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PPI claim news: More people use equity to reduce debts

More people could be hoping that a payment protection insurance (PPI) claim will result in compensation, as many Britons are being forced to look for new ways to tackle their mounting debts.

According to director general at the Safe Home Income Plans Andrea Rozario, a growing number of homeowners are seeing equity release as a viable option for reducing their arrears.

She stated that this is particularly evident among those who are heading towards retirement.

Ms Rozario believes there are a number of reasons for ageing UK workers to boost their income, as life expectancy has generally increased, while healthcare costs are rising.

"I think it is more and more likely that people will start to consider equity release as a logical option," she commented.

A recent study by the Money Advice Trust showed that one in five Britons are struggling to cope with their debts, with 1.54 million people seeking free financial guidance from an expert adviser in 2011 - up from 1.4 million in 2010.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801262411-ADNFCR

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