Customers Challenge Banks On Break Fees

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25th June 2009, 10:50am - Views: 1265





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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.

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#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

Email info@financialredress.com.au  Web www.financialredress.com.au 







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