(PRWEB) August 19, 2012
With thousands of households in the UK benefitting from a portion of the £10 billion which has been marked for the payment protection insurance claims pay outs it should come as no surprise that this cash injection will aid the economy.
Upon a successful claim in June to August 2012 the PPI Claims Company sent a selection of claimants a follow up anonymous questionnaire to check customer satisfaction levels and how they were planning on spending their pay outs.
The average claim for those who were surveyed was £2750. A massive 55% of those who responded stated that they were planning on paying off credit card debts and/or loans with their cash. This may not seem like a boost to the economy but it will lead to the consumers having extra income available every month which was formerly spent on paying off debts with the potential to lead to an improve credit score opening up lower interest credit accounts. 25% of respondents stated they were going to spend their pay out on household improvements such as new kitchens or repairing problems and 20% stated they were looking to take a family holiday.
Economy experts from the PPI Claims Company at http://www.ppiclaimscompany.co/ believe that the claims have been seen more effective to increasing consumer spending that a tax cut or other government measures.
The information which was found by PPI Claims Company has also been backed up by figures which were released in a statement from The National Institute of Economic and Social Research last week. They have predicted that after the £10 billion marked for pay outs has been pumped into the economy could effectively raise the Gross Domestic Product (GDP) by 0.1% but it is important to note that many expect the £10 billion figure to rise as more claims are made and the process is made easier.
In addition to the money which is being pumped into industries such as travel and construction the growth in demand for claims management companies has led to an increase in jobs in the financial industry. PPI Claims Company have stated that they have increased their number of employees over the last two years by 35%. This data easily shows what a positive impact PPI claims and claims management companies are making on the United Kingdom, more details can be found on http://www.ppiclaimscompany.co/payment-protection-insurance