Leading claims company supports banks

Published: Thu Nov 27 2008

Brunel Franklin thinks that the banks have now run out of ways of making profits, and that the difference between the Bank of England base rate and the banks’ lending rates is one of the few ways in which banks can now make any margin.

In an open letter to editors, Michael Goldstone, director of BrunelFranklin.com , said:
"The money they have all made from payment protection insurance (PPI), credit card interest rates, penalty charges, writing letters, introduction fees and so on has been quite extortionate. However these methods of acquiring money by often unscrupulous means have now in the main been stopped, leaving all the banks with massive potential liabilities and limited routes to replacing their depleted profits.

"Thus it is that they now need to increase the gap between borrowing costs and lending rates.
If we want banks - and certainly we need them - then we must accept that they must return to that old fashioned method of making money with a degree of genuine transparency."

A full copy of the letter is available on request from BeyondPR.

Notes to editors
Michael Goldstone is a director with the Brunel Franklin group of companies that owns the Conkers claims business.
Brunel Franklin has been responsible for handling over 25,000 endowment mis-selling claims and an even greater number of bank charge claims. PPI claims business which is still in its infancy and along with unenforceable credit agreements, is now Brunel Franklin's most important product.
The following quote from Martin Lewis recently appeared on the MoneySavingExpert web site:

(Claims handling companies)
There are a number of companies who now offer PPI reclaiming services. Many have just jumped on the bandwagon of the work done by reclaimers and they should be avoided... they take a chunk of the proceeds when this is usually something relatively easy to do using the free letters.

Yet at this stage things are much more complex, and much more work is needed, so bringing in a paid body can be useful. Most of them offer 'no win no fee' deals, and will take a cut of any successful claim. While I'm no fan of these companies often some of the more reputable ones e.g. Conkers and LoanCheck (the latter only for certain types of loan) get results when going it alone would be a hassle.

Press enquiries
Jon Gardner
07930 697773 / 0114 275 6996
Ref: BFL318 – MG letter to editors Nov 2008
Contact Name: BeyondPR
Contact Email: barbara.bassa@beyondpr.co.uk

Visit website »