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How reclaiming PPI can help with your UK debt management

by

UKmoney Solutions

In the

UK debt management

plans are made up of two parts reducing expenditure and maximising income. Income earned from work, and raising money from selling unwanted items are two obvious ways to make sure as much money is coming into the household as possible, but strangely some people who are hoping debt management can move them towards a debt-free future often overlook an obvious way to increase income: reclaiming PPI.

When it comes to UK debt management strategies, reclaiming PPI is particularly appropriate to those in debt. Often there is a history of taking out loans to cover a shortfall in income, and this then often leads to further loans to consolidate those debts. Similarly, there has often been a reliance on credit cards to make up a monthly shortfall in income, and often multiple cards are required as the debt grows every month.

This history of borrowing will also bring with it a history of PPI. PPI was often mis-sold to the most vulnerable of the banks customers those who needed loans to make up income shortfalls or to consolidate debts. Many customers felt that without taking the PPI they might be denied the loans and that was something too distressing to be contemplated.

It should be remembered that the PPI added to the cost of the loan, and this contributed to the further requirements for loans and credit card spending. But just as an initial vulnerability meant that some customers were mis-sold PPI, this very vulnerability is preventing them from reclaiming any PPI that was mis-sold even though the sums involve would make a real contribution to debt management. Taking on the bankers is never easy, and if people are also struggling to make your income meet your outgoings, the thought of adding extra stress can prevent people from claiming what is there due.

PPI was supposed to protect customers who lost their jobs or became ill while repaying loans, but was widely mis-sold to those who did not want or need it. The major UK banks have set aside 10billion to settle claims for mis-selling. Barclays\’ provision is 2bn, behind Lloyds Banking Group, which has set aside 4.275bn.

For people who feel they need help with their claim, many companies offering

debt consolidation services

can act on their behalf with fees being paid out of the agreed settlement. A UK debt management specialist company can remove all the stress that vulnerable indebted individuals feel when thinking of starting to reclaim the PPI they have paid.

UKmoney-solutions.com is a debt management company, provides excellent solutions for UK debt management. They provide debt consolidation services, debt management services and best advice every time. For more information visit

ukmoney-solutions.com

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