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Archive for tag: PPI Windfall

What will you spend your PPI windfall on?

Claiming payment protection insurance compensation is something that thousands of customers have already done successfully. With the recent FCA awareness raising campaign about PPI and the 2019 PPI deadline also taking effect, it seems that many more of us are also prepared to claim our money back.

Spend

And there are plenty of great stories to spur us on like the customer who enjoyed and £84,000 PPI settlement cheque!

How much could you claim?

The amount you could receive is based on several variables:

  • Thenumberof accounts you have with PPI
  • Howlongyou had the policy
  • Howmuchyou paid in premiums
  • Theinterestcharged
  • How muchcommissionthe broker was paid

As these vary from case to case, it can be hard to accurately provide an estimate without knowing a case in detail but, after researching the PPI compensation scandal, the Financial Conduct Authority estimated that the average pay out was around £2,700.

Imagine what you could do with this windfall?

In an attempt to answer this question, several consumer organisations including a well-known voucher discount site have conducted a survey to find out where and how people are spending their PPI compensation monies…

  • Nearly ¼ spent some or all of their PPI windfall on a much-needed holiday
  • Around 20% of people put the money towards a newcar
  • Following close behind was buying newhousehold appliances
  • Many people however (17%) spent their PPI compensation oncatching up with bills
  • 13% decided to indulge inupdating their home furnishings, decorating etc.
  • 12% of people were incredibly sensible and decided tosaveall or a portion of their PPI compensation
  • A tenth of people had a great timeshoppingfor the latest fashions!
  • Gadgets and gizmosare hard to keep up with, especially as the pace of change is so fast - to this effect, 8% of people spent their money on updating their technological gadgets
  • A smaller portion of people enjoyed shopping and wearingnew shoes
  • And, not surprisingly considering the increase in cost of living and the recent recession, 3% of those in receipt of a PPI compensation cheque enjoyed grocery shopping

The economy is also enjoying this injection of money into it, with the PPI compensation being worth around £13 billion thus far… and it keeps growing!

Have you claimed your slice of PPI compensation yet?

The PPI pie is still full of cash - banks and lenders have paid out £30 billion in compensation thus far - with all the major banks still adding more money to their compensation pots, ready to make repayments back to customers

PPI Compensation: Yes, A Windfall Could be Yours!

The PPI saga has been running on for so long now that it consumer apathy is understandable. We have always been taught that anything that sounds too good to be true, probably is and so, we exercise caution.

Windfall

Mixed in with this sense of apathy are good luck stories that only happen 'to everyone else'. For example, people assume that PPI compensation is only available to the select few, especially when you read stories of people receiving thousands of pounds in compensation.

This stroke of fantastic luck compounds the issues of apathy and caution. But it really can happen. Take a look at this story of Mrs S and her PPI payout…

Like everybody else, I gotloads of text messagesand mail relating to PPI compensation claims. I also saw the adverts on TV. Like most other people, I had loans and a credit card, as well as a mortgage from the mid-1990s onwards.

I then received information from a claim management company and I liked what I read. I looked them up online to make sure they were areputable claim management companyand decided that it would give it a try.

What I liked was the way that they said they would check if I had PPI or not, and then make a claim with my permission. I sent back an enquiry form with some basic details and in return, they sent meletters of authorityfor each of the banks and companies I had had loans and credit cards with.

I told them that I had no policy numbers etc. but that didn't seem to faze them. I work full time and just didn't see how I would have the time to contact these companies and do all this myself.

Every now and then, I would get forms from them which I filled in with as much information as possible and then a few weeks ago, it happened: I had a phone call from a staff member at the claim management company who said there would be £5,000 in my account by the end of the month!

It was from the credit card company who admitted straight away that PPI had been added to the credit card as part of a package.

As for the other claims, I have one or two yet to decide although the mortgage company have said no. I am going to look into that further as I am not sure if I still have a claim. In fact, alongside the claim management company, I am going to ask theFinancial Ombudsmanto look at it.

What would I say to other customers? Go for it! It really doesn't do any harm to take a look. And work with a claim management company - but do your research first to make sure they have a great track record.

With this story in mind, why not contact us at Payment Protection Scotland? Mrs S's claims are still active and she could get more money. This could be you BUT ONLY IF YOU CALL US!

What can you Spend your PPI Windfall on? … and 0ther Key Questions that are Asked!

Here at Payment Protection Scotland we help the vast majority of people go on to make a successful claim for compensation for mis-sold PPI. PPI - payment protection insurance - was mis-sold to thousands of customers, across Scotland as well as across other parts of the UK.

Our success rate is one of the highest in the claim management industry when it comes to claiming back PPI premiums on behalf of customers and people ask us many questions on various aspects of the claim business.

What can I spend my PPI windfall on?!

There are no restrictions as to how you spend YOUR money! Once you have received your compensation monies, you will need to settle our invoice (we charge a % figure of your final PPI compensation amount) and then how you spend or save the remainder is entirely down to you.

Studies suggest that come customers invested in a new car, clothing and new technology for the home. Listed as a separate category was 'shoes'; economic experts suggest that the recent recession from 2008 onwards may have placed people in financial difficulties where some essentials were pared back to the bone, the purchase of cheaper shoes being one of them.

But if I have debts…?

If you have debts, it is always worth taking advice when it comes to the best way of investing your compensation monies. If your debts are 'good' - that is, you are up to date on all repayments etc. - then your credit score will still be positive.

For those with negative or problematic debts, spending the PPI compensation reducing or clearing these debts will have a positive effect on your credit score.

But, every case is different and finding an independent financial adviser may be the answer.

Do I need to claim through you?

There have been many articles and criticisms of the claim management industry, with some commentators suggesting that companies such as Payment Protection Scotland should not be charging people a fee.

However, we are a professional service and charging a fee is necessary; solicitors and lawyers, along with other professionals, rarely give their time for nothing!

You can make a claim for PPI compensation yourself, there is no need to use the services of a claim management company unless you choose to do so - and many people do!

How do I get started with Payment Protection Scotland?

All you need to do is call us and have a chat with one of our friendly advisers. If you have a claim and you decide to go ahead - don't forget, there is no obligation - then all it takes is for a few signatures on some forms granting us permission to act on your behalf and you can leave the rest to us!

HOW will you spend or invest you PPI compensation?