- Wednesday, 5 May 2010Consumers who are facing
debt management plans because they were mistreated by banks should seek redress, urges moneysavingexpert.com.
The Financial Ombudsman Service released figures which show that just five per cent of those who make a complaint to their provider take their case even further.
Borrowers could be missing out on payouts of thousands of pounds by failing to follow up their complaints, claims the website, and this money could help with
debt management.
Furthermore, finance providers uphold around 40 per cent of the complaints received but those who take their case to the Ombudsman after rejection have their claim upheld 53 per cent of the time.
This advice follows the announcement that the Financial Services Authority is investigating five banks who have weak customer service, especially when it comes to handling complaints.
David Black, banking specialist with Defaqto, a financial data collection and research company, had advice for consumers who feel they are receiving bad customer service or being misled.
He said: "If they can't sort it out then you've given them a chance and you could then go to the ombudsman but it really depends on the type of complaint."
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