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PPI compensation being spent on holidays

PPI compensation being spent on holidays
19 Feb 2014

Almost a quarter (24%) of those who have received compensation as a result of being mis-sold Payment Protection Insurance (PPI) spent some or all of the cash on holidays, according to a survey. 

The research conducted by VoucherCodesPro.co.uk found that the average payout among the 2,000 Brits questioned was £2,810, which the recipients tended to spend in less than three weeks. 

The one-in-four figure for holidays places it as the most popular choice for spending the money, ahead of upgrading to a new car (22%), buying new home appliances (19%) and settling outstanding bills (17%). 

PPI was aggressively sold by banks between the early 1990s and the mid-noughties to customers taking out mortgages, loans and credit cards. In 2011, it was ruled that people who had been mis-sold PPI could claim compensation from their bank. 

So far, £13.3bn has been paid out to consumers.ADNFCR-408-ID-801695114-ADNFCR

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