Claim Barclays Plevin PPI compensation

What is Barclays payment protection insurance?

Payment protection insurance or PPI was an additional product sold on top of a wide range of financial agreements such as car finance, mortgages, loans, and credit cards. For the customers who opted into such an agreement, many were completely oblivious about the PPI payments they were making as part of their initial contracts due to being ill-informed by the seller.

Within the UK, Barclays is currently the most complained-about bank according to the Financial Conduct Authority. In addition, the most protested product is their PPI offering.

Barclays was actually the first bank to provide a credit card across the UK with Barclaycard introduced back in 1966. The banking giant was also responsible for the first installation of a cash machine which was located in Enfield one year later in 1967.

Back in 2015 more than 1.5 million customers initiated claims against Barclays for their mis-sold payment protection insurance and over 86% of complaints were upheld.

What is a Barclays Plevin PPI claim?

Despite the payment protection insurance claim 2019 deadline having lapsed, customers who were mis-sold PPI with any undisclosed commissions may be entitled to compensation.

Hidden PPI commissions formerly occurred when an introducer or broker sold you an agreement from a bank or a lender. With this in mind, if the agent or broker received a cut for this introduction, and you were unaware, you have a policy with secret commission and fall under the Plevin compensation umbrella.

In 2014, Mrs. Susan Plevin obtained a Supreme Court ruling which condemned the nature of hidden commission PPI agreements. In short, the non-disclousre of the large sum of commission featured in the fine print of Mrs Plevin’s policy was deemed to be unfair due to the percentage and secrecy of the fee.

A landmark case, this ruling set the precedent for future cases and is now an FCA-approved justification for seeking compensation. Plevin cases specifically relate to the significant levels of undisclosed commission within former PPI agreements.

How to claim Plevin PPI from Barclays

If you are wondering whether your PPI agreement falls under the eligibility of the Plevin compensation criteria, there are a few quick ways to check.

Firstly, if you have not claimed on behalf of suspected PPI miss-selling before, you may have a claim. As mentioned above, if you have in fact already had a claim rejected, you could still have a Plevin-specific case centered around the secret commission. Other factors that could influence your eligibility concern the timing in which your PPI was bought.

• If you bought your PPI before the 6th April 2007 and it is still ‘open’ after the 6th April 2008
• You bought your PPI after the 6th of April 2007

It is estimated that over one million people in the UK could be affected by Plevin and with some compensation claims fetching thousands, it is certainly worth a speedy check.

Barclays Bank partially refunded PPI compensation

It is worth noting that as an average figure, banks made 67% commission on the PPI policies they sold.
In such instances, banks certainly took advantage of the highly contentious initial guidance from the FCA, Within the guidance, based on specific criteria, the bank in question is obliged to refund only the refund the difference over 50%.
As a consequence, a large proportion of cases have observed banks refunding an average of 17% of premiums and any associated interest fees.
For those who received just a partial refund, the Plevin ruling has made way for a new compensation claim and it is certainly worth enquiring.

Don’t Delay. Check Now.

Don’t miss out on £100’s or even £1,000’s in compensation you could be entitled to. Checking only takes 5 minutes, so why not do it now?