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PPI Claims: Households 'struggling in Q3'

Payment protection refunds may help many consumers in the UK who have just experienced some of the toughest financial conditions in recent times.

A high rate of inflation - which is consequently reducing the amount of spending power available to households - was one of the major contributors to a record fall in the Alliance Trust UK Financial Reality Index.

The measure dropped to 56.7 in the third quarter of this year, revealing financial conditions are the worst they have been for individuals in the UK since the culmination of 2008.

Alliance Trust sets its index's long-term average at 100 and it has been an accurate measure of future spending patterns in the past.

The consumer prices index rate of inflation is now at 5.2 per cent and this means households in the UK will need to find a combined £46 billion to continue to enjoy the same standard of living they were experiencing a year ago, according to MGM Advantage.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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