Thousands of customers across the UK are complaining to Barclays about the mis-selling of finance to fund the purchase of faulty or poorly performing solar panels. Barclays sold the finance deals on the basis that the payments for electricity generated by the solar panels would cover the cost of the loans.
However, in our panel's experience, they have found many of the solar panels do not come close to generating enough energy to cover the monthly repayments. This has left thousands of UK residents in a spiralling debt that they cannot afford and that they were not warned about.
The Financial Services Ombudsman has already received thousands of complaints from people who claim they have been mis-sold loans by Barclay. If you believe you have a valid claim against the bank, our specialist solar panel of solicitors can help you claim compensation. This can cover any losses as a result of the installation, as well as the cost of removing and fixing any damage to your property.
Get in touch today to find out if our expert panel of advisors can assist you.
Were you sold “self-funding” Panels using Barclays Finance?
The installation of a solar panel system is very expensive, ranging from £7,000 to £15,000. Solar panel companies understand most people cannot afford this, so go door-to-door offering loans from Barclays to fund the projects.
In order to pay off this loan from Barclays, UK residents were told by solar panel companies that their solar panel systems would be “self-funding”, not only saving them money on monthly energy bills, but also making them money from the excess energy they make. This excess energy would then be directed into the National Grid, and they would be paid for the energy.
This issue that thousands of customers are finding is that the promised returns have simply never materialised, leaving them with up to £15,000 of debt, and unimpressive solar panels attached to their homes.
In a MoneyExpert report, Brian Thompson spoke of how he took out a 10-year loan from Barclays after the now-defunct PV Solar UK told him a solar panel system would help him save for retirement. As you might have guessed, the money he made selling electricity back to the National Grid was much smaller than what he expected, and he has now been forced to dip into savings to cover the extra repayments.
Does this story sound familiar? Here at ClaimExperts, we believe this is wrong and are making sure our panel of experts are holding Barclays to account for the funding of the poorly thought out solar panel systems, leaving many in stressful financial positions.
What can I claim compensation for?
Our expert group of solar panel advisors can help those who have used Barclays to fund the project, as long as you purchased the panels in the last six years.
The compensation you can claim back can cover the following:
- Your initial investment
- Any existing balance of your finance agreement
- The cost of removing the solar panels
- The cost to repair your property if there is damage
Claim Experts understands that these solar panel deals can put a huge amount of financial stress and strain on households. This compensation can go some way into helping that, ensuring you are put in the same place financially as you were before you purchased the solar panels.
Do I have a Barclays Solar Panel Claim?
Each solar panel claim differs from the next, so it is hard to say whether your claim is valid without speaking to one of our group of experts first. Having said this, there are a few key questions that our panel of advisors will ask you when you speak. These are:
- Did you purchase the solar panels in the last six years?
- Did you purchase the panels using Barclays finance?
- Are the panels not performing to their promised standard?
- Were you misled about the financial benefits of the solar panels?
- Are you left with a substantial deficit each month between those financial benefits and the finance repayments?
- Is the equipment faulty or installed incorrectly?
If you answer yes to one or more of the above questions, it is likely you will have a claim for compensation.
What have Barclays said of the scandal?
Barclays have kept relatively quiet during the scandal. They have, tellingly, set aside a massive £38.5 million to cover any potential claims, however.
A spokesman for Barclays Partner Finance has said:
We are committed to delivering positive outcomes for our customers and apologise to those who feel they have had reason to complain. We work hard to resolve complaints and these are reviewed on a case-by-case basis.’
We always seek to ensure customers are satisfied with our financial products. Where customers have cause to complain we will review each case individually.
A spokesman for the Financial Ombudsman Service has state:
If during the sales process the supplier said things which turned out not to be true, but which helped to persuade a consumer to go ahead and install the solar panels, the lender could be held responsible for putting things right.
If you believe you have been affected by taking out a Barclays loan, get in touch to see how our panel can help.
The Solar Panel company are no longer trading – Do I still have a claim?
Yes, you still have a claim. The claim itself is lodged under Section 75 of the Consumer Credit Act, and is against the finance provider. In this case, that is Barclays.
This part of law states that if you purchased items over £100 using a finance agreement or credit card, you are protected by law.
If you believe you have a claim against Barclays, Claim Experts can help you bring a claim for compensation against them for the mis-selling of the finance. Get in touch today to see if our expert panel can help.
Start your Barclays Solar Panel Claim Today
Do you believe you have been mis-sold underperforming or faulty solar panels? Were you promised a return on investment that has not materialised? Let our solar panel advisors help you on your first steps towards mis-sold solar panel compensation today.
Our legal panel has experience in bringing successful claims against solar panel companies and finance brokers who finance the selling of them. We are regulated and authorised by the Financial Conduct Authority.