Then the Financial Ombudsman Service (FOS) may be able to help if you’ve been driven to distraction by a financial firm.
You can take your complaint to the FOS, an independent arbitrator if you have an issue with a financial product, from mortgages to ISAs, and the provider isnвЂ™t playing ball.
The FOS has simply released its information for its quarter that is third to December 2019), addressing not only what number of complaints had been made, but additionally what kinds of products drawn our ire many.
It had been the quarter that is busiest regarding the year up to now, with an overall total of 83,754 brand new complaints вЂ“ around a 3rd (34%) of this complaints had been upheld by the Ombudsman.
Therefore, what exactly are we complaining about?
The PPI saga is not quite over yet
Maybe unsurprisingly, there was clearly a surge in complaints pertaining to PPI between October and December.
As a whole, there were a lot more than 41,000 complaints about that hated item reaching the desk for the FOS, meaning it accounted for pretty much 1 / 2 of the organisationвЂ™s workload.
It is a fairly jump that is considerable the last quarter, whenever there have been simply 24,073 PPI complaints.
Even though the formal deadline for creating a claim for payment for mis-sold PPI passed in August this past year, it does not suggest the saga is fairly over as of this time.
Those that have been kept disappointed with a response that is firmвЂ™s their claim have actually evidently been whining to your FOS within their droves.
Along with banking institutions and providers nevertheless working by way of a backlog of claims, the likelihood is to carry on to use up a significant percentage of the OmbudsmanвЂ™s workload for quite a while in the future.
It is additionally well worth noting that the price from which these complaints are upheld is desperately bad.
Simply 17% of PPI complaints had been upheld by the Ombudsman in those 90 days, just a small enhancement from 16% when you look at the quarter that is previous.
Dodgy payday advances
There was clearly a difference that is big just how complaints about pay day loans, another commonly derided item, happen managed when compared with PPI complaints.
As a whole over 8,000 complaints had been made about payday advances using the Ombudsman, which makes it the second-most complained about item between October and December.
And unlike PPI, the Ombudsman is regularly finding problems with the maneuvering of those services and products, upholding an impressive 73percent of complaints.
The FOS said when it comes to payday loans, the complaints it tends to see centre on lenders acting irresponsibly in providing the loan in the first place, or not treating borrowers fairly if they are in financial difficulties and having issues repaying in an update last year.
Bank records and charge cards
Present records will also be commonly complained going to the FOS, in just bashful of 7,500 complaints designed to the Ombudsman. Two from every five of the complaints are now being upheld too.
There are some common conditions that crop up within these complaints based on the FOS.
These generally include unexpectedly having a free account shut and costs released to customers for things such as going overdrawn or attempting to make repayments if you findnвЂ™t cash that is sufficient the account.
During the last years that are few there have seen a great amount of complaints about packed reports. These include a host of additional features such as for instance global travel cover.
The difficulty is, in too many instances, they are for sale to those who canвЂ™t actually utilize those extras, or whom werenвЂ™t alert to just what these reports would price.
Bank cards also attracted a bunch of complaints as over 4,700 complaints had been made, by having a 3rd upheld.
Probably the most complaints that are successful
While simply a third of complaints general were upheld, there are particular services and products, including payday advances, that see much higher rates of effective complaints.
A example that is good guarantor loans, which will be a as a type of borrowing in which a friend or adored one claims to help and cover your repayments in the event that you fall behind.
And even though there have been simply 535 complaints in connection with loans built to the Ombudsman between October and December, an astonishing 90percent of instances had been upheld.
Then thereвЂ™s true house credit, which will be essentially home financing.
A huge 86% regarding the complaints that went along to the Ombudsman had been upheld. Problems frequently centred on whether or not they need to have been because of the loan to start with or that they’re being addressed unfairly if they find it difficult to repay the mortgage.