Barclays follow Lloyds in preparing for PPI compensation pay-outs

9 May 2011

uk-money.jpg Barclays has become the latest bank to gear up towards shelling out a humungous amount of dough to customers as compensation for the mis-selling of Payment Protection Insurance (PPI).

The bank has ringfenced £1 billion as potential compensation and has said that it won’t be appealing against a court ruling decreeing that banks must redress customer complaints about PPI. Last week, Lloyds set aside £3.2 billion for the same reason.

You might have been mis-sold PPI if you have it but didn’t realise you were buying it, if you were told you had to buy it (you didn’t), or if you were sold it and it doesn’t even cover you (if you’re self-employed for example).

The British Bankers’ Association has also said that it won’t be appealing against the court ruling, meaning that more banks will be setting aside more money and compensating customers in what is quickly becoming the biggest banking scandal in recent memory.

TOPICS:   Banking   Debt

3 comments

  • Mike U.
    Serves them right the cocky wankers, thinking they would get away with this I just got 5k back from my bank for the way they sold me this bullshit PPI on my loan and that happened when I WORKED for them Claim Claim Claim and bring them to they knees!!
  • J
    'When we get it wrong we work hard and fast to put things right.' some nob was told to say that. What that means is to recover these losses we will reduce rates for savers, increase charges and rates for borrowers, freeze pay for front line service staff and send out statements on toilet paper.
  • NGIH T.
    Serves them right the cocky wankers, thinking they would get away with this

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