Economy Sees the Benefit From PPI Claims Pay Outs

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PPI Claims Management survey of former successful payment protection insurance claimants find money was used in industries which would ultimately aid the economy.

PPI Claims Management found a particularly strong trend with those looking to spend their PPI pay out on a once in a lifetime holiday

Over the past few months through a variety of post claim surveys consumers of PPI Claims Management have stated that they would be reinvesting their pay out into markets such as property and travel. PPI Claims Management ( conducted a survey on 20th October 2012 to find out just exactly what the original claimants who were surveyed actually did once their PPI claims pay out was cashed by the bank!

45% of the claimants that were surveyed stated that they had booked or had been on a holiday abroad and this therefore gives a much needed boost to the business of some of the travel agents in the United Kingdom.

25% of invested the pay out into various home improvements such as new kitchen and bathroom suites, double glazing and so on. The consumers in this category were all home owners and would therefore benefit from the potential increased value on the property as well as boosting the construction industry which has been particularly hit by the latest dip in the recession.

20% of those successful claimants from PPI Claims Management that were surveyed stated that they had paid off other existing debts using their pay out and as a result had more disposable income available each month and it is small factors like this which can contribute to an increased amount of spending in the retail sector of the economy.

The remaining 10% stated that they had either saved their pay out in a standard savings account and had currently not yet decided what they were planning on doing with the money.

Those who had not fully paid off their loan or credit card once the claim was made will have found that their pay out was used towards this. As a result the monthly outgoings of this particular group of claimants will have been reduced and the settled credit account may have resulted in an improved credit rating. When this particular group were surveyed they stated that they had used their spare income each month to contribute towards other debts and as a result reducing the length of the loan term and potential interest payments.

When all of these potential ways of spending the PPI pay out are combined it is possible to see how much the payment protection insurance claims pay outs can quickly pump into a variety of sectors. Economic experts have likened it to a massive tax cut across the country.

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Dr M Mansoor Siddique
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