By Marcus Leach

Barclays have announced that they will pay out compensation to everyone who brought payment protection insurance (PPI) and made a complaint before April 20th.

It has been announced that those who qualify for the compensation will receive the total value of all premiums, plus 8% interest.

The bank said the move would affect tens of thousands of customers and covered all the complaints put on hold during the judicial review into PPI.

With various disputes on-going with other banks Barclays claims it is the first bank to pay PPI compensation on what they call a 'no-quibble' basis, having recently set aside roughly £1 billion to cover mis-sold PPI.

Cases not submitted by the April 20th cut off date will be assessed on merit and may yet receive compensation as well.

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