The Office of National Statistics estimates that a significant rise in car registrations and UK market movement is due to PPI redresses reaching consumers on time. Research shows many households invest their money in new vehicles and even properties.

Economists said that PPI was better than quantitative easing because it allows consumers to receive the money back directly to their pockets. In QE, more money is only printed, which could produce dire economic consequences. Tax reductions and returns were also different because consumers don’t get the additional money they could use to spend on additional items.

PPI is a product designed to repay your loans and mortgages and it became notorious as banks deliberately sold ineligible customers the insurance policy. If you’d like to know more the method banks mis sell PPI, click here for expert advice.

June saw car registrations rise by 13.4% with 215,000 despite the economic recession. With clear evidence the ONS supports the fact that household spending was limited in the recent months because of banks failing to redress PPI complaints from customers.

Aside from PPI, the economic improvements was also spearheaded by the Chancellor’s Funding for Lending scheme.

Anybody with a mis sold PPI could get £3000 as an average redress. However, you may deserve more and using a PPI calculator could give you a good estimate.

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