Many customers of Barclay’s Bank and Barclaycard will be celebrating this week after the High Street banking giant announced that it had decided to settle all PPI claims that had been filed before April 20th without any questions. The bank made its surprise announced this week to the delight of those that have been waiting for the claims to be unfrozen after they were put on hold as a result of the judicial review.

Barclay’s said it has now become the first bank to offer a no-quibble compensation payout to customers who had filed their claims for Payment Protection Insurance refunds on loans and credit cards before April 20th. They will receive the full amount of the premiums that were paid along with an additional 8 percent in interest. For any cases that came in after April 20th and those that continue to come in all decisions will be based on personal merit and determined on a case by case basis.

The Financial Services Authority had actually given Barclay’s, along with other High Street banking giants RBS and Lloyds, more time to sort out their PPI refunds. However, Barclay’s said that it was already contacting customers who were now eligible for the refund to make them their offer.

The FSA had stated: “Some firms are facing a huge backlog and now a surge of new complaints, which has created a bottleneck. It is not in the interests of consumers to receive further poor handling of their complaints as a result.”

An official from Barclay’s stated: “Barclays made a commitment to process all on-hold PPI complaints as soon as practicable. We have said before that when we get things wrong, we apologize, and work hard and work fast to put them right as quickly as possible.”

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