Financial ombudsman service is receiving numerous mortgages complaints in current financial year that are much higher from the number of complaints received in previous year.
(prHWY.com) July 6, 2012 - London, United Kingdom -- Financial ombudsman service is receiving numerous mortgages complaints in current financial year that are much higher from the number of complaints received in previous year. Financial reports stated that there record 9,537 complaints received by Ombudsman in financial year 2011-12 especially for mortgages. It shows an increase of over one third for this period of previous financial year.
2,234 complaints were received by the Ombudsman just in start of this financial year in the month of April, May and June. Other 11,000 enquiries received by the organization on consumer helpline. Above one third of these cases are processing on priority basis because the involved victim is dealing with so many financial difficulties. FOS has also highlights common complaints of consumers. It has told that common complaints of policy holders include trouble to make payments. Policy holders are unable to meet with payment obligation where charges are included with mortgage balance. Ombudsman has stated that though it is already bad financial situation for UK so banks should show sympathy with the consumers. They should get agree on an affordable repayment plan. It will surely help consumers to maintain payments in time. It should be followed when consumer is consumer is communicating directly with the lender providing information on financial situation.
Financial ombudsman service has received several complaints where people are looking for help in repayments. Who have missed their payments are managing with late payment fee and extra interest on remaining amount. FOS is financial organization to solve disputes between consumers and banking institutions. It has stated that there are several complaints where consumers and bank face repossession situation. There are very few emphasizes where case reached to court. People are also facing trouble to borrow any new loan as lenders are increasing their rates and it has become difficult for general person to meet with high loan rates. Mortgage has become an expensive financial option. However, FOS is looking for possible ways to solve these problems.
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Steve Thomas is PPI claims expert and advisor, works as financial consultant and writer. He has written several articles on
Payment Protection Insurance and
Mis Sold PPI financial topics.
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