If you're looking to make a PPI claim against Barclays Bank the following page tells you all you need to know. Aside from explaining all the info you need in order to pursue your claim, we also explain exactly how to go about making your Barclays Bank PPI claim. Of course, we'd love you to use us to help you with the process, but unless you have all facts first, how you can you decide the best way to proceed?
Barclays Bank is one of the major retail banking institutions in the UK, and has the dubious honour of having more PPI complaints made about it than any other organisation. Lloyds Banking Group is the group of companies with the most complaints, but this is perhaps not surprising considering the number of banks included in that group. But in the case of Barclays, they undoubtedly sold a very large number of unsuitable PPI policies.
Barclays has set aside £2 billion to cover PPI compensation, the second highest of any banking group. Barclays was forced to increase its PPI provision by £700 million in October 2012, which represented an embarrassing U-turn as only three months previously it was insisting that £1.3 billion would be sufficient. This £2 billion amount includes First Plus and Barclaycard compensation, as both companies are part of the Barclays group, but the bulk of this sum will be for policies sold by Barclays Bank.
Did you have a loan or mortgage with Barclays?
Barclays has a fairly undistinguished recent record. It has had to set aside £450 million to pay compensation for mis-sold interest rate swaps, on top of the £2 billion for PPI. In June 2012, Barclays received a fine of £290 million from the Financial Services Authority (FSA) and the Commodity Futures and Trading Commission in the United States for attempting to manipulate the LIBOR interest rate ñ the largest financial penalty ever imposed by the FSA.
Complaints about PPI sold by Barclays can be made:
PPI complaints about Barclaycard or First Plus should be made direct to those companies or by using the form on the right of this article.
The Barclays website, www.barclays.co.uk, says that PPI complaints will be resolved within 40 days, but then says there may be exceptions to this timeline depending on the nature of the complaint. It appears to acknowledge the scale of its PPI problem by saying 'We are working hard to resolve your complaint as quickly as possible however we are dealing with a large number of PPI enquiries'.
If the complaint is rejected, or you are dissatisfied with the amount offered, or Barclays has not closed your complaint within eight weeks, you can refer the matter to the Financial Ombudsman Service (FOS) - www.financial-ombudsman.org.uk. The FOS resolves most complaints within a few months, but in exceptional cases can take over a year.
The FOS ruled in favour of the customer in 93% of the Barclays PPI cases it closed in the six months to June 30 2012 ñ well above the industry average of 71%. Unfortunately this unwillingness to uphold customer complaints made against it is far from uncommon amongst high street banks, but don't despair, if you don't get any luck with the bank, contact the FOS. The FOS also received almost 20,000 new PPI cases from Barclays customers in this six month period.
One thing to bear in mind before making your claim either through us or direct with Barclays Bank is whether you were sold PPI by Barclays Bank or an intermediary. If it's the latter, then you'll need to make the claim against them, rather than Barclays Bank.
Now you know all about Barclays Bank PPI claims, let us take all the stress and hassle out of your hands. Simply fill in the form on the right and we'll crack on and get your claim processed straight away.
All information presented in this article is accurate as of January 2013
"I would never have had the knowledge or confidence to claim for PPI from start to finish....They helped me a lot which, in my case, led to a settlement payment of over £80,000. I would urge anyone else in the same situation to get in touch and get the ball rolling.."
Read more testimonials Pamela from Hertfordshire