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PPI claims could provide extra income to the unemployed

Payment protection insurance (PPI) claims and credit card refunds could be used to provide an extra amount of income to those people who have been made redundant and cannot find a new job.

The Office for National Statistics (ONS) has released its labour figures for the financial quarter and they reveal that 2.64 million people are currently unemployed in the UK – a figure which is the highest seen in the country since 1994.

PPI claims could also have wider implications as the ONS revealed that both public and private sector pay experienced slower growth since September, while inflation had remained high.

Even before today's announcement, many people in the UK were finding it hard to cope with the dual threat of unemployment and high inflation.

A recent survey by MoneySupermarket.com revealed that 20 per cent of people in the UK expect to be in more debt than they already are by the start of 2012.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801239738-ADNFCR



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