11 December 2017
At Scottish PPI Claims, we have helped and will continue to help people claim PPI compensation right up until the August 2019.
As a result of the claiming process, we are asked many questions including what can PPI compensation be spent on. You may think this a strange question but for some people, the disbelief at winning all this money back means they are unsure as to what to do with it!
Our success rate is high - we win well-over 93% of the PPI compensation cases we are involved in - and as such, we can help you. So let's answer some of the most common questions…
There are no restrictions.
Once you have received your compensation monies, you will need to settle our invoice (we charge a % figure of your final PPI compensation amount). After this, you can spend as much or as little of the compensation as you want.
A recent study suggested customers invested in a new car, clothing and new technology for the home. Listed as a separate category was 'shoes', a sign, say economic experts, of the austere financial times we have been living in of late.
If you have debts, it is always worth taking specialist debt advice when it comes to the best way of investing your compensation monies. If your debts are 'good' - that is, you are up to date on all repayments etc. - then your credit score will still be positive.
For those with negative or problematic debts, spending the PPI compensation reducing or clearing these debts will have a positive effect on your credit score. For those with an IVA etc., you may not receive your money as it would be classed as a 'windfall' and used to pay your creditors.
There have been many criticisms of the claim management industry, with some commentators suggesting that companies such as Scottish PPI Claims should not be charging people a fee.
However, we provide a high-quality, professional service and charging a fee is necessary. Solicitors and lawyers, along with other professionals, rarely give their time for nothing!
You can make a claim for PPI compensation yourself, there is no need to use the services of a claim management company unless you choose to do so. But many people do use a company like ours - it is YOUR choice.
All you need to do is call us and have a chat with one of our friendly advisers. If you have a claim and you decide to go ahead - don't forget, there is no obligation - then all it takes is for a few signatures on forms granting us permission to act on your behalf and you can leave the rest to us!
HOW will you spend or invest you PPI compensation?