Barclays PPI Claim Form
In the last two months there have been several significant developments in the way in which Barclays processes claims for mis-sold payment protection insurance (PPI). Since December 2010 many Barclays PPI claims have been on hold while a High Court review of new FSA guidelines was pending. This meant that people who submitted their Barclays PPI Claim form between December 2010 and April 2011 would not have had their complaint investigated within the usual, expected, eight week, timeframe.
The court case settled on the fairness of new FSA guidelines with regards to the sale of PPI. The new guidelines aim to prevent customers from being mis-sold PPI in the future, but The British Banking Association objected claiming they would force lenders to retrospectively assess old sales by new standards. In April 2011 the court returned its verdict finding in favour of the FSA.
After the announcement of the ruling Barclays announced it would be settling all claims made before 20th April 2011 as a ‘gesture of goodwill.’ This means anyone who submitted a Barclays PPI Claim Form while the judicial review was pending will automatically receive a full refund of PPI payments made plus 8% interest. Barclays explained the decision was to prevent customers who may already have waited several months from having to wait longer for their complaint to be settled. So far, Barclays is the only lender to make such a decision, although most major lenders placed claims on hold pending the review.
Customers who submitted a Barclays PPI Claim Form after the 20th of April with have their case evaluated on its merits. It is hoped that Barclays will settle more claims internally, though, after announcing it had set aside £1 billion to compensate customers. Barclays is also keen to reduce the number of complaints referred to the Financial Ombudsman Service for review after it was named the most complained about bank in the second half of 2010. A spokesperson at the time said the bank was committed to making ‘substantial improvements.’
Although the announcements by Barclays show a marked, positive, change those submitting a Barclays PPI Claim Form may have to wait some time before having their claim examined. There is expected to be a significant upsurge in the number of PPI claims following the recent media coverage and The FSA has given lenders temporary extension to the usual acceptable claim review period. In ordinary circumstances lenders are allowed up to 8 weeks to investigate a complaint and issue a final response to the customers concerns. The temporary extension will allow major UK banks up to 16 weeks in certain circumstances.
If you believe you have been mis-sold a payment protection insurance you can start your claim by calling 0207 471 2000. We have already helped thousands of customers and aim to make the process of PPI reclaim as straightforward as possible. Making a claim will not affect your credit rating or relationship with your bank and you can even make a claim if you have already paid off your loan or credit card.
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