NEWS...
More Complaints to FOS
The Financial Ombudsman Service (FOS) has seen a flood of complaints involving consumers facing financial hardship, the organisation has reported.
According to figures, the majority of cases involve consumers complaining that their lender has failed to take proper account of their financial situation.
It cited cases where the lender insisted on involving a debt advice agency, even when that was not what the consumer wanted or needed.
There were also cases where lenders failed to explain proposals sufficiently clearly or came up with proposals that were reasonable on paper but not practical given the consumer's personal circumstances.
FOS now expects to deal with 160,000 cases in 2009/10 – exceeding previous estimates of 150,000.
In 2009 there was an incredible 360 per cent year-on-year surge in complaints from consumers.
Original article courtesy of Credit Today.
