Northampton, England -- (SBWIRE) -- 07/13/2016 -- That Barclays Bank has sent out 10,000 letters to its customers, informing them that they are offering refunds for Payment Protection Insurance, is certainly good news for these customers. These customers have been affected due to non-receipt of their annual statements.

It appears that only a few customers might be aware that the bank failed to send out annual statements. Had customers been sent these annual statements, they would have known about their right to cancel their policy. Now that the bank has offered refunds on the premiums along with 8% interest, those customers who were affected over the past three years might welcome this news.

Barclays Bank has come out with a statement claiming that their lapse of not sending out their annual statements might have affected less than 3% of their PPI customers. According to the bank, their average customers will get a few hundred pounds in refunds, thanks to the decision they have made now to offer refunds for Payment Protection Insurance.

Adam Land of The Competition and Markets Authority says that the annual statement that is issued by the bank is an important measure because it not only lets customers know that they have a PPI policy but the statement is a result of the market investigation they have done as well. The statement will also help customers know how much they are spending on payment protection insurance. It reminds them of their right to cancel their policies also, he adds.

It is reliably learned that most of the affected parties are customers who are credit card holders. Of course, the number of affected parties does not solely comprise credit card holders but includes 740 mortgage accounts also. A spokesperson of Barclays Bank points out that they have identified a number of Barclays bank customers as well as Barclay card holders who had not been sent their annual PPI statements. But he hastens to clarify that the "lapse", if it can be called so, is not intentional but is owing to a technical issue.

The spokesperson adds that they have sent letters to customers now, especially to those, who, they believe, would have opted for cancellation of their policies, had they received the annual statements on time. The intention of sending these letters is to explain as to how the bank will rectify the "lapse" and refund the Payment Protection Insurance to these customers.

On the whole, Barclays is now offering 10,000 PPI Refunds.

About Barclays Bank's Letters to Its Customers
Barclays Bank has sent out 10,000 letters to its customers, informing them that they are offering refunds for Payment Protection Insurance. These customers have been affected due to non-receipt of their annual statements. Had customers been sent these annual statements, they would have known about their right to cancel their policy. Now that the bank has offered refunds on the premiums along with 8% interest, those customers who were affected over the past three years might welcome this news.

For Media Contact:
Regents Pavilion
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ppi.co.uk
Danny Chapman
dc@wearedapa.co.uk