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North East owed £430m in PPI claims

Homeowners in the region could be owed over £430 million in mis-sold payment protection insurance, according to a local claims expert.

While the banks have admitted liability for the mis-selling of PPI policies, and have since set aside £10 billion to compensate those who have overpaid on their home insurance, many people simply do not understand the complicated legislation surrounding the issue.

Stuart Bell of Real Time Claims Newcastle is encouraging customers to come forward and claim what is rightfully theirs, and to not be afraid of red tape.

“The reason that so many banks are encouraging customers to send their complaints direct to them is largely because their use of financial terminology in response can make people believe they don’t 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.”

Mr Bell has spent most of his career in financial services, and set up Real Time Claims in 2007. He operates on a “no win- no fee basis”, which will come as good news for borrowers who may be unaware of the mis-sold insurance.

He added: “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.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .