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Barclaycard is the credit card division of Barclays Bank. It was the first credit card ever to be issued in the UK in 1966 and PPI was sold, and mis-sold, alongside it for decades.
By December 2017 the parent company – Barclays – had set aside £9.2 billion to pay compensation for mis-sold PPI policies of which £7.6 billion had been spent.
The annual report claimed that the £1.6 billion should be enough to cover all future claims up to the claims deadline on August 29th 2019, but added: “We will continue to review the adequacy of provision level in respect of the future impacts.
“These assumptions remain subjective, mainly due to the uncertainty associated with future claims levels, which include complaints driven by CMC activity and the FCA advertising campaign.”
That prophecy came true just four months later when the bank decided it needed to add a further £400 million to the pot because of a higher than expected number of new claims as a result of the FCA consumer awareness campaign.
The bank’s future analysis showed they expected to receive another 570,000 claims of which they expect to uphold 87%. But even now they haven’t ruled out further increases.
Barclays were also forced to apologise to tens of thousands of its customers in September 2018 after wrongly telling them they did not hold any PPI policies when, in fact, they did.
The error went as far back as 2012 and the bank blamed the way a PPI checking tool was used for the cause of the problem.
How was PPI mis-sold?
If you took out a loan, credit card or mortgage with Barclaycard, it is likely you were mis-sold PPI if you experienced any of the following:
- you were pressured into buying PPI or told you must have PPI
- you were promised a cheaper rate if you bought PPI
- you were already covered by another policy
- you received full sick pay from your employer
- you were told your loan or credit application was more likely to be accepted if you bought PPI
- PPI was added without telling you
- you were advised to buy PPI that did not suit your circumstances or needs
- you were self-employed, unemployed or retired but advised to buy PPI
- you had a pre-existing medical condition at the time of buying PPI, which may have affected your ability to make an insurance claim
- you were advised that a pre-existing medical condition was included in your PPI policy (or advised that it wasn’t included)
- it was not made clear that you would pay interest on the PPI if it was added to your loan
- it was not made clear that the PPI would end before the loan or credit was repaid
- the amount of commission paid on the sale was not revealed at the time