Did PPI Compensation Boost to the Economy?

Since 2011, some retail sales in the UK have increased. Some financial analysts think this is because consumers are growing in confidence, resulting in higher spending and that finally, the economy is slowly on the mend after the recession of 2008.

It is also thought that people in receipt of PPI compensation windfalls have been responsible for helping the economy. They have paid off debts with their compensation, and they have been spending more too.

We are asked many different questions about the whole process but one common question is ‘what can I spend the money on? Can I really spend it on anything?’

The answer is yes, you can! Once you have reclaimed PPI compensation and you have paid us, you are free to spend your money on whatever you like or even invest it for the longer term.

What have people been spending their money on?

A survey by an online voucher site has found that people have enjoyed their PPI compensation in many ways. For example;

• Nearly a quarter of all recipients asked in the 2013 survey has taken a well-earned and much needed holiday
• Just under 25% opted for a new car, a dream of a lifetime for many people – the UK car industry also confirms that they believe the initial impact of PPI compensation has been more cars sold however the uncertainty of Brexit is contributing to a slow down in sales
• 19% of people with a PPI compensation cheque bought new, modern home appliances
• A large chunk of us paid off bills
• 13% invested in new home furnishings, sprucing up their homes
• 12% also bumped up their savings for a rainy day, a great way to invest PPI compensation
• 10% enjoyed a shopping spree for the latest fashions and trends
• 8% invested in the latest gadgets, from the latest mobiles to computers
• 5% enjoyed a shoe-shopping experience, indicative say financial experts of the recent recession from which the economy is recovering
• And finally, 3% spent their compensation on groceries, possibly purchasing some of the more luxurious items that their usual budget may not normally stretch to

What would you spend your PPI compensation on?

Many people dream of having a new car or just simply having money in the bank, safe and secure knowing they have a pot of cash for a rainy day.

But before you decide how you will spend your cash, you need to make a claim.

Payment Protection Scotland can help you identify whether you have PPI on an account or loan, and we can make a claim on your behalf too. Call now to find out more and look forward to a spending spree of your own.

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