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PPI claim: Parents worry about funding Christmas

Payment protection insurance (PPI) claims and loan refunds could be useful to cash-strapped parents this Christmas.

A new report from LV= suggests that the build-up to December 25th can be a stressful time for mothers and fathers who worry they do not have the financial means to purchase the gifts their children want.

The group found that parents will spend a cumulative £2.4 billion on presents for their kids this year. The figure equates to an average spend of £178 per child, which is a marginal increase on last year's average outlay of £168. 

Mark Jones, head of protection at the firm, said many households will be "feeling the financial strain" and it was important that families assessed all the short and long-term options that were available to them.

Recent research by found that many consumers will prioritise who they buy presents for this year, with seven per cent of in-laws missing out.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801237998-ADNFCR

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