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What Will you Spend Your PPI Compensation on?

Payment protection insurance (PPI) was sold to thousands of people across Scotland and you could easily be one of them. If you are, you could be due compensation, meaning within weeks anything from a few hundred pounds to thousands of pounds could be deposited in your account.

What would you spend it on?

Holiday of a lifetime!

Many people have spent their PPI compensation windfall on getting away from it all. With the recent recession still fresh in people’s minds – in fact, many of us are still feeling the pinch of austerity measures – luxuries like a holiday in the sun have been bumped to the back of the queue.

A few hundred pounds could see you buy a flight to a European city and enjoy a city break. Or, if your PPI compensation is more, why not have a week away in the sun?

Update the family car

The biggest purchase, however, was a new car. Nearly a quarter of people who received PPI compensation went and spent the money on a new car, including both brand new and second hand models.

Again, with austerity measures pinching family budgets, many households decided not to take a chance and take on more debt by getting a loan for a new car. For those relying on their car, this meant they were able to get the latest model and some serious fuel savings too.

Updating the home

A smaller proportion of people spent their PPI compensation on updating their home, including various interior design updates as well as things like ‘white goods’.

White goods are those labour-saving devices that we rely on every day including the washing machine, the fridge and freezer and so on. If you had a welcome windfall, maybe you too could update the washing machine or get your hands on A+ rated fridge or freezer saving you money in the long run?

Splash out on a new wardrobe

One aspect of life that does tend to go on the back burner when money is in short supply is new clothes and shoes. And so, around 10% of people who got their money back from their bank or lender went straight out and kitted themselves and their families out in new clothes and shoes.

You too, could do the same!

Or, invest it

A smaller proportion of people saved their PPI compensation windfall. This means that should another rainy day come that they have a little in the bank to tie them over.

Of course, before you can start planning how to spend your PPI compensation, you need to work out if you are owed compensation, something that we can help you with. Call Payment Protection Scotland today!

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