Many solar energy companies exaggerated the financial benefits of purchasing solar panels.
And it was often impossible to verify the projected benefits that were claimed. For example, customers were shown presentations on the salesperson's laptop, which often ensured they were left with no or little information to refer to after the sale had been agreed. In addition, some consumers were given contracts where essential information was missing or had been miscalculated to overstate the benefits and returns.
We have been notified that Barclays Partner Finance has written to solar consumers who purchased solar panels using their finance packages. Barclays Partner Finance financed the sale of many thousands of solar panel installations by companies that have subsequently ceased trading. Many dissatisfied customers have complained that the benefits received are far less than they were told they would receive.
The letter from Barclays asks customers whether they are unhappy with the return on their investment. If a complaint is made, the customer will be asked to supply various pieces of information. Barclays will then input it into their algorithms to determine if a customer should be paid compensation.
It all sounds very proactive and encouraging, but from our dealings with many lenders such as this, the initial offer of compensation may be substantially less than what customers are due. In our experience Barclays are likely to offer a small but tempting amount of compensation to get the customer to settle cheaply.
If you receive a letter as described above from Barclays Partner Finance or any other lender, please contact us first. The sooner we get involved, the better the chance of a good outcome for you.