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Financial Services ombusman

  • 11-10-2010 8:07pm
    #1
    kathy2
    Registered Users, Registered Users 2 Posts: 153 ✭✭


    Hi

    Has anyone any stories on success using this service.

    In a nut shell trying to get bank to agree to interest only and they are saying sell your house at a loss, no dealing with them, taking the piss running up huge overdrafts making the situation worse

    Ombudsman has a mediator service??


Comments

  • #2
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    The FS Ombudsman will reccommend that you make a formal complaint to your bank first. If their response is not to your satisfaction then you can take the case to him. You will lay out your side and the bank will theirs, he will adjudicate based upon this.

    However its probably a complete waste of time on your behalf, essentially you are looking to break a contract that you signed up to and its understandble that the bank may not agree to it.

    I would suggest you speak to MABS as they may be in a better position to plead your case directly to the bank.The Ombudsman is essentially there to ensure that the consumers are given good advice and not treated unfairly by financial institutions.


  • #3
    eagle_i
    Closed Accounts Posts: 89 ✭✭eagle_i


    Kathy, dealing with the bank can be frustrating at the best of times, but even more so when you are trying to take control of an increasing debt situation. As Pablo suggests talk with MABS, if you are able to get an appointment. I understand MABS are under pressure with the amount of queries they are receiving each day.

    I don't know if you saw the Consumer Show on RTE last night with Mr Hobbs, it was discussing debt and how to reduce/control it. While I can't stand Mr Hobbs, he does make sense with his advice, that is when is not talking in sound bites. Anyway have a look at the show the link above sets out the advice Edward was preaching from his pulpit to the mass go....opps audiance, like!

    Edit:
    The Ombudsman can deal with a complaint provided you first exhaust the Banks complaints procedures without satisfaction, however the Ombudsman is not there to force the bank to allow you to pay interest only on you mortgage or any other loan, unless the Ombudsman has found in favour of your complaint. Best to put your energy into talking with debt expert and take control of the situation. When approaching the bank you need to have a plan on how to tackle the situation and a realistic solution to gaining control and reducing the debt. Going on an interest only basis is a short term measure, you really need to show how you are going to pay off the loan/mortgage once the interest only period matures. Yes I would not agree with you selling your home in a soft market, especially if you are in negative equity. Final note, I appreciate it probably is not easy to do, but don't fall behind on your repayments otherwise you are on the back foot when to trying to negoiate with the bank.


  • #4
    kathy2
    Registered Users, Registered Users 2 Posts: 153 ✭✭kathy2


    Thanks all comments appreciated and any stories advice suggestions all welcome:D


  • #5
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,613 Mod ✭✭✭✭Jim2007


    kathy2 wrote: »
    Hi

    Has anyone any stories on success using this service.

    In a nut shell trying to get bank to agree to interest only and they are saying sell your house at a loss, no dealing with them, taking the piss running up huge overdrafts making the situation worse

    Ombudsman has a mediator service??

    The Ombudsman's role is to ensure that you get a professional service from the bank and not to help you renegotiate the terms of a loan! Unless you have some reason to complain about the bank, other than that bank is making you live up to the terms of the loan agreement, I doubt you'll get very far with them.

    Good luck with that,

    Jim.


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