Did you have PPI with BarclayCard?
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160,000+ successful and growing
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PPI– the biggest financial scandal to date has been in the spotlight for a number of years. This is because of a combination of media coverage and the advertisements aimed at people who were potentially mis-sold the insurance.
The mis-selling of PPI has been the largest and most widespread financial outrage and with the vast amounts of news and information the scandal has generated- this has only increased over the years. Assessing the attributes that could lead to someone being mis-sold PPI is not as difficult as you may think and this is why we’re here to assist and assess your claim and make the claim back process as stress-free as possible.
To understand the history of PPI, it’s important to start with the fundamentals. PPI is an optional add on that covers any repayments on financial agreements such as:
PPI was created to cover policy holders who became unable to meet the repayments through a number of reasons, these include:
However, many PPI policies were mis-sold to people who would never be eligible to put in a successful claim and thus the scandal began.
The origins of Barclaycard dates all the way back to 1966 where it introduced the UK’s first credit card. Barclays saw a need to make it easier for people to do business, so Barclaycard was created and opened to everyone- making payments faster, more convenient and more secure than using cash or cheques.
Before the introduction of credit cards, people were expected to carry cash everywhere. You’d be expected to pay for everything with cash from hotel rooms to plane tickets. With the changing times and as technology evolved the UK’s first credit card was born and Barclaycard became a symbol of a more modern way of life.
Barclaycard hails from Northampton where a humble thirty people worked to convert an old shoe factory into what is now the biggest Barclaycard office to date. It remained the only credit card available in the UK until 1971.
Skip forward to 1972 and Barclaycard were dominating the homes of Britons across the UK with a range of advertisements and sponsors. The bank soon became one of the ringleaders in the banking industry introducing new ways to improve customer the experience making banking easy.
You could be owed £1,000s in Barclaycard PPI compensation if you were mis-sold the policy. Thousands of people have been mis-sold payment protection insurance by Barclaycard, customers were wrongly advised about their mortgage, loan or credit card.
The consequence is that along with the Barclaycard, several other highly reliable banks have been found guilty of regularly mis-selling PPI, of which many have been fined heavily for such a dishonest approach.
Source: FT Graphic
PPI was first bought to light in 1998, by Which? Magazine when they questioned the products value. The product was under scrutiny because of the expense and eligibility of certain people and their circumstances. Despite the widespread disgrace of many banks across the UK, PPI policies were still being sold until the Financial Services Authority released a report in 2005 on PPI and the poor practices that were being used to sell policies.
A year after this many small companies who provided PPI were being punished with large fines from the FSA for their role in mis-selling policies. It was from 2007 onwards that major financial establishments who thought they were untouchable began to feel the walls closing in. With trust depleting, Barclaycard came up with a strategy for restoring the relationship and loyalty- allowing customers to claim back PPI.
Research in 2008 suggested that over 2 million people in the UK had been paying for PPI policies that they had no chance of being able to claim on. A further 1.3 million people were believed to have been sold the insurance on the provision that that was the only way they could be approved for a line of credit – which is of course false.
Barclaycard were one of the many lenders that set aside millions to compensate customers who were mis-sold PPI.
The mis-selling of PPI has dated back as far as the 1970s, these policies were mis-sold in a variety of ways. Once the banks realised how successful and profitable these policies were, they then actively encouraged their salesmen with the promise of hefty commissions to sell the insurance to customers; even knowing that in some cases they were selling a customer a completely useless product.
Although PPI itself is a totally innocent policy, in many cases it was added onto a customer’s policy and they were completely unaware they had the insurance. This meant that many customers were paying for the policy due to the hidden fees in their monthly charge all along.
Salesmen would often use the technique of pressuring their customers into buying a policy. Banks pressured staff to use any technique they could to sell these policies. If customers were given the full brief about their loan and sales staff went on to encourage and push them to take out PPI, then this could be classed as mis-selling. Salesmen would ask open ended questions making it hard for people to just refuse the policy outright.
Some sales staff, were requested to use underhand techniques from the bank in order to sell the PPI. The policies sold to people would not have covered the individual and therefore it would leave them unable to claim on the policy should something happen to them or their employment status.
The terms and conditions of the policy were not fully explained and therefore not outlined at the time of sale. It would cover all instances of illness and absence from work, however it did not cover things like mental or stress related Illnesses despite being advertised as such.
Well, in order to find an answer to this question, you need to answer the following questions:
If the answer to any of these questions is yes, then you may be eligible to go ahead and make a PPI claim. As per the law, Barclaycard is responsible for offering complete and precise information about any insurance product on offer. Therefore, if they have failed to give you the necessary details about PPI, you could be entitled to claim thousands of pounds from it for mis-selling the policy.
In order to have a valid PPI claim and get a hold of what is rightfully yours, you will need to provide Barclaycard with as much information about your PPI claim as possible. According to Barclaycard and most banks, the information that is required of you is as follows:
If you have attempted to claim back PPI and you were rejected, then don’t give up. You can contact the FOS (Financial Ombudsman Service). They will independently assess your claim and decide if your case is worth pursuing or not.
The Financial Conduct Authority has revealed its intentions to introduce a PPI ‘claim deadline’ by 2019. The financial regulator wants the ruling to be confirmed by the middle of 2017 along with a public awareness campaign.
It is essential that if you believe you were mis-sold PPI at any time check free with us today before it’s too late.
When PPI was exposed and publicised, Barclaycard members were sent letters telling them that they may have been part of the mis-selling and this resulted in many being eligible for a refund. It was after this that people could contact Barclaycard and send details of their case and provide any paperwork that could support the belief that they were mis-sold.
All banks are helpful when it comes to claiming PPI. Barclaycard provided customers with the necessary PPI forms to fill out in order to ensure that when making a claim, they supply the correct information. This is necessary in order to assess if a customer is eligible to make a claim rather than the bank needing further information.
Mis-sold PPI Compensation claims MUST be made by June 2019 under proposals announced by the Financial Conduct Authority (FCA). It is important to understand that in some cases, you may have less time than this
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