If you need more information about how to resolve a credit card dispute with your bank then take a look at this article to find out what options you have. You can do something about it, and this article will show you how.
If you are having a problem with a credit company or bank, and want to know how to resolve a credit card dispute with your bank then you should know that there are a few different things that you can do to help get it resolved.
Steps to resolve a dispute with your bank:
Here are five simple tips you can use when you are resolving a problem with the bank that's issued your credit card.
1. State your problem clearly
You are calling the bank or credit card company to get a problem handled so the priority would be to make sure that you communicate exactly what the problem is so that they can fully understand it. Nothing will get resolved if your credit card issuer does not understand the issue fully.
It is important not to get upset and threaten or abuse the staff. This will cause an unnecessary distraction from the problem and simply causes a new one. Stay calm during the conversation, state the facts clearly and let them know how you would like this resolved.
Keep notes of the conversation and write down who you are talking to. Have your supporting documentation at hand in case they ask you some questions about it.
2. Getting in touch with your bank
When you are resolving a problem with your credit card you can start at your local branch. You can talk to one of the staff members or the manager of the credit department and ask them to review your problem.
You can contact the head office if this situation has not been resolved at the branch. You will probably be asked who you were speaking to at your branch so make sure that you have taken down the names of all your contacts. Remember to stay calm in all of your dealings with these banking professionals.
3. Stopping payments
You should always make at least the minimum payment to your credit card when you are in dispute with the company. You may have to pay penalty fees if you don't and interest will continue to add onto your balance.
4. When all else fails
When you have not received any results from head office you can contact the Banking & Financial Services Ombudsman, which is a dispute resolution service that is offered at no charge. You can go to their website at www.bfso.org.au to fill out a dispute form.
In Australia there are two external dispute resolution schemes in place that help deal with any disputes people have with mortgage brokers and lenders. The one that you need to call will depend on who you are actually having a dispute with.
- The Credit and Investments Ombudsman Limited (CIO)
If you are having a dispute and have been unable to reach a resolution with your mortgage broker, mortgage manager or credit issuer, then you should be contacting this service. They are able to run an investigation into the dispute and make binding decisions on the lender. If they make a decision and you do not agree with it, then you as the borrower are not bound by this decision. You can either reject or accept it.COSL has member lenders, and not all mortgage brokers, mortgage managers and mortgage lenders are a member. You will need to check and see if the lender you are dealing with is a COSL member first before contacting them. There is a time limit for filing a complaint, and you have six years to file one. Also, your loss cannot be more than $250,000 to lodge a complaint. You can contact COSL on 1300 78 08 08 for more information about how to resolve a dispute with your credit card issuer.
- Financial Ombudsman Service (FOS)
In Australia, all of the retail banks are members of an FOS. They should be contacted if you have a retail bank dispute or have a dispute with one of their affiliates like Esanda, that is affiliated with ANZ. Many mortgage brokers and finance companies are also members, and you can go to the FOS website or call them to find out who their members are.When you make a complaint, they will launch an investigation and make a final decision that will be binding on your credit card product for financial services. You, however, will not be bound by the decision and you can reject or accept it. You can only recover up to $250,000 of financial loss with the dispute resolution, but you can still make a complaint if you have lost more than $500,000 but are willing to accept only $250,000.The time limits for filing a dispute are six years from the time you became aware that this loss had occurred, or two years from the time that the internal dispute resolution of the mortgage provider or credit provider gave you a final response.You can contact FOS by telephone on 1300 78 08 08 for more information about how to resolve a dispute with your credit card issuer.
5. What happens next?
- Once your complaint has been sent, the EDR scheme will send you a letter that needs to be signed which allows the lender to send information about the financial matter over to the EDR scheme. This letter must be returned by the due date mentioned.
- Your complaint will be sent by the EDR scheme to the member for a response. Usually they have 30 days to respond to the complaint.
- The lender will respond, and if there is a settlement offered you do not have to accept it. You can request that the EDR scheme launch an investigation.
- Response back from the lender can happen again but you just have to keep replying that you want an investigation. Just make sure that all paperwork is submitted in time, and if you need an time extension, make sure you get it in writing with the EDR scheme.
- Your complaint will end up in investigation and the finding will be made, which you can accept or reject. If you choose to reject the finding then it will be referred to the Ombudsman so that he can issue a recommendation. If you feel you must reject the recommendation then your only alternative is to seek legal action. You may not get much success with this and it can be quite costly, so you may want to get legal advice before rejecting a recommendation or finding.
This is how to resolve a dispute with your credit card issuer, and while it can be a somewhat lengthy process, you can end up by getting closure on the matter by using these two schemes.
If you have ever had a dispute with your credit card company or bank then you understand how frustrating it can be and that resolving a problem with your bank is not always easy.
There are ways that you can deal with your bank to get your complaints resolved easily and painlessly.
Resolving a problem with your bank will be a lot easier if you follow the steps above. A lot of people get into trouble by losing their temper. Don't let this happen to you - stay calm and the issue will get resolved.
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