Between January and June 2011, Barclays received nearly 13,000 new PPI complaints, second only to Lloyds TSB, and the bank announced it had set aside £1 billion to cover the cost of PPI compensation claims.
Barclays also confirmed that anyone who made a complaint before 20th April 2011 would have their claims settled on “no questions asked” basis.
Furthermore, as a gesture of goodwill, Barclays said it would reimburse premiums in full for mis-sold payment protection insurance with an additional 8% interest paid to victims of mis-selling.
However, along with Lloyds and RBS, Barclays have been guilty of dragging their feet in the past. In some cases, customers have been promised compensation, but the money hasn’t materialised. The banks are accused of delaying the process in the hope that customers will abandon their claims.
For this reason, the Financial Services Authority (FSA) has ruled that PPI complaints must be processed within 8 weeks from January 2012 onwards.
How Do I Claim from Barclays?
If you have taken out a credit card, loan or mortgage with Barclays and believe you were mis-sold PPI, you have 2 options. You can either contact Barclays yourself and pursue this with them (which will not cost you) or you can use the services of one of the many claims management companies in operation. The latter option could result in a fee of up to 30% of the amount of your successful claim, however.