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Mortgage complaints to FOS on the rise

by: IFAonline
  • 28/05/2013
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Mortgage complaints to FOS on the rise
Mortgage lenders are among the financial services providers seeing increasing levels of consumer complaints.

The FOS told Mortgage Solutions the vast majority of mortgage complaints are about poor communication on issues like arrears from high street banks.

He added: “It’s disappointing.”

With the full results out tomorrow, the total number of complaints the service received in 2012-13 is likely to be more than 450,000, with an estimated 171,000, or 38%, coming from high earners including doctors, lawyers, accountants and businessmen, the Times reported. This figure is up from an estimated 90,000, or 34%, in 2011-12.

In signs the downturn is impacting all stratas of society, high earners have increasingly turned to ultra-high interest payday loans, from companies such as Wonga.com, to try to fill holes in their finances. It said mortgages were the most noticeable area of concern.

FOS chief executive Natalie Ceeney said: “The fact that more people in the managerial or professional demographic are seeking our help – or telling us they are struggling – only emphasises that few people are immune from [the] effects of the economic crisis.”

Complaints made to financial services businesses can be referred to the FOS if a resolution has not been reached between the consumer and provider.

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