3rd August 2011
NORTH EAST PEOPLE ENTITLED TO UNCLAIMED MILLIONS
Stuart Bell, founder of Real Time Claims (RTC) in Newcastle, believes that the mis-selling of Payment Protection Insurance (PPI) policies over the years by financial institutions means that people in this region could be owed over £430m in redress.
Banks have admitted that the majority of PPI policies were mis-sold, however a recent announcement that the banks have set aside a £10billion fund to settle mis-sold PPI compensation claims has been given an air of caution by consumer rights advocate Mr Bell.
He explained: “The reason that so many banks are encouraging customers to send their complaints direct to them is largely because their use of financial terminology and complicated processes in response can make people believe that they do not have a case, or result in customers settling for far less than their full entitlement.
“In many cases people who think they might be owed their premiums back don’t know who to speak to or what to do first, resulting in a low success rate. Most bank customers who go it alone give up because of red tape.”
With a business career in financial services and the international business arena, Mr Bell set up Real Time Claims in 2007 to be a more consumer-friendly claims management company, working locally, on a ”no win- no fee” basis. This comes as good news for the average borrower who may not even know they have been mis-sold a PPI policy.
He continued: “It is great to be able to act for clients against the banks or other lenders to claim back the premiums they have made on mis-sold PPI policies. This is the first time I am aware of such an opportunity for a power shift.
“We have a specialist team of people who know the compensation claims process back to front, ensuring that we can help our clients using a fair and just approach. Over the past four years we have seen a 90% success rate in client’s compensation claims and since the banks announced that they have set aside £10billion, our new claims submissions have increased ten-fold.
“However, most people still do not know they could have a PPI compensation claim. Anyone who has taken out a bank loan, credit card, mortgage, car finance agreement where they have paid out for payment protection insurance will most likely be owed their premiums back plus interest and compensation.”
The first of its kind, Real Time Claims has now launched a new user-friendly online claims processing system where clients can complete and track their compensation claim online. The system is managed by RTC’s established team of experts. Working on a no win, no fee basis the process takes approximately eight weeks and is regulated by the Ministry of Justice (MOJ).
He added: “Real Time Claims provides a service specifically for people who have been treated unfairly by their lenders. It stands to help thousands of people in the region get their money back; they simply have to take that first step and contact us either online or by phone. And with the average compensation payout approaching £2,000, it’s worth giving us a call.
“We understand how important it is for clients to feel that they can put their money issues in trustworthy hands and in a company with a proven track record for successful claims. We follow the Ministry of Justice guidelines and work closely with lenders to be able to obtain the maximum redress possible on our clients’ behalf.
“It is not about compensation; it is about reclaiming what is rightfully theirs.”
Posted in Real Time Claims, North East, PPI, Mis-sold PPI, PPI Policies