Barclays PPI Forms
Stories regarding mis sold payment protection have dominated the news in recent months. Following the British Banking Association’s failure to challenge new Financial Service Authority (FSA) guidelines on the sale of the insurance, many banks now seem resigned to the fact they must address the mis-selling issue and pay compensation as appropriate. Shortly following the announcement of the High Court’s judgement, the country’s four biggest banks revealed they would be allocating funds to compensate victims of mis-selling. This means there is now no better time to get your Barclays PPI Forms and start reclaiming PPI. The Lloyds Group have allocated the largest sum with a pledge of £3.2 billion, The Royal Bank of Scotland has allocated £850 million, HSBC has allocated £268 million and Barclays £1 billion.
In addition to allocating funds, Barclays has also announced it will settle all claims made before April 20th 2011. This means if you submitted your Barclays PPI forms before this date you will automatically receive a full refund of all PPI premiums paid plus 8% interest. Barclays has stated the decision to settle these claims on a ‘no-quibble’ basis is a ‘goodwill gesture.’ Complaints submitted after the 20th of April will be treated on a case-by-case basis in line with FSA regulations. The move is good news for those submitting new Barclays PPI Forms, though, as Barclays should be able to clear the backlog created by the pending judicial review quickly and start to investigate new claims faster than other lenders. It is also hoped that, following the High Court ruling, all banks, including Barclays, will be far more willing to settle complaints internally rather than allowing them to be referred to the Financial Ombudsman Service (FOS) for review.
It is unknown how many people have been mis-sold payment protection policies by Barclays, and could be entitled to request Barclays PPI Forms, but the figure could run into hundreds of thousands. It is estimated that Barclays has sold between 1.6 million and 2.4 million PPI policies on loans, mortgages and credit cards. In the second half of 2010 the FOS reviewed 2,205 complaints regarding the sales of Barclays’ insurance products, most of which were payment protection insurance complaints, and upheld 95% in favour of the consumer.
If you would like to find out more regarding the mis-sale of Payment Protection Insurance call the claims team on 0207 471 2000. A list of common types of mis-selling is below:
- Customers were incorrectly told the cover was compulsory.
- Customers were incorrectly lead to believe taking out PPI would guarantee or improve their chances of being given the loan.
- The PPI policy was added without the customers consent or knowledge.
- The customer was sold the policy despite being unsuitable due to their employment circumstances. E.g. they were unemployed, self-employed or retired.
- The customer was not told they could purchase cover elsewhere.
- The terms and conditions or costs were not fully explained to the customer.
- The customer was over 65 and was sold a policy that did not cover someone over this age.
Remember, you can make a claim even if your loan has been paid off and many complaints are resolved in less than 8 weeks!
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