How To Spend You PPI Refund Wisely

Payment protection insurance or PPI is also known as loan protection. This is a form of loan protection that enables people to have their loan or debt payments covered in case of an unforeseen problem. For example if someone were to get injured or ill and be unable to work they will receive payments monthly to pay for their home payments for example. The policies are sold with loans, credit cards and mortgages so they are very easy to obtain.

Although PPI is often sold with mortgages and other lines of credit, there are times when they are mis-sold. As a result people are entitled to a refund. The refund will often be given as a lump some and can be used for a number of things. Hopefully because you are reading this you have already been refunded your mis-sold PPI.

The first thing that a successful PPI claim can be spent on is to pay off some credit cards. If you are someone who has a lot of credit cards and need to pay the balance off then the PPI can be a good thing to use in order to accomplish this objective. By using PPI refunds you will be able to use it to reduce or eliminate credit card debt leaving you more to spend each month.

Another thing you can use your PPI for is to pay the balance of a car loan. You can use this lump some to pay for your car in full and get rid of your car loan. You can also use it to buy yourself a new car and pay the full amount right away. You will be able to avoid the debt burden of a car loan as a result saving yourself a great deal of interest in the process.

A PPI refund can also be used to pay a portion or the remainder of a mortgage or home loan. With the PPI refund you will be able to make a large lump sum payment towards you mortgage and have it paid off much sooner than expected. The lump sum can also be used to buy another house and be used as a down payment. Using the lump sum PPI refund to invest for retirement or add to your savings is also a good idea.

Your reclaimed PPI money can of course be enjoyed and used to buy luxuries such as wine, chocolates, designer clothes, desirable electronics and new furniture to name but a few extravagances.

A PPI refund can allow people to do a variety of things and improve their financial situation in a number of ways. Getting a PPI refund can be a great boost to anyone’s finances so make sure you spend yours wisely and enjoy!

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