Early pioneers in the distribution of sub-prime mortgages in the UK, the Stettners aim to use their experience of the financial intermediary distribution channel and their strong reputation within it to provide a lifeline for brokers suffering through the economic downturn.
Claims Master has teamed up with experienced legal firms to provide a comprehensive claims management service. The focus initially is on financial claims such as mis-sold payment protection insurance, excessive bank and credit card charges and unenforceable loan agreements. However, over the next twelve months there are plans to expand the range of services to include non-financial claims.
Nick Stettner believes brokers who sign up to Claims Master can quickly see a return to the success they enjoyed when the housing market was thriving: “We’ve spent many months researching the market in an effort to formulate a viable and lucrative proposition for brokers. We’ve created an opportunity which could replace the income brokers have lost as a result of dwindling mortgage business and with less effort than mortgage transactions traditionally require.”
Claims Master opens up the financial claims market so that it is viable and safe for financial intermediaries to enter says Richard Stettner: “Experienced brokers know we wouldn’t put our name to something unless it represented genuine value for them and their clients. Our competitive offering allows brokers to discuss financial claims with their clients in the knowledge that a high percentage will proceed once they’re made aware of the benefits. Most importantly, our ‘no win, no fee’ guarantee gives total peace of mind to brokers and to their clients.
“When we founded Praxis, the mortgage market was in the doldrums, just as it is now. It took a while before intermediaries realised they could generate regular revenue from sub-prime, but these products eventually became the staple for many. We want financial claims to replace the income brokers have lost through the drop in mortgage transactions, perhaps making it their staple for the next decade.”
Throughout the summer, Claims Master will be recruiting intermediaries from the ranks of brokers suffering through the downturn. Brokers with an established client database will already have a ready supply of customers with viable claims. Early recruits will be rewarded with participation in a scheme in which they will be given free appointments for clients wishing to proceed with a valid claim.
