21/09/10
New Welsh website helps consumers reclaim all of their payment protection cash
A unique new Wales-based service which helps customers secure compensation after being mis-sold payment protection insurance has been launched online.
ConfidentClaims.com, founded by former financial services legal and compliance director Steve Bloor, has been set up with the aim of helping borrowers reclaim money owed by their lender.
UK borrowers that have taken out a loan since January 2005 are highly likely to have been mis-sold expensive payment protection insurance and could be owed thousands of pounds in compensation. Hundreds of claims management companies have been set up to help consumers reclaim their money, but they charge up to 30% of the final compensation amount.
ConfidentClaims.com has been established as an alternative, showing customers how to initiate and manage their own claim and keep all of the compensation money. For a small upfront fee of £39, its unique system analyses each case, provides tailor-made claims letters and takes consumers through the whole process, providing online support every step of the way.
The Financial Services Authority estimates that over 16 million PPI policies have been sold since 2005 with total premiums exceeding £17 billion. These controversial policies, often expensive and designed to pay out to cover payments if borrowers fall ill, suffer an accident or become unemployed, have sparked a record 50,000 mis-selling complaints to the Financial Ombudsman Service last year alone.
Lenders penalised for poor handling of PPI sales include Alliance & Leicester, Liverpool Victoria Banking services, GE Capital Bank and HFC Bank.
ConfidentClaims.com is aimed at borrowers that have taken out loans since 2005 where the PPI was added to the final loan amount, and estimates from the Competition Commission and the Financial Services Authority (FSA) suggest the firm has a potential market share of around £10bn. The average PPI claim comes in at around £1,800, equating to a potential market share of 6 million eligible borrowers.
Market research has indicated that 20% of eligible customers would prefer to use a ‘DIY’ service, giving ConfidentClaims.com an addressable market of around 1.25m loans and potential fee income of £50m.
Managing Director Steve Bloor has over 20 years experience in senior legal and regulatory compliance roles in the financial services industry including, most recently, with one of the largest secured debt consolidation lenders. Steve has developed and implemented compensation schemes in both UK and abroad that have paid out over £40 million in compensation.
Steve said: “The idea for ConfidentClaims.com came when we spotted a gap in the market for a service that empowers customers and helps them to claim back and keep every penny of compensation owed to them by lenders. This can equate to hundreds of extra pounds in their pockets when compared to using one of the many claims management companies that charge up to 30 per cent of any awarded compensation.
“Our team boasts vast amounts of knowledge and experience gained in financial services and we have a proven track record of successfully claiming back PPI payments for customers. We have detailed knowledge of all the relevant laws, rules, regulations and codes of practice which helps us to support our customers to negotiate fair settlements.
“We are so confident that our procedures work that we offer a full money back guarantee to all customers. But with our comprehensive online toolkit and user-friendly guides we are totally confident that every single customer will be satisfied.”
For more information please visit www.confidentclaims.com to check eligibility and use the claim assessment calculator to see how much money you are entitled to.
