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How Much Easier Would Life Be with a Financial Injection? Why Claiming PPI Compensation in 2019 Could Make a Difference

Financial experts say that the economy is slowly recovering from the Barings Bank collapse of 2008 and subsequent recession. When an economy stutters and falters, it is ordinary people who suffer, more so with the years of austerity we have had to endure.

Easy

Mortgage interest rates increase, savings interest decrease and although you have made sound financial decisions, you have little return to show for it.

PPI was one of those financial products that at the time we bought it, we assumed was a shrewd financial move.

After all, who wouldn't want to protect the repayments they make on loans and credit cards if they couldn't make payments due to losing their job, not being able to work and so on?

Duped into buying PPI

But we were duped by the very banks and financial institutions we thought we could trust. For most people, PPI was a waste of money. For some customers, it offered no insurance cover and if it did, the process of claiming on the policy was long and complicated.

But you could claim your money back. How useful would a financial injection right now be welcomed? What would you spend the money on?

Interior design, white goods and home maintenance

Research from 2014 suggests that many people use their PPI compensation settlement to buy new white goods - fridges, freezers, washing machines and so on - as well as do up their properties.

Is this something that you would do?

Replace the car 

There are many stories of how, in recent years, the new car market in the UK has been buoyant. This was surprising in some respects as the domestic economy was bumpy along the bottom of a recession.

Many financial market experts assigned the success of the new car market to PPI compensation. And the 2014 survey seems to support this with many of those questioned saying they bought or put their PPI compensation towards a new car.

How much easier would life be with a reliable car?

Enjoying sunnier climes and adventures

When household income is stretched to maximum, some of the luxurious things lost - and this includes holidays and adventures abroad.

In the survey, this was the top of the list for what people did with their PPI compensation. They took to foreign climes, enjoying adventures in the sun or in the snow.

If you had a cash injection in your bank account, would you take off and enjoy a week in the sun or other adventures?

You could be entitled to PPI compensation but you need to submit a claim to be in with a chance of claiming your money back and you must do so before August 2019. To find out why,  contact Payment Protection Scotland today.

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