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News

Could PPI Payments Fuel Consumer Spending?

The latest figures have revealed that refunds to customers resulting from missold payment protection could end up amounting to a potential 0.4% of the total spend by consumers over the year, leading to an increase in spending in general.

The payouts are expected to amount to between £4 and £9 billion by the time the majority of repayments have been made – leading to a possible 3% sales increase in expenditure per household as a result of the payments.

Missold payment protection has been one of the largest financial scandals in the history of the UK – in statistical terms, it will far outstrip any other – and has led to a decreased reputation for the majority of the financial institutions involved, especially following the British Banker’s Associations’ decision to dispute the compensation in the high court – a court session they subsequently lost.

With the banks now required to repay all money to any customers that may have been victims of the mis-selling process (something that Barclays have noted they will now be doing without any dispute, a move that other banks are being pressured to adopt), the costs that will be returned to consumers look like they could end up making a significant difference to spending in the next year or so.

For more on missold payment protection, get in contact with Creditline Financial now.

Posted by Shaun Edwards on 30 Jun 2011

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