Wednesday, January 23, 2013, AM | Leave Comment
It is a major problem watching millions across the nation sue banks or claim for unfair charges thrown on them by the financial institutions. This happens when mortgages are mis-sold or the purchasers acquire loans from other organizations and banks.
Claiming back your bank charges can happen only when customers have misapplied loans on their accounts, and most of the customers don’t have a very good financial standing, and hence are signed up for mortgages forcefully.
So Where Do Innocent Customers Go?
Banks come under the purview of the customers’ attention when any mishap happens. Most financial institutions, to boost their branding in the market, have now sacrificed the clients’ welfare at the altar of exorbitant bank charges.
It is this greed which has forced many banking institutions to work mercilessly whereas all the innocent customers get to face the brunt in the end. Most banks are out there to get the lion’s share of the market, and to make the targets impressive, they would do about anything to make their goals meet. Some of them even hire legal hands to make things work, sometimes against a customer’s wishes too.
It is a fact that most lending organizations have an impeccable reputation to maintain, but that doesn’t mean they just go ahead and fleece you with unfair charges.
Innocent and unsuspecting customers wouldn’t be able to know what’s what and would end up falling prey to collection calls and threats when they refuse to cough up the said mount.
The main reason why customers decide to take on the task of claiming their bank charges” is simply because the costs are high and this is what they cannot pay to compensate their mortgages.
Now when the customers have decided not to pay up and the missed payments have added to their accounts, this would all add up and force the customers to pay higher. This is when the customer would run to the Monetary Ombudsman and try to get back whatever has been possessed by the bank.
And moreover, clients also get to know that all these years they were actually paying for a mortgage that had no reputation whatsoever.
Why The Ombudsman?
The Ombudsman controls the charges fairly by the banks.
They keep an eye on the banks, should there be any breach of code.
Knowing about the codes set by the ombudsman can help the general customers stay abreast of the rules
With the help of the ombudsman, you can file a suit if you have experienced such a situation of having a mis-sold loan
Ombudsman would help you bring back the monetary investments made so far
They would guide you on how to perform and what to perform when
The legal matters would also be taken care of and you would be able to focus on this issue better.
Its high time you keep an eye on the mortgages you have been sold as you could be mis-sold a mortgage, so beware.
John Mayer has authored this guest post. He has been providing useful financial tips through his blog posts and also helps people with some quick cash loans through his website.