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PPI Claim News - 9/11/2009

PPI claim: UK credit market likely to change

Credit lenders are reassessing their balance sheets as the current business model they are using is unsustainable.

That is the finding of a new report, Precious Plastic, by PricewaterhouseCoopers.

It was also found that UK consumers still have high levels of debt in comparison to those in Europe.

Richard Thompson, partner at the firm said: "Over the last 12 months there has been a cooling passion for plastic - credit card borrowing has fallen by three per cent to £64 billion."

He added that future credit cards are likely to be "reinvented as payment rather than borrowing tools".

"Consumers do not fully appreciate the likely future changes to the market. As the recovery gains momentum, consumer demand for credit will return."

Mr Thompson said that lenders will likely be "unable or unwilling" to increase supply in such a circumstance.

As people become more disgruntled with lenders, there may be an increase in credit card charge claims.

Belmont Thornton can help you make a PPI claimPayment Protection Insurance Claim, or a credit card charges claim. For free PPI Claim advice call 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim pack or credit card charges claim pack.

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