Barclays settle PPI claims, no questions asked

13 June 2011


Remember us telling you about Barclays getting in a bit of bother over the misselling of PPIs? Well, they're going to refund them, 'no questions asked' (provided you complained before 20 April).

These payments are a "gesture of goodwill" from the bank and will be made up of all premiums paid plus interest.

With tens of thousands believed to be in line for big payouts, Barclays could be looking at forking out around £1bn.

If you're one of those that complained, you'll have to wait around 16 weeks before this all gets resolved. A pain in the rear perhaps, but at least you'll be getting your money back.

In a statement about its decision to compensate existing claimants, Barclays said: "We have said before that when we get things wrong, we apologise and work hard and work fast to put them right as quickly as possible.

"Working in close co-operation with the FSA and the Financial Ombudsman Service, and in recognition of the delay customers have experienced whilst awaiting the outcome of the high court judgement, we can confirm that we are contacting customers whose complaint was put on hold on or before 20 April with an offer to settle their complaint in full as a gesture of goodwill."

If you think you might have been mis-sold a PPI policy, then you need to complain directly to your bank. If you don't know how, the Guardian have a nice template letter you can use.

TOPICS:   High Street News   Investments   Banking   Insurance   Debt

1 comment

  • dvdj
    Anyone who took this crap out initially is an idiot anyway.

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