If you purchased payment protection insurance (PPI) with your Barclaycard, then you may be able to make a claim against the company. The PPI scandal has rocked the nation and resulted in huge numbers of PPI claims involving the UK’s largest financial institutions. Customers who were victims of mis-selling have a right to file a claim for monetary compensation.
Maple Leaf Financial will review your Barclaycard PPI Claim and will be happy to discuss your individual concerns and requirements : 0800 7747624
Barclaycard customers unaware they even had PPI
The PPI scandal often involved cases in which customers were not even aware they had purchased PPI cover. In other cases, customers received misleading information or the company pressured them into accepting a PPI policy.
Banks and other financial institutions often included payment protection insurance together with credit cards under names like Card Protect, card PPI and card repayment protection. Barclaycard used the name Lifestyle Plan for its payment protection insurance scheme.
All of the policies provided the same type of cover for credit card customers that were unable to make timely payments. For example, if a credit card holder was injured or sick and unable to work, the PPI cover would take over the credit card payments.
Barclaycard Credit Card PPI
Unlike the more conventional PPI policies, credit cards cover premiums typically depend on the customer’s card balance. The financial institution calculates the rates normally on a monthly basis.
In addition to mis-selling cover, the credit card PPI industry also charged customers for late payments and for borrowing over the limit. Many of these charges were unfair according to a 2006 investigation by the Office of Fair Trading (OFT).
Some lenders were charging customers up to £35 for each case of exceeding their limit or making a late payment. Throughout the industry, these charges totaled about £300 million in annual revenue.
Do I qualify for a Barclaycard ppi claim?
In order to get an idea of whether you should file for a PPI claim against your Barclaycard, begin by answering these questions:
• Were you aware that you had purchased PPI cover with your Barclaycard?
• Were you aware that the cover was optional?
• Did the company in any way coerce you into accepting the PPI cover?
• Did Barclaycard inform you of the full cost of payment protection insurance?
• Did Barclaycard ask for information on your medical history?
• Did Barclaycard ask about any existing PPI cover?
• Did Barclaycard ask you about sick pay from your employer?
• Did Barclaycard inform you that you could cancel the policy during the cooling-off period free of penalty?
• Did Barclaycard ask about your income and budget to see if you could afford the extra PPI costs?
• Did the company provide you with any written documentation giving details about your PPI cover?
• Did they ask you to read that documentation?
• Did Barclaycard explain the benefits, limitations, exclusions and other features of their PPI policy?
Under the law, Barclaycard must provide consumers with full information on any insurance product that they are selling them. If they failed to provide you with details about the PPI cover, or to ensure that you qualified for such insurance, then you can claim thousands of pounds from the company due to their mis-selling of the product.
How to make a Barclaycard PPI claim
While it is possible to make a claim against Barclaycard on your own, you will need to make your case clearly, if you expect to win the claim. Many customers choose to use the services of PPI claims companies because they have experts with experience handling claims.
However, many of these companies have themselves become the target of complaints. Customers of claims management companies have complained that the companies use fraud and deceit, and that they take a big cut out of the claim that usually amounts to 25 percent.
A do-it-yourself claim is not that difficult and there are letter templates that can help with the paperwork. The task though becomes harder if you have lost your original documents although it is still possible to make a successful claim. Additionally, if the PPI policy is more than six years old, a successful claim is still possible but you should have all your documents.
If you were unaware of your PPI cover or if Barclaycard misinformed you or failed to inform you adequately about the policy, then the company owes you money for mis-selling their insurance policy.
Barclays & Barclaycard: News
Information on Mis-sold Barclaycard
Payment Protection Insurance, or PPI, is a legitimate and potentially very useful kind of insurance for a borrower. An effective PPI policy will make payments on a debt, or even pay off the debt, if the borrower experiences some kind of financial hardship, such as an injury or a layoff.
FCA deems Credit Card Insurance as Mis-Sold
The FCA has ruled that the insurer CPP and 13 other Banks mis-sold credit card insurance. This ruling will see approximatly seven million credit card holders recieve compensation for unnecessary insurance policies that were added to their monthly repayments.
This may also affect another 18 million credit card holders who renewed their credit cards between 2005 and 2011. The FCA ruled that CPP and the Banks sold these insurance policies that customers did not need and did not properly explain the product.
How To Make A Credit Card Complaint
Making a credit card complaint may initially seem overwhelming but it doesn’t have to be. There are a lot of ways that credit card complaints can be handled, and most of them don’t take more than a few minutes of time.
There are many different types of credit card complaint that a customer might wish to embark upon, so how these credit card complaints are handled depends on the nature of the complaint. Different credit card companies handle complaints differently, so the end result cannot be predicted, but most credit card companies do want to please their customers.
Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim
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