Will PPI payouts be funding your Christmas?
Posted on: March 4th, 2014 | Author: crystaladmin
PPI payouts are predicted to boost Christmas spending this year with the best sales since 2007. PPI payouts have also helped new car sales reach their highest levels in over five years.
“An extra £1.9 Billion to fight over this Christmas due to PPI payouts”
Retailers will have an extra £1.9 billion to fight over this Christmas as spending is predicted to increase by 2.2% due to consumer confidence and PPI payouts according to a recent report by Verdict.
“Consumer confidence drives spending and shoppers have far more reasons to be cheerful this year,” Verdict analysts said.
“The economic news is more positive, the housing market is moving with further initiatives being introduced to encourage buying. Job creation is outpacing cuts and both PPI and the Royal Mail sell off have further contributed to the halo effect boosting the view that at last things are getting better,” they added.
The FCA have reported that over £3.5 billion has been paid out this year to redress mis-sold PPI with a total of £12 billion paid out since 2011.
So what’s made the UK consumers decide to spend their money?
Which?’s chief executive Peter Vicary-Smith previously commented:
“In the wake of all the recent scandals in the banking industry there is a real crisis in consumer trust and confidence”
Consumers have lost confidence in their banks after the PPI mis-selling scandal and with the mis-selling of Packaged Bank Accounts on the horizon the last thing people want to do is give their money back to the banks who mis-sold to them in the first place.
PPI payouts are also believed to have increased new UK car sales as Septembers figures revealed car sales are at their highest level in 5 years.
Chief executive of The Society of Motor Manufacturers and Traders (SMMT) Mike Hawes told BBC Radio lives wake up to Money:
“PPI insurance payouts are giving people a nice cheque. It’s not enough to put on a deposit for a house, but it’s certainly enough to put a deposit on a new car.”
A further incentive to see people spending more this Christmas is that Lloyds have announced this week that they have set aside a further £750 million to redress their mis-sold PPI customers.
So the question is, what will you be spending your PPI compensation on?
Don’t forget! There is still an estimated £10 billion in unclaimed PPI redress. If you have ANY loans, credit cards or other finance you have not had checked for PPI why not use our Sure-Claim investigation service to make sure you’ve recovered everything you’re entitled too!
Simply call us on 01270 44 66 44 or submit an online enquiry and we’ll find out if you’re entitled to more PPI redress!