Barclays PPI compensation bill up £600m

First up in the season of quarterly bank reporting is Barclays.

Once upon a time these points throughout the year was an opportunity to strut their peacock feathers, and shout from the rooftops just how much profit they’d made, thus enticing more and more shareholders.

Whilst there is still a small amount of this going on, it is also the time for banks to announce more compensation to be set aside for their never-ending misdemeanors.

Barclays bill hits £6bn

In Barclays latest figures they’ve confirmed they have had to set aside a further £600m for the Barclays PPI compensation bill in order to compensate customer for the huge mis-selling scandal.

This addition takes into account Barclaycard‘s share of the compensation payouts.

Overall we have edged closer to the £30bn mark, with the total bill now standing at a colossal £29.2bn when taking into account the smaller banks and lenders.

PPI compensation bill to pass £30bn by weekend?!

We previous brought you news of rumours emanating from the Lloyds Banking Group which suggests they will be adding £1bn later this week to their PPI compensation bill.

This would see the £30bn mark surpassed before the end of the week.

When will it end?

In the early days the so-called city experts suggested a final PPI bill of £25bn.

We have always dismissed this as a wish rather than a true estimation.

After all, these banks must attempt to keep their shareholders happy, even if it does mean being somewhat economical with the truth!

With £50bn worth of PPI policies being sold, the final bill will depend on a few factors, the main two being….

• The estimated 7 million who have yet to make a claim, do so. With a significant amount of UK consumers being sold PPI without their knowledge, there remains a huge number still to come forward.
• When banks and lenders reject valid claims, which they systematically do, never take no for an answer

Our estimation suggests the final PPI bill will be closer to £40bn.

Have you had PPI?

PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.

Not sure whether you’ve been sold PPI?

Our fast and comprehensive checking systems that have been set up with almost all banks allows us to find out whether you’ve been one of the millions who have had PPI.

Not sure whether you qualify? Check here to see whether you may.

Our average successful customer award is £3,332**!

Want to know how much you may be owed? Why not try our PPI calculator.

Making a Barclays PPI Claim

Option #1: Fill in the ‘Start Your Claim’ form on this page. We’ll send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we provide, we’ll make a start on your Barclays PPI claim.

Option #2: Click the ‘Download Claim Pack’ button. Simply print out the form, complete it and send it back to us. Our address and email address can be found here.

Our experts are on hand to answer any questions you have via telephone, email or our live chat facility.

So….why wait, let’s get started!

Barclays PPI compensation bill up £600m