UK debt management welcomes Barclays PPI announcement

The news this month (Nov 2012) that Barclays bank has set aside an extra ?700m to cover claims for mis-sold payment protection insurance (PPI) has been welcomed by a leading UK debt management company.

The new money is in addition to the ?1bn set aside in 2011 and the ?300m in the first three months of 2012. The extra money was required due to Barclays? having received ?more claims than it had expected.?

Mr Kevin Fielder, of UK debt management company UK Money Solutions said this week ?We welcome this announcement from Barclays Bank. It is a further recognition of the scale of the mis-selling that took place and we hope it will speed up the claims process for those who have been victims of this scandal.?

PPI was supposed to protect customers who lost their jobs or became ill while repaying loans, but was widely mis-sold to those who did not want or need it. The extra money takes Barclays' provisions for PPI mis-selling to ?2bn and takes the total amount set aside across the industry to more than ?10bn. It makes Barclays has made the second biggest provision, behind Lloyds Banking Group, which has set aside ?4.275bn.

Mr Fielder added ?The Financial Ombudsman Service, has already reported of a big increase in the number of complaints, with 1500 new cases arriving daily. The lack of response to these claims is fast becoming another scandal. The banks sometimes forget that some of those with the greatest amount of debt are in that position due to the amount of PPI added to previous loans and debt consolidation. Today, they are again at the mercy of the banks; they are awaiting speedy settlement of claims so they can start to move to a debt free future.?

Formed in 2005, debt management company UK Money Solutions have become a leading UK debt management company offering planning and debt consolidation services. They are recognised pioneers within the sector. A large amount of their work involves handling claims for mis-sold PPI on behalf of their clients.

Any person who wants to know more about the range of services offered by the UK Money Solutions can visit their website at www.ukmoney-solutions.com.

Source: http://www.briefingwire.com/pr/uk-debt-management-welcomes-barclays-ppi-announcement

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