A guest post by Simon Thompson…could you be entitled to a refund?
Consumer pockets have gained a little extra weight during the first quarter of 2012, which many economists believe has been helped by retrained consumer spending and assisted by large compensation payouts due to the payment protection insurance (PPI) scandal.
That is according to the banking group ING Direct, which released a consumer saving report in May. The findings revealed an unexpected 18 per cent in the first three months of the year, with median savings balances rising by £284 to stand at £1,858. This is also the first consecutive quarterly rise in savings since 2009 and could be the beginning of the three-year trend of falling saving levels.
PPI reclaims (done by companies like ppiclaims.uk.com ) have certainly helped the savings of ordinary Britons to rise significantly. According to the report an estimated two million people remain in line for a PPI payout, with each estimated at an average of £2,600 this year totalling £5.6 billion in refunds. One third of these refunds are likely to go straight into saving accounts, the equivalent of £1.9 billion by the end of the year, with as much as £480 million already channelled into savings in the first quarter of the year.
The first bit of positive financial news I have heard in recent months is no doubt causing many people who know they are still entitled to compensation want to know how they might proceed in claiming PPI back as soon as possible.
Legitimate claims management companies still clearly seem to be one of the most hassle free routes in order to receive the maximum possible payout from the financial institutions which caused this financial mess.
However I must stress it is important you chose a reputable claims specialist. Many companies will offer an excellent and reliable service, however due to their popularity with so many customers there are a few companies whose practices are substandard.
The faster customers make a claim, the quicker the money is back into their arms to either save or spend. I am sure that as a result of the surge in PPI payouts over 2012, retailers and possibly the economy overall will benefit from the news with an estimated £1.5billion of PPI cash to be spend on consumer goods over the year.
Simon Thompson is the Managing Director of Precision Claims, who are specialists in helping customers to make claims for mis-sold PPI against banks. Click here to see what is defined as mis-selling.