Economists note that PPI refunds have the same effect as a tax cut.
(PRWEB UK) 20 August 2012
With the latest figures showing that PPI compensation is not only helping to clear consumer debts but also giving the economy a much-needed boost, PPI Claimline is urging consumers to find out now if they are owed money.
According to The Guardian, Government data shows that the UK economy is getting a larger boost from Britons spending mis-sold PPI refunds on the high street and to pay off debts, than government schemes intended to encourage growth.
Emma Kafton, Customer Services Director at PPI Claimline, said: “The news that PPI compensation is helping clear people’s debts, and in turn is being injected back into the economy, is fantastic
“The problem is that people may be unaware that they are eligible to claim for mis-sold PPI and the banks aren’t actively pursuing those who are entitled to it.”
On 7th August 2012, The Telegraph reported that many Britons have used their refunds to spend on home improvements and holidays, and have therefore provided a boost to Britain's ailing economy. Economists note that PPI refunds have the same effect as a tax cut.
ING Direct reports that two million people are set to successfully claim PPI compensation this year. £1bn of the payouts is expected to be spent in shops, while £2bn will go towards paying off debts.
Kafton added: “If you have a mortgage, loan or credit card, it's very likely that you also have a PPI policy. It is important that you act now to find out what’s owed to you.”
“The average refund is £2,700, so it’s well worth finding out if you’re eligible to make a claim.”
Notes to Editors
About PPI Claimline:
A service provided by National Accident Helpline, PPI Claimline is an established claims company led by financial and legal professionals. For over 18 years, PPI Claimline have been helping hundreds of thousands claim compensation for mis-sold PPI.