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Seek redress through financial ombudsman, consumers told

Seek redress through financial ombudsman, consumers told

- Wednesday, 12 May 2010

Consumers seeking redress from banks or loan providers to solve debt problems should avoid making complaints through claim management companies and go straight to the Financial Ombudsman Service (FOS) instead, reports Moneysavingexpert.com.

Natalie Ceeney, who became head of the FOS in March, believes that consumers should avoid claim management companies because they will lose some of the compensation they are awarded.

Most claim management companies charge their customers but this does not mean they are more likely to be successful.

She told the personal finance website: "We would prefer people coming directly because it is free and you will get all your money. Claim management companies will charge you, yet some people are not aware they can come directly."

Ms Ceeney added that these companies don't always know what they are doing especially in regards to loan or credit card debt. These cases often need to go through the courts.

The FOS revealed that just five per cent of consumers take their cases further after their complaint is rejected by the provider, possible causing them to miss out on payments of thousands of pounds.

Consumers can only take their complaint to the FOS if it is rejected by the provider or a satisfactory outcome has not been achieved within eight weeks.ADNFCR-2300-ID-19772479-ADNFCR
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