Barclays Bank has announced today (13/06/2011) that it will pay compensation on all Payment Protection Insurance (PPI) which it sold and for which they received a complaint about before 20th April 2011. This means means those customers that made written complaints to Barclays before that date will automatically be entitled to a full refund plus 8% interest.
If you didn't make a complaint to Barclays before 20th April then you will still be assessed on merit but won't be entitled to the automatic refund which still means you will have to explain how and why you were mis-sold PPI, there may be some negotiation involved and ultimately you may still have to escalate your case to the Financial Ombudsman if you do not get a satisfactory response from Barclays.
Despite this being a positive move by Barclays if you have already had your claim refused in the past then you will have to submit a new claim. It would be fantastic if other UK banks and lenders would follow the example set by Barclays instead of dragging their heels.
No comments:
Post a Comment
Please feel free to say what's on your mind or ask a question.