The five major UK Banks have all set aside millions of pounds, and in some cases billions, to repay mis sold PPI. Whilst Barclays are offering a no quibble approach to compensation is this too little too late in terms of consumer confidence?
At the moment Bankers have been rated the second to energy companies in terms of mistrust and since the credit crunch 3 years ago bankers have been the butt of comedian’s jokes replacing lawyers as being one of the most greedy and untrustworthy of professions.
Whilst the banks are spending a lot of money on adverts to try to shake off this image, banker’s bonuses and PPI scams are highlighted in the media.
Barclays are the only bank so far to step forward and pretty much take culpability of the mis sold PPI by offering a no arguments settlement of the full policy plus 8% interest. This is a big leap forward for bankers and probably earned Barclays a lot of brownie points for the gesture. However is it too little too late?
As the only bank to offer this no quibble compensation they are standing head and shoulders above the other banks as far as trust is concerned but really all they are doing is saving themselves money in fighting it when they were in the wrong in the first place.
Since the credit crunch banks have had a hard time and not all of it has been deserved but mis selling PPI has left many consumers out of pocket and in some cases confused as to where the extra payments came from. If you were mis sold PPI then you should reclaim PPI payments and you may also be entitled to interest, it is surprising how those payments add up and you could be owed thousands.