How to spend your PPI payout
We recently conducted a survey of over 15,000 people, asking, “If you received our average PPI payout of £3,814, what would you spend it on?”. We found that a whopping 28 per cent of people would splash out on a holiday with their PPI compensation rather than settling debts!
Here are our top tips for the many ways you could spend your PPI payout.
Everyone has to spoil themselves with a treat every now and then. Maybe you fancy a bit of winter sun like 28 per cent of the people in our survey. You could use your PPI refund to book yourself that long overdue holiday. Or you could treat yourself to something else, like a new car, television or even a phone (the new iPhone is almost as much as a holiday anyway!).
Spend on your family
There’s no better feeling than sharing. Perhaps you want to treat your family with your PPI refund. You could use the money for a day out, or even gift a percentage to your deserving family members. Whether that’s going towards getting your children on the property ladder, or simply helping them out with some extra cash, you can feel good knowing it’s going somewhere worthy.
Pay off existing bills
The second most popular answer in our survey found that 23 per cent of people would use their PPI payout to pay off their bills. So you could be like plenty of other people and do something sensible with the money.
Use your extra money to save it for a rainy day, like the 15 per cent of people in our survey. The options for how to save your PPI compensation are endless. You could put the money into a savings account, build up a nice little nest egg for retirement, or just keep it on the side in case any unexpected costs arise in the future.
On the other hand, rather than saving your PPI refund, you could spend and invest it. This could be a great opportunity for you to increase the value of the money you receive. If you want to grow the money for the long-term future, you could try placing it in various stocks and shares. There are always risks attached when investing in stocks and shares so there is a chance your money value could go down as well as up.
Fund your home improvements
With your PPI compensation, there’s no excuse to put off spending out for those much-need home improvements any longer! 18 per cent of people in our survey said they would use their PPI payout to fund their essential home maintenance.
Set up your own business
Take a risk and do something you’ve always dreamed of. Perhaps you’ve not wanted to take a risk with your existing money, or simply haven’t had the additional funds to spend? Your PPI payout could give you the chance of finally being able to set up your own business.
Have an indulging Christmas
Surprisingly, only two per cent of people said they would use their PPI refund for Christmas funds. This is despite a recent study which found that British parents will put £353 on credit cards this Christmas to buy presents for the family.
You could indulge this Christmas using your PPI refund. A payout could cover the cost of Christmas presents, decorations and food. Our average claim could buy you 11,442 baubles, 95,350 brussel sprouts, or 7,628 metres of wrapping paper!
The average PPI claim could take around 12 weeks. Our average claim of £3,814 could have those post-Christmas debts all wrapped up for you. Get in touch today to find out how.
We’d love to see what you’ve bought with your PPI payout. Let us know over on our Facebook page!
First Target Recoveries helps people who have been mis-sold investment schemes, or have been pressured into taking out self-invested personal pensions schemes that were not right for them.
If you’re concerned that you may have been mis-sold your pension, you might be able to make a compensation claim. Speak to one of our experts by calling us on 0800 012 6460 or fill in our claim form here.