How would you spend a PPI refund?Friday, December 7, 2018
Over the years, Investor Compensation has helped over 600,000 people claim back almost half a billion pounds. These pay outs vary – the highest being almost £90,000 – but on average we see settlements of around £2,000. With the cost of living constantly increasing, imagine what a PPI refund like this could do for you.
Pay off debt
Let’s start sensibly… According to statistics released by The Money Charity, the total credit card debt in September 2018 in the UK was £72.4 billion which works out at an average of £2,663 per household. Thousands of PPI policies were sold on credit cards so if you have credit card debt to pay off, there is a high possibility that you could be owed a PPI refund which you could use to clear some outstanding debt.
Put it towards a house deposit
In January 2018, Halifax released research that showed the average house deposit for first time buyers had doubled in the last decade from £17,740 to £33,339. This is a huge amount of money for anyone to pull together so a PPI refund could help you take a step in the right direction.
We all know we should be putting money aside for a rainy day but it’s not always easy. According to the Department of Work and Pensions, almost 50% of UK households have less than £1,500 in savings or no savings at all. When it comes to savings there are many options available so you need to consider your needs carefully. Accounts with higher rates tend to have more restrictions. This may mean you have to lock your money away for a certain amount of time before you can access it. Do some research into the best account for you and if you’re still unsure, get advice from the bank or an independent financial advisor.
Take a trip
Now for something a little more frivolous… How often have you stared out of the office window on a rainy Monday wishing you could be sunning yourself on a beach somewhere? With a PPI pay out you could turn that dream trip into a reality.
We’re here to help
Making a financial claim can feel like a hassle, but that’s why we’re here. Our service is no win, no fee, so if you don’t have a claim, you won’t pay a penny. We can help you claim back mis-sold PPI, unfair charges from packaged bank accounts and unaffordable payday loans.
Don’t miss the deadline to claim your PPI refund
The Financial Conduct Authority (FCA) has imposed a deadline of 29 August 2019 on all PPI claims so don’t put it off or you could lose your right to claim.