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PPI Claim News - 19/2/2010

 
Loan Reclaim: Higher inflation is lowering savings, warns expert

Low interest rates coupled with rising inflation is "very damaging" for savers, a financial expert has warned.

Martin Bamford, chartered financial planner for Informed Choice, said high inflation is "a bit of a cruel trick" on savers who are still faced with exceptionally low interest rates.

"It could be very damaging for savers if higher inflation remains with us over the medium term," he remarked.

His comments follow the publication of the latest inflation figures by the Office for National Statistics, which revealed inflation was up 3.5 per cent in January, compared to 2.9 per cent in the previous month.

Meanwhile, the Bank of England's Monetary Policy Committee voted yesterday to keep the bank rate at an all-time low of 0.5 per cent.

He said that "for the majority of savers, investments are probably not the right option" and advised consumers to continue paying off their personal debts such as car loans, home loans and credit card charges.

For free advice on how to make a PPI Claim – Payment Protection Insurance claim or a credit card charges claim then call Belmont Thornton on 0845 526 0000 or fill in the Quick Claim form to be sent a free PPI Claim pack or credit card charges claim pack.ADNFCR-2776-ID-19625535-ADNFCR



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