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Barclays To Cut Jobs Due To PPI Paypouts

Barclays bank are facing the possibility of having to cut around 3,000 jobs this year as they digest the news that their profits have fallen by around 33% compared to this point in 2010. The main reason for this, according to chief executive Bob Diamond, is the provision set aside to repay customers who were missold payment protection.

The bank’s profits were helped by a 41% fall in the impairment charges and other credit provision to £1.8billion, but were severely scuppered by a previously announced £1billion that would be used as compensation to customers who had been missold payment protection. As a result, the bank are being forced to look into other ways of saving money and unfortunately, it looks as if staff are going to bare the brunt of the cutbacks.

Payment protection is an insurance policy from banks that is designed to take over the debt repayments of a customer if they are unable to work as a result of circumstances such as injury or involuntary unemployment, rendering them unable to repay their debts.

Unfortunately, a number of people were sold this insurance without either needing, asking for, or wanting it, meaning they were paying back money that they didn’t have to.

One example of missold payment protection emerged recently. The armed forces are classed as civil servants and their employers cover repayments on things such as loans, credit cards and mortgages, so they should not have been sold payment protection insurance in the first place.

For more information on the issue with the members of the armed forces, read our previous blog by clicking here.

Creditline Financial are here to help people like you to get your money back from the likes of Barclays. If you feel you’ve been missold payment protection, or find out more about how to make a claim by clicking here.

Try our calculator to work out just how much you could be owed in compensation by clicking here or give us a call today on 01733 393399 to find out more about missold payment protection.

Posted by Chris White on 26 Aug 2011

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