Ways To Complain About Bad Financial Service
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Before entering an agreement with the service provider you should be provided information regarding complaints handling procedures including internal complaint procedures. Always conduct satisfactory research work of the service provider.
Considerthe history about the company which is providing you the service. Check the customerâ€™s feedback about the company. Understand the papers, the nature of the agreement and risks involved before signing any documents. Clarify all the points and mainly the financial part, such as the payment methods, extra charges, service charges and focus on the internal in house complaint policy of the organisation. Collect a detailed description of the process of lodging a complaint. Be familiar with the process about escalating your problem to the higher authorities. Get the contact details of the ombudsman and contact the ombudsman at the time of need.
Talk it Out:
Communication and discussion is the key to resolving any problem. Before laying an official complaint, discuss the entire issue with the service provider. Keep a note of all the communication between you and the service provider. In many of the cases you might not get a favourable reply or response from the service provider, but donâ€™t get bogged down by the harsh reply of the service provider. Stick to your complaint and pursue them until you reachan amicable solution from the seller.
Know Your Rights:
Know the right point of contact when you want to lodge a complaint. This will not only help you to get the right solution, it will also help you get there quicker. For example, if you have a problem related to your credit card purchase at a retailer outlet and the amount of the payment made via your credit card between Â£100 andÂ£30,000, then the Section 75 of the Consumer Credit Act gives you the full power to get proper compensation.
Under such scenario, the credit card company will resolve the issue and not the retailer where you have used it to make a purchase. If you are worried with any problems attached to your current account, savings account, loans, overdrafts or ISAâ€™s and concerned with fraudulent activity, which was detected on your statement, then as a consumer you have all the right to complaint under the Lending Code. This specific code will protect you from all of the above problems and it will help you to get a suitable solution. These codes are made by the Banking Code Standard Board, who are extremely useful and helps the consumers in protecting their rights and encourages the good financial habits of the consumers. You must remember your rights and the necessary rules and codes, acts and clause while corresponding with the service provider.
Make it Official:
If you completely dissatisfied with the response to your complaint from the service provider, then it is time to escalate your grievance higher up the ladder. Document your complaint via an official letter and also attach any evidence of your grievance. The letter should detail all possible aspects of the problem and give a detailed description about whom you have spoken to till, dates, offices you have visited etc. Also suggest a precise and amicable solution of the problem. This process can take up to eight weeks to get a suitable response from the financial service provider.
The Agony Aunt:
If you still stand on the shore of uncertainty with your grievance, then it is time to knock the door of the Financial Ombudsman Service (FOS). Escalate the complaint to the FOS if after the stipulated time period of eight weeks you receive a disappointing reply from the service providerâ€™s table.
Know Your Ombudsman:
Take a note of the contact details of the Ombudsman. Know the functions of the Ombudsman and know the process of escalating your grievance to the Ombudsman. As this is the last possible resort, if you want to solve your problem, out of court.
If all possible options fail, then take your complaint to the Small Claims Court. The Small Claims Court will hear your plea and the court will fetch a compensation for you if it ranges within Â£5000 and if you are a resident of England or Wales. The scene is different for the residents of Scotland. They can only claim compensation up to Â£3000 in the court. Before landing in front of the judge, be sure, that you have exhausted all the possible options. Abide by the stringent Pre-Action Protocol before landing you grievance in the court.