Many people are ecstatic to receive PPI compensation from their bank. The average PPI refund is over £2,800, which is a significant bonus to many consumers.
The unemployment rate is currently at 7.5%, one of the highest levels in years. Citizens across the country are also struggling with record levels of debt and declining wages. You would expect that most people would spend their PPI claims cheques on necessities. However, more people actually spent them on holidays than anything else.
A recent survey found that nearly a quarter of all PPI claims recipients spent their money on holidays. Over 20% of people said that they spent their money purchasing a new car.
Only about 56% of people chose to spend their money on household items, bills or savings.
Many experts were surprised by these findings. George Charles of VoucherCodesPro.co.uk said that most experts never knew how people spent the money that they received from PPI.
Some financial experts might scold people for not putting their money into savings. However, these purchases seem to be stimulating the economy. The Office of National Statistics once found that the surge in successful PPI claims has also boosted GDP.
Are people irresponsible for choosing to go on vacations instead of saving their money in such a dismal economy? Not necessarily. The people who purchased PPI were typically homeowners. They were most likely middle class people that were financially stable. They may have already saved everything that they needed.
This theory is supported by many of the statements people have made. They have said that they felt that the PPI payments they received were a windfall. This is more consistent with the phrases of somebody that appreciated a little extra money rather than somebody that really needed it.
At this time we are continuing business as usual however our team will now largely be working from home. This limits our phone contact availability. Customer support remains available Monday to Friday but please email in to firstname.lastname@example.org with your query. We aim to get back to you within 48 hours. On receipt of PPI refunds our fees remain payable and can be paid via our website www.oraclelegal.co.uk/payments/ or via BACS. We are also working on some other areas of potential claim for you in connection with your PPI and will be in touch shortly where applicable to present this to you.