Barclays to Set Aside a Further £900m to Cover PPI Claims

After a recent lull in the world of PPI compensation claims where the banks seemed to have finally got on top of the vast sums that they need to pay back to poor UK consumers that were mis-sold payment protection policies in their hundreds of thousands the whole episode has once again reared its ugly head where, this week, Barclays has announced it is going to put a further £900 million into its pay-out reserves.

If you’re asking the question can I claim for Barclays PPI? Then check out the web page detailing the claims address for Barclays Bank.

Which? The authority on UK consumer affairs has carried out its own survey. Would you believe that the running total currently stands at over 23 billion pounds and Barclays has been hit one of the hardest with their own total now topping a staggering £5 billion pounds.

This has of course, had a drastic effect on profits for 2017. The company has announced a seven per cent downturn in profits and this mainly due to the uncertainty of the while PPI claims process where banking observers and financial experts asking the same question of “when is the PPI claim process ever going to stop?”

900m barclays ppi claimThe problems do not stop at PPI for Barclays. The share price has been down by 30% this year and with fresh allegations of fraud instigated by the NY attorney in June senior management will be keen to stress that improving the once good name of Barclays Bank is the priority in the coming months.

But where does all of this leave the average man in the street worrying if they can still claim for PPI? Thankfully due to strict laws regarding PPI there is no cut-off date to claim, simply visit your local bank or get in touch with the CAB to find out the best process of claiming back PPI.

As far as Barclays is concerned, chief executive Antony Jenkins is determined to put a brave face on the fiasco by stating that the company is far more streamline after a re-structuring phase of the business. There are further plans of cost cutting including the shedding of over nineteen thousand jobs in the near future.