NEWS RELEASE from
Financial Redress Pty Ltd
Author: James Middleweek
Attention: News editor, finance editor 25/6/09 redress 1
Customers challenge
banks on break fees
Consumer compensation law firm Financial Redress has launched the first
service in Australia to help consumers challenge excessive exit fees on the
early repayment of mortgage loans.
Customers seeking compensation for excessive fees charged by banks have
“inundated” the law firm with their claims, says managing director James
Middleweek.
Middleweek says his new firm is receiving hundreds of claims a month
relating mainly to penalty charges on savings and credit card transactions and
exit fees on loans.
The legal service is the first of its kind in Australia, although similar services
are provided in the United Kingdom.
Middleweek says, “Since launching Financial Redress in March, we have
simply been inundated with bank and credit card penalty charge claims.
“However, for every 100 enquiries we receive, at least ten relate to concerns
over break fees on loans,” he says. “The figures involved can run into tens of
thousands of dollars a time.
“These excessive break fees have left our clients feeling very aggrieved.”
Middleweek says, “Whether its poor disclosure, lack of transparency, mis-
selling, or simple profiteering, will depend on the facts of each case. Either
way, consumers feel that once again they are being massively short changed
by financial institutions.
“We believe many clients could be due substantial compensation,” he says.
Financial Redress, based in Perth, has developed online registration, a break
fee questionnaire and other processes to keep legal costs to a minimum.
The firm says it provides quick but detailed advice to its clients as to whether
they have a reasonable chance of compensation.
Financial Redress now provides detailed break fee advice for a fixed fee of
telephone on 1300 4 REDRESS.
#end
Media inquiries: James Middleweek, Managing Director, Financial Redress –
phone 1300 473373, mobile 0423 975063, email
james@financialredress.com.au .
Financial Redress Pty Ltd (ACN 134 829 655)
Level 3 / IBM Building, 1060 Hay Street, West Perth, WA, 6005
Phone 1300 473373 Mobile 0423 975063
NEWS 
