some level of simplification used. On top of this, PPI calculators simply lack the human touch and the expertise that is needed to consider the nuances and subtleties of many individual cases.
An online calculator can be a very useful tool and can give you a good indication of what you could be owed. At the end of the day, however, the figure should not be taken as gospel and talking to a human being will always give you a more accurate estimate. If you intend to make your claim through a PPI claims company, the next step is to select a claims handler and speak to them about the value of your refund.