Black Mark for Banks – Gold Star for Red Star

jamiek
September 11, 2012

There are billions of pounds out there waiting to be handed over and Red Star Financial Management is here to help you get your hands on it.

British banks have been hammered for holding on to compensation they have set aside for the payment protection insurance (PPI) scandal.

And claim handlers like Red Star have been praised for getting results for people who didn’t even know they were owed potentially thousands of pounds.

An estimated £9 billion is due in refunds and compensation, but so far just over half of that, £5.4bn, has been paid out by banks anxious to hold on to your money as long as they can.

Now those banks are paying the price for stalling with a barrage of criticism from commentators – and companies like Red Star Financial Management are reaping the rewards.

The Daily Mirror said recently: “The scandal of payment protection insurance continues as banks drag their heels on coughing up cash to those mis-sold this controversial product.

“And this is despite all the big boys making a huge song and dance about how much money they have put aside and how it is denting their vast profits.

“They are still shying away from actually parting with cash and paying those who have been ripped off by this dodgy cover.”

The paper’s money experts say that over the past 18 months, banks have used every excuse to delay payment and ask: “Surely after 18 months banks should have got the hang of how to deal with claims? It can’t be that complicated to check a computer system to see if a policy existed.”

The Daily Telegraph declared boldly: “The truth is, claim handlers get results,” and added: “claims management companies are effective.”

The Telegraph’s personal finance editor, Paul Farrow, wrote recently: “There is an argument that claims management companies do have a positive role to play.

“They certainly did during the endowment mis-selling scandal around a decade ago, when many home owners received compensation after their own efforts to get a payout were blackballed by lenders. Hard-nosed tactics by claims handlers certainly got up the backs of lenders whose complaint procedures were found to be wanting – and many home owners soon got their just reward.

“And history is repeating itself with PPI (payment protection insurance) policies, which were designed to cover loan and credit card repayments in the event of illness or redundancy.”

An editorial in the Daily Mirror’s Your Money column concluded: “Banks need to stop dragging their heels and put an end to the scandal.

“They should make it a priority to get those who have mis-sold PPI cover paid their compensation now. Only then can we move forward and banks can focus on providing a fairer, transparent and reputable banking system for the future – with no rip-offs.”

Red Star Financial Management Managing Director, Jamie Kordecki, couldn’t agree more. He commented:

“The track record of claim handlers like Red Star Financial Management is proof that we are getting it right, and a distinguished newspaper like the Daily Telegraph agrees.

“They have also discovered that despite out best efforts, the banks are still dragging their feet.

“We know that claiming for mis-sold PPI can be a minefield. That’s why we have an army of experts at the end of the phone waiting to help.”

For more information or enquiries with any claims, please contact Red Star Financial Management at info@redstarfm.com, visit http://www.redstarfm.com, phone +44(0)161-962-6555 , or follow on twitter @redstarfm