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Is the PPI claim deadline good for the economy?

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Organising PPI claims can be stressful, however, it doesn’t have to be. Here, we are going to look at how PPI will affect the British economy and why you should claim back the money you are owed before it is too late. With multiple ways to claim, there are plenty of options for you to choose to have your desired result. Here, we are going to look at how claiming back your PPI before the deadline may boost the economy.

PPI scandal

The PPI Scandal started coming to light in early 2005 and has begun a barrage of people applying for PPI compensation, with banks all around the UK giving away millions of pounds to those who are owed money. There have been several iconic cases such as the Plevin case, which saw the claimant fighting for a claim that was previously denied and winning a large amount of money as compensation.

These claims have left banks spending millions of pounds paying back money that they owe as well as a large number of PPI claims company offering help to the general public to help with their claim. These companies not only help to make the process less stressful, but also help to ensure that you have the best possible chance of a successful claim.

Boost’s consumer spending

Claiming for PPI is not only beneficial for the claimant, but it is also beneficial for the economy. With people gaining money from successful claims, the amount of money being spent in local shops and high streets is increasing. This is beneficial for start-up business as this is one of the most promising times due to the amount of disposable income that is being generated.

This is beneficial for not only the larger business in the local area, but also smaller businesses, as this increases the amount of footfall that comes in through the door. This them to further establish their  brand and work on establishing a loyal customer base. If people within the area have more disposable income then this will equate to a higher number of sales for smaller businesses.

Sales figures

Not only has the footfall in store begun to increase, but also the number of people that are looking to buy luxury items. This is in part down to the money that is won through successful claims as well as the amount of disposable income that the average spender has. Although this change has been slow to start, there is plenty of evidence to suggest that this could increase in the lead up to the August 29th PPI deadline, with more people claiming back PPI either through a claims company or off their own back.

Sales figures for larger items such as cars and housing developments are on the rise as people are more willing to invest their PPI money on something worthwhile whilst ensuring that they can have a long-lasting reward. This also has the potential to boost the economy as more people could have the money to invest in building projects or move up the property ladder, leading to the potential increase in the number of house sales within a specific area.

Additionally, if a parent has a successful PPI claim, they may suggest offering some to their offspring for a deposit on a house or flat. This is beneficial to the economy as it allows more young people to begin their first step on the property ladder and helps to ensure that they have financial stability in the future, making this a worthwhile investment for all those involved.

Travel

Further to this, PPI is something that can be claimed internationally. For this reason, we have seen a small rise in the number of people travelling to the UK to claim back PPI that they have been owed from years past. This is particularly true for those that have lived in the UK previously and have made a claim here as they may need to return in order to obtain paperwork, helping to fund the economy of the country with people buying plane tickets as well as booking accommodation.

In addition to this, there are a number of companies offering cheap travel to the UK allowing customers to have more money to spend once they arrive. Although this is only a small contributing factor, there is something that can help to expand the economy as the trend increases.

With all this in mind, it is now more important than ever for you to make a PPI claim and claim back what you are owed before August 29th. This is important as there will be an abundance of claims being made the closer the deadline approaches, so it is important to make your claim at the earliest convenience!




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