Reclaim your Barclays Bank PPI - Payment Protection Insurance Claims

The selling of Payment Protection Insurance (PPI) is a lucrative business and only recently The Office of Fair Trade (OFT) described PPI as a "low value" scheme. On average OFT said claims payout rates were at only 20%, although other sources believe this number can sometimes be as low as 4%. These figures suggest that low claim rates can be attributed to many PPI policies being mis-sold given that if PPI were a necessary product claimant rates would be greater.

Over 7 million PPI policies are sold every year. They can generate up to £250 to £300 million in profits for some of the larger banks. One well-known bank makes a substantial amount of its profit from PPI is Barclays Bank.  The Guardian Newspaper orchestrated an investigation which found that 10% of Barclays bank’s profits over the course of one year were made exclusively through the sale of PPIs.

Barclays Eire based businesses produced PPI profits of over £200 million in the 12 months leading to October 2007. In addition, only last month the Financial Services Authority described the PPI market as a “protection racket”. Barclays is currently contesting the findings of a 23-month investigation by the Competition Commission on PPI and the latest modifications to consumer law which have been introduced to counteract the disparity between profit and customer.

The Citizens Advice Bureau reports that PPI premiums can add anywhere between 13% and 56% to the price of a loan. Changes recently introduced to protect the consumer last January instruct that lenders should no longer sell PPI at the same time as a loan. Single-premium PPI (when the repayments on the credit and the insurance premiums are shown as one sum) is also no longer permitted.

These essential alterations to the law demonstrate just how low the value of PPI’s are to the customer and subsequently the need to for the consumer to check if they have been sold the correct policy and if necessary claim back any mis-sold Payment Protection Insurance.

Unfair PPI agreements affect many of the UK population.  Now you can do something positive and fight back with no upfront fees to pay.

Payment Protection Insurance is a product that is offered with nearly all credit agreements and there are many reasons why your claim may be a valid one.

• Have you been miss sold Payment Protection insurance (PPI)?
• No upfront charges
• Our solicitors charge 20% of recovered monies
• If successful claimants in default can apply to have their defaults and CCJ’s removed from their credit history.

CALL US TODAY ON 0845 867 65 44 or use our enquiry form.