For a multitude of individuals, the management of a mortgage often proves to be a complex and stressful undertaking. From engaging with the original lender to potential subsequent sales to investment funds or credit servicing firms, there are numerous stages where complications can arise. Should one find themselves in a situation where they suspect their mortgage servicer has acted improperly, they may question if it is feasible to file a complaint with the Financial Services and Pensions Ombudsman.
In certain scenarios, mortgages are transferred to investment funds, subsequently placing the management of the mortgage into the hands of a credit servicing firm. Should one become apprehensive about the conduct of the credit servicing firm in managing their mortgage, they do indeed possess the right to file a complaint.
The process of lodging a complaint with the ombudsman may initially appear overwhelming. Nonetheless, it is vital to bear in mind that as a consumer, one holds certain entitlements, one of which is the capacity to seek redress in the event of perceived mistreatment.
The primary step in filing a complaint with the ombudsman is to directly raise the issue with the credit servicing firm. This entails articulating one’s complaint in writing and affording them the opportunity to respond. It is advisable to maintain records of all correspondence and to meticulously delineate the specifics of the complaint.
In the event that one is dissatisfied with the response from the credit servicing firm, or if they fail to respond within the requisite timeframe, the matter can then be escalated to the Financial Services and Pensions Ombudsman. The ombudsman supplies an impartial resolution service for conflicts between consumers and financial service providers, which includes credit servicing firms.
When making a complaint to the ombudsman, it is imperative to furnish as much evidence and information as possible. This might encompass copies of correspondence, account statements, and any other pertinent documentation. The provision of extensive detail will position one favorably in presenting a compelling case.
It is also noteworthy that there exist time constraints within which a complaint must be brought to the ombudsman. As a general rule, complaints must be presented to the ombudsman within six years of the conduct giving rise to the complaint, or within three years of the consumer becoming aware of said conduct.
In conjunction with lodging a complaint with the ombudsman, seeking guidance from a financial or legal professional could also be beneficial. They are able to furnish advice on one’s entitlements, the viability of one’s case, and the most prudent course of action to pursue.
On the whole, if one deems the conduct of their credit servicing firm in managing their mortgage to be unacceptable, they do reserve the right to lodge a complaint with the Financial Services and Pensions Ombudsman. By adhering to the appropriate procedures and furnishing as much information as possible, one can pursue a resolution to the issue and assure that their consumer rights are upheld.