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PPI claims could help people avoid 'financial disaster'

Payment protection insurance (PPI) refunds and credit card claims could provide much needed income for those people who have been made redundant.

The Office for National Statistics recently announced that more people were now unemployed than at any point in the last 17 years and the Money Advice Trust (MAT) believes many now face financial ruin.

According to the figures, 2.64 million people in the UK are now without a job – a figure that represents 8.3 per cent of the total economically active population.

Commenting on the figures, Joanna Elson, chief executive of the MAT, said that even families who were previously managing to keep their budgets in order via careful spending will be drastically affected if their incomes were substantially reduced by a redundancy.

"Unemployment is all too often the first step on the road to personal financial disaster," she stated.

Ms Elson added that people with money worries should be aware of all the financial options available to them.

Amir Hussain

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


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