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Barclays Bank and PPI’s.

Barclays Bank has just released a drop in profits of £1bn due to a PPI Bill. This means their profits are down 33% this year to just £2.6bn and unfortunately the consequences of this is a loss of 3000 jobs. This loss has been cause by the mis selling of Protection Payment Insurance to their customers.

Those customers who took out a loan were possibly offered PPI- Payment Protection Insurance. This would cover their repayments if they became sick, injured or redundant and out of work. PPI is quite a sensible product and gives the customer peace of mind, but was mis sold to thousands of people over the past decade, who were paying over the odds for worthless cover. The amount of PPI tended to be 15% of the loan but could be up to 30%, this can obviously mount up to an incredibly expensive loan.

The PPI’s made an incredible profit for the banks and staff were incentivize to sell these, and could be sold alongside loads online, over the phone or face to face.

In recent years PPI’s hit the news and were reclaimed back by thousands, today some of the biggest banks profits have fallen due to the mis selling of PPI’s.

If you feel that you have been mis sold a PPI or have taken out a loan in the last 6 years you may be able to reclaim the amount. There are plenty of companies on the market that will take on your claim so you don’t have to do all the nasty paper work, otherwise you can find advice from or speak to the Citizens Advice Bureau about what steps you should take. If you have a good relationship with your bank it is worth speaking to a customer advisor there, as they can direct you in the best possible way to claim back your PPI.

There have been clamp down’s on companies selling PPI. If in the future you’re considering a loan, make sure you think correctly about whether you need the PPI to cover you.

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