UK financial experts point out that payment protection insurance (PPI) is the biggest financial scandal the country’s financial industry ever committed in history. Banks had mis sold PPI to 3.2 customers in a span of ten years. According to experts, the average PPI payout is at £2750, but claims experts can tell you that banks are keeping more of your money from you. How much have you actually lost in repaying a useless insurance policy? Here’s how to estimate your losses.

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1. Your First Receipt
Your first insurance billing statement is the starting point of your PPI repayments. If you have your first receipt, keep it and from the month of such year, calculate your repayments until the date you stopped paying for it.

2. Compound Interests
Your insurance probably has a compound interests table. Look at the annual or bi-annual increases your interest rates go through. Your compound interests actually lose you more money, but banks continue to hide information about the interests by telling customers they only keep six years of financial and insurance records.

A claimant named “Roberta” actually received £65,000 for two mis sold PPI in her credit cards, which she owned for more than 10 years. The high compound interests, based on the calculation of her bank, had actually increased her repayment amounts. If you could find estimate your compound interests in your PPI claims you could get the total amount for yourself as well.

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