PPI or payment protection insurance wrongly sold to consumers merits a hassle and for this fiscal hassle lasting for decades, consumers have a right to claim compensation aside from their refunds. Bank employees and financial advisers have hassled consumers by mis-selling them an insurance policy they believed could be useful and while the risk of having to use PPI has passed upon the borrower’s loan conclusion, they could have faced hassles that they may need compensation for.
PPI refunds are calculated by calculating the fixed amount paid for a year and the regular interest rate added to the fixed amount for the financial product. PPI refunds, especially single premium ones, are built into the borrower’s approved loan and repayments for the insurance product increases at a regular rate similar to the borrowed amounts.
For PPI compensation, the PPI refund amount that includes the compound interest stated earlier by adding the 8% value of the PPI policy on top of the withdrawn PPI refund value. In this way, Banks refund and provide consumers provisions for the hassle caused by the product.
Paying for a financial product that serves no purpose is truly impractical and troubling. You are owned more than just your repayments; you are also owed the time and money you would have wasted for PPI.