Families Worse Off By £700 Per Year: Bad News For Those Paying PPI Loans

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Editor’s note: This is a guest post from Rick Walker

paying2bppi2bloans-3436685For people who are already feeling the squeeze on their finances it is only going to get worse, as new findings show that families are £700 a year worse off.

According to the latest Asda Income Tracker, the average family is £729 worse off than a year ago because of wages failing to keep pace with the rising cost of living. This figure of collapsed family spending power is the lowest amount on record to date.

This is even more ruthless for those who have taken out ppi loans, as they face even more hardship.

Payment protection insurance is a type of insurance commonly added to loans from brokers to cover a consumer’s repayments should they be unable to do so due to unemployment or ill health. A payment protection claims company can ease you off some financial tension by managing a ppi claim and winning back thousands of pounds in compensation, should you have been wrongly mis-sold the ppi policy.

Mounting inflation, higher food bills, greater utilities bills and elevated transport costs are putting a strain on family monies and most are around £60 worse off per month than 12 months ago. Family spending fell by £14 per week in May 2011 according to the study which is a record low since records began in January 2007.Staple foods such as potato, wheat and rice have risen in price by a massive 40% in the past year, diesel has gone up by 45.8% and car insurance has rocketed by 74.7% all equating to the largest drop in the standard of living since the 1870s.The true cost of living is taking its toll on the nation, so if your pockets are getting emptier win back money from mis-sold payment protection insurance with the help of a payment protection claims company. The specialist claims management team can start your ppi refund case within 24 hours all with no upfront costs in their no win, no fee service.

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