BARCLAYCARD PPI CLAIM
This is a question that thousands of people are looking for, especially those who have been or are the customers of Barclaycard. The fact is that the greater possibility of earning more financial rewards along with bonuses on the PPI policy that aimed to help the holder during her or his tough days resulted in being mis-sold to those who actually never wanted or ever claimed for it. The scenario is that along with the Barclaycard, several other highly reliable banks have been found guilty of regularly mis-selling the PPI, of which mane are fined heavily for such an illicit strategy. At present, several customers are feeling cheated and confused for their loyalty. With the trust getting lost, these banks have now come up with a strategy for restoring trust and loyalty by claiming PPI. You can now make Barclaycard PPI claims and get your peace of mind. However, before that, you would like to know how did the financial institution mis-sell the policy, right?
Did Barclaycard Mis-sell to You?
Before you claim, it is extremely essential whether you were the victim of such mis-selling or not. For this, you would have to find out answers to some questions listed below. This is because several factors have influenced in mis-selling PPI.
- Were you unaware of the institution adding PPI to your account?
- Were you wrongly encouraged to get a PPI?
- Were you not informed by the bank that PPI is optional, which could be brought elsewhere?
- Did you lack detailed explanation of such an offer, especially about the policy exclusions including back pain related leave from work?
- Did the bank tell you that PPI is for supporting your application?
- Were you convinced by the bank’s sales advisor to take PPI?
- Were you self-employed, retired, or unemployed when the PPI policy started?
- Were you not working due to accident or sickness at the time of gaining the policy?
- Did you bring PPI against a loan of long term? Did the bank fail to inform that your PPI policy is for a shorter period than for the loan lifespan?
- Did you pay an upfront fee for PPI but without knowing that you will also have to pay interest over the loan lifespan?
In case your reply for any of the above questions is YES, you can truly make a PPI complaint against the institution directly to it. This will save time, fees, and other paperwork if you choose a financial Ombudsmen service to make Barclaycard PPI claims on your behalf.
How to Make a Barclaycard PPI Claim
Firstly, extract as much paperwork as you can to know about the PPI payments so that it becomes easy to claim with unique loan IDs and reference numbers. Next, go to the official site to download the bank’s questionnaire and fill it as much relevant details as you can. This will help the bank to identify PPI details and give you a call regarding the decision of making the payment. Regarded as the Barclay’s credit card division, Barclaycard is actually the first card to get introduced in the United Kingdom 48 years ago. Well, this itself says that it has been one of the biggest sellers of Payment Protection Insurance (PPI) since so many years. Therefore, chances are high for you to have a PPI policy along with your Barclaycard. If yes, you might be able to make all your Barclaycard PPI claims against the company. In case you were a victim of such mis-selling, you can file a claim for compensation. After all, the PPI scandal has shocked millions of people and has led to handsome PPI claims.
But, Do You Know whether You Have a PPI?
The biggest shock of such a scandal is that several victims are unaware of whether they have a PPI cover or not. In a few cases, the victims actually had obtained misleading information or it might be so that the bank wrongly motivated them to accept such a PPI policy. Therefore, in order to know whether you have a PPI policy or not, it is vital to know first that financial institutions like banks often include PPI along with the credit cards, with an identity such as card PPI, Card Protect, or card repayment protection. In case of Barclaycard, this name was Lifestyle Plan. Moreover, whether the customer could make timely payments or not, the policies offer the same coverage type. For instance, if the cardholder was sick, the PPI used to cover the credit card payments.
Do I Qualify for Barclaycard PPI Claims?
Well, to find a reply to this query, you need to answer the following questions:
- Did you know that you also had a PPI cover while purchasing your Barclaycard?
- Was the cover optional?
- Were you motivated or pressurized in any way to accepting the policy?
- Did Barclaycard make a request to give the details about your medical history?
- Did Barclaycard ask about any kind of on-hand PPI cover or about any sick pay from your employer?
- Were you informed by the Barclaycard about the full cost of PPI or about canceling the policy during the period free of penalty?
- Did Barclaycard ask you to read any documentation or about your budget or income to know if you could carry on with the additional PPI cost?
- Did the company offer any written documentation having the PPI cover details?
- At any point of time, did Barclaycard discussed with you about the features, benefits, restrictions, and exclusions of a PPI policy?
If the answer to any of these questions is YES, you are eligible to go ahead and make a PPI claim. As per the law, the financial institution is responsible to offer complete and precise information about any insurance product on offer. Therefore, if this division of Barclays has failed to give you the necessary details about PPI, you are entitled to claim thousands of notes from it for mis-selling the policy. PPI claim scandal gave UK’s insurance industry a bad name. With thousands of policy holders complaining by the day, PPI will have a difficult time redeeming its name. For those who are not familiar with PPI or Protection Payment Insurance, it is a kind of insurance that ensures consumers that payments will be made shall the borrower fails to do so. Shall the borrower struggles to pay due to circumstances such as unemployment, sickness, or death, Protection Payment Insurance is there to remit payment in behalf of the borrower on a monthly basis or whatever norm of method is agreed upon.
Barclaycard PPI Claim Scandal
Barclaycard is the first credit card introduced in the UK as part of Barclay’s service in retail and business banking. At first, Barclaycard held ties with Visa. To expand its service, it later on offer both Visa and Mastercard versions. With 10.4 million users in the UK and 10.8 million non-UK customers, Barclaycard has become the leading credit card in the region. Barclaycard got involved in the PPI claim blunder despite the card company’s firm and impressive position in the banking and finance industry. Barclaycard PPI claim scandal involved mis-sold Protection Payment Insurance to clients. There were several ways on how Barclaycard agents mislead its clients and eventually sold PPI without the clients’ full awareness on what the insurance is for. There are cases where Barclaycard agents attached PPI to their clients’ accounts without being told.
Procedure on Barclaycard PPI Claim
Clients who were wrongly sold of Barclaycard PPI can approach Barclaycard for compensation or payouts. The company of Barclaycard promised their clients seeking for Barclaycard PPI claim that the process would be smooth, fast, and fair. Here is what the client must do when seeking for a payout, and the procedure that follows after the a client has filed for a payout:
- The client must signify intent for payout through registering either online, post, or phone
- Barclaycard’s company will acknowledge the claim within five working days
- The company gives the customer a reference number
- The company will review how the client was wrongly sold of the PPI by utilizing all information provided to Barclaycard
- Part of studying and reviewing the case is calling the client for an interview
- Within 8 weeks after the interview, the company will call the client to relay the decision of the company for the Barclay PPI claim the client has filed
- After 28 days, the client will be given the payout or refund
- The company will get in-touch with the client if there is a delay of the delivery of the payout
- In case the client is not granted a Barclaycard PPI claim, the client is encouraged to raise the case to the FOS or Financial Ombudsman Service. The FOS is an independent body that reviews the cases of clients who were denied of Barclaycard PPI claim or payout.
- Clients seeking for Barclaycard PPI claim may also approach PPI Claims Companies accredited by the Ministry of Justice. These companies dedicate their service in helping Barclaycard clients in pursuing payouts from Barclaycard.