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"Credit card complaints continue to rise"

By admin | June 22nd, 2009 | Credit Cards

It has recently been revealed that the level of credit card complaints in the UK has been soaring, with the Financial Ombudsman Service reporting a sharp rise in complaints relating to credit cards, as well as those relating to Payment Protection Insurance and loans.

Moreover, the figures have shown that an increasing number of these complaints have been going in favour of the consumer rather than the lender.

Over the past year the number of new complaints has increased by 4 percent, according to figures released by the FOS. Its figures also show that in 57 percent of the cases the FOS ruled in favour of the consumer rather than the lender, reflecting an increase of 22 percent in the number of cases going in favour of the consumer compared to last year.

One senior official from the FOS said that the recession could be one of the factors that was responsible for the increase in complaints.

He said: ‘For us, it has involved dealing with a significant increase in the number of complaints arising from the impact of the worsening financial climate. As businesses tighten their belts – and the credit crunch leads to increased financial difficulty for many consumers – we are gearing up to deal with further volatility in complaint volumes.’

With regards to complaints relating specifically to credit cards complaint levels were seen to have increased by nearly one third compared to last year.

The complaints related to a variety of issues based around credit cards, such as the £12 charge applied for late repayments or exceeding the limit. However, one the major reasons for complaints related to credit card interest rates, which have soared since last year in many cases despite the all time low base interest rate.

Tags: payment protection insurance, credit card complaints, Credit Cards, Financial Ombudsman Service

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