Barclays mis-sold PPI claims

Barclays PLC was founded in 1690 and is a global financial services company with its HQ in London.

How does a long established institution like Barclays get itself involved in the payment protection insurance scandal? Payment protection insurance was a very bad product which made Barclays Bank billions.

Barclays has followed Lloyds TSB in throwing in the towel and agreeing to repay thousands of PPI customers. Payment protection insurance was a deeply flawed product which was promoted as an insurance to pay financial debt from personal loans and credit cards if the customer fell seriously ill or was unemployed. However, the small print of these products excluded a vast number of people from claiming. In many cases the PPI purchaser was not fully informed about these conditions.

Barclays are required to use current sales’ guidelines to decide whether the policyholder had been properly advised that the PPI was optional with a full explanation of key terms and conditions.

Payment protection insurance has been mis-sold for years. A decade ago PPI was sold together with post graduate studies loans. Sadly, students who were not in full time employment were not eligible for any financial benefits from their policies.
PPI customers have been diddled out of some ten billion pounds.

The Financial Ombudsman service has received more than 200,000 complaints since 2007 regarding PPI policies. The average cost to each policyholder is £2,750.
Although PPI has been under a dark cloud for many years, the Banks continued to promote the product aggressively.

Alliance and Leicester were fined in 2008 for mis-selling Payment protection insurance.
Notwithstanding all the negatives surrounding the product the Banks continued to peddle their PPI wares.

Apart from the actual cost to Barclays, their reputation has suffered also.

Will Barclays and the rest of the Banking gang mend their ways or will some new “PPI” type product appear on the scene? We hope not but greed both personal and corporate seems to dominate the Banking sector these days.

If you have been robbed by The Banks over PPI, the good news is that you can get your money back.

Claim Bank Charges Back will do all the paperwork and follow up necessary to get you your money back.

Complete the form on this page now.