The PPI scandal dates back to late 1990’s when it was first reported that PPI was a poor value product. PPI or payment protection insurance was introduced as a product that would cover the monthly repayments if a person holding the PPI policy fell ill or lost their job. For most people, it sounded an attractive proposition and the product was a hit. The PPI was generally sold alongside loans or credit cards. Many people even led to believe that the credit application was more likely to accepted if the person had a PPI. This was one on the primary methods by which PPI was mis-sold and there were many other loopholes which allowed this to happen.
Most banks and financial institutions that sold PPI did not share the complete and accurate details regarding PPI as they earned a huge profit by mis-selling the product. The figures reveal that banks and financial institutions had a profit margin of almost 80 % if they mis-sold the product. The PPI claims statistics also reveal the fact that since most of the policies were purchased alongside loans, most people ended up paying a lot of money and that the PPI turned out to be a very expensive product.
However, the statistics also reveal that millions of customers have now successfully claimed back their mis-sold PPI premiums. Of the 4.5 million people who have made claims, 2.5 million have been able to get the settlement of the claim. The statistics also reveal the fact that the biggest scandal is also turning out to be an economy stimulus package as it is not only helping people get money but is also generating a lot of new jobs. It is known from statistics that around 6000 extra people have been hired by UK banks and financial institutions to handle the PPI claims.
When the story first broke, back in 2009, it was estimated that payouts for mis-sold PPI could reach £4.5billion. However, 5yrs on, that sum has more than quadrupled with major UK banks now having set aside over £22billion, and with claims for compensation still incoming that figure could rise further still!
To find out more about mis-sold PPI and how to recover your money, visit http://www.oraclelegal.co.uk/ppi-claims
Have you decided to curtail your expense and start saving some money? There are no doubt several methods to save money and it is never too late to start. You can make a big difference in your life if you follow the following simple steps in saving money.
- Check whether you are able to gain profit from the tax relief benefits. Furthermore, if you are unemployed, widowed or disabled make sure to get all the advantages of the social welfare claims.
- Curtail down your expenses on unwanted or non essential items. When your budget is tight and you are trying to save money you have to be very strict while spending money on luxury items.
- Plan out your weekly food bill and buy only those food items which you actually need. Look out for discount items and check out for the special offers. This can save your money.
- Make sure that you don’t have to spend more than enough money on your car. Try to be fuel efficient and maintain your car wisely.
- Make sure that your electricity and gas bills are not beyond your stipulated budget. Reduce the use of electricity and gas as much as possible. When you aren’t using them make sure to unplug and turn off the appliances. Do you know energy efficient appliances are cost effective and economic too?
- If your child is going to join school in the next month, it is going to be little expensive for you because of the school fees, uniforms, books etc. You have to plan it out and act accordingly.
- If you are used to going on vacations every year to exotic and expensive locations, you have consider it and make it a point that your vacation takes place somewhere that is affordable and cheap.
If you make it a point to follow these simple steps, it can indeed bring a big difference in your life and it will become easier for you to save money.
With money tight and prices high it is common for people to put low prices ahead of healthy options; many supermarkets have special offers, but have you noticed how they are often applied to the less healthy foods? Fruit and vegetables are rarely subject to discounts, and these are the sort of products we want to see at affordable prices. However, there are ways we can feed our families in a healthy manner, and without breaking the bank.
Change of Habit
In a recent survey almost two thirds of households said they found shopping for food a major strain on their finances, and had changed their habits to accommodate lower prices. But had they done the right thing, or were there ways they could save money on more beneficial, healthy options? The retail market has seen a move towards the discount brands – Lidl and Aldi, for example, are seeing major boosts – and away from the traditional supermarket names. It is well worth looking at what they have to offer, for name brands always carry a premium.
Look for Special Deals
The move away from well-known brands is one that many people are reluctant to make, given that they place a great deal of trust in the names they are familiar with. The fact is that by buying cheaper brands you may be getting the same product, from the same place, but with a different label. Other benefits are trying new products, and getting a fresh perspective on the cooking habits of your household.
Buy in Bulk
We don’t mean buying lots of one product at one time necessarily, but buying products in bigger portions: a whole chicken, for example, rather than just the breasts, can provide an excellent meal for a family, and while fresh fish may seem expensive, it can often stretch to a large meal for a full family. You can also consider cutting out the middle man – buy from farm shops, or visit the docks and buy fish straight from the boat – and for the ultimate cost saving option, why not dedicate a part of your garden to growing vegetables? You may be surprised how easy it is!