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Financial Ombudsman or Court?


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As I understand it:

 

a) Banks - the stay means the ombudsman is a waste of time and only chance is with mcol/court route? I cannot get to court so I guess there is no hope? (2000+ pounds charges)

 

b) credit cards - can go both routes still. Considering I cannot get to court etc what are people's xperiences of late with the financial ombudsman - success rate, time factor etc?

 

 

Appreciate enlightenment!

 

thanks

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You'll have little chance of avoiding a stay with a court claim unless its for credit cards but you do need to watch your dates and may have to lodge a claim to protect your position (you can only claim back 5 or 6 years). Ombudsman are OK but very slow - has taken about 7 months for me and the interest you can claim is lower. If you do have to appear in court which in the current climate is not unlikely then its fairly daunting and you need to put in a lot of research to ensure you know the subject matter. In summary Ombudsman is easiest route but rewards are a litlle lower and it will take a while.

All comments are my personal views - if in doubt then seek professional advice. If you think i've helped then please tip my scales.

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