All cases from before April 20th to pay out
by Luke Whitmore, 13th June 2011
Barclays has announced that they will be offering mis-sold PPI
compensation to any customer who lodged a complaint with them
before the 20th of April.
The compensation, amounting to the total value of all the
insurance premiums paid as well as 8% interest, will be
automatically paid out to anyone who complained to the bank over
PPI (Payment Protection Insurance) prior to the 20th of
April this year.
Barclays explained that they were seeking to clear the backlog
of cases, many of which had accumulated during the judicial review
over new rules on PPI mis-selling earlier this year.
Payment Protection Insurance - a loan insurance policy which was
wrongly sold to many borrowers - has been at the centre of a recent
scandal within the financial sector, and with millions of customers
eligible to receive billions of pounds in recompense, this approach
from Barclays will allow them to focus on the new flood of
complaints coming in due to the recent media focus on the PPI
mis-selling scandal.
"We can confirm that we are contacting customers whose complaint
was put on hold on or before 20 April with an offer to settle their
complaint in full as a gesture of goodwill," a statement from
Barclays said.
It was also stated that Barclays customers had been waiting long
enough to see an outcome to their mis-sold PPI complaints, and that
this was being done in recognition of that fact.
Peter Vicary-Smith, chief executive of the consumer organisation
Which?, said that it was "fantastic" that Barclays were doing this,
as "banks have a lot to do to rebuild their reputation after over a
decade of mis-selling PPI and then mishandling complaints about
it".
According to Barclays, confirmation letters will be sent out
this week to those eligible for compensation, and complete details
of their payout should be received by August 31st.
If you have been a victim of the mis-selling scandal, we can
help you claim back PPI today.
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"I just had to put pen to paper and write to say I'm more than delighted with my settlement that you won me back from my PPI I had with Lloyds TSB. The Claim Forms were simple to fill in. It was a breeze"
Mr R Evans 11 Nov 2010