Press and News
British Banks' £71billion Bill for Misconduct Just Tip of the Iceberg
Bank Reclaims set up to help compensation battle for those trapped in non-cancellable loan contracts.
MALAGA, Spain, Feb. 15, 2019 /PRNewswire/ -- THE £71billion bill for misconduct by British banks could be just the tip of the iceberg according to newly launched legal support specialist Bank Reclaims.
The banks have already paid out over £34billion compensation for PPI alone from a total misconduct bill of £71billion.
Bank Reclaims is a new division of law firm Maxima 1 Legal S.L. (M1 Legal) set up to help what could be thousands of consumers who have fallen foul of financial institutions when taking out loans. They have the full weight of the M1 Legal team.
Their aim is to help thousands of ordinary people caught up in this latest battle with the banks after unwittingly being taken advantage of when taking out loans. In addition under the Credit Consumer Act 1974, when misrepresented products were paid fully or partly by credit card, the full amount of the purchase price can be claimed from the credit card company with interest.
Lawyer Adriana Stoyanova of M1 Legal said: "Since the boom in personal spending, the banks have been at the forefront in providing finance for consumer purchases. Very often the products were not as described and many loans were arranged by unregulated credit brokers which, in many cases, were the actual vendors of the product.
"There are hundreds of thousands of mis-sold loans for a variety of products across many sectors other than PPI, such as cars, boats, double glazing, solar panels, timeshare, fractional ownership, holiday clubs, whether purchased at home or abroad. They were often sold by unregulated credit brokers representing high street banks."
"The chances are that if you have taken out a loan, even some time ago, there is a strong possibility it could have been through an unregulated credit broker - and, coupled with a defective product, you could instigate a claim for a complete refund plus interest."
M1 Legal supports set up Bank Reclaims to help consumers who can have their purchase contract and loan agreement reviewed at no cost.
Bankreclaims.com is a trading name of Maxima 1 Legal S.L., regulated by the Claims Management Regulator in respect of regulated claims under registration number CRM44126.