How long is it reasonable to wait for an answer after complaining?

kavics17

Hi,

I have a loan with Tesco which I have been overpaying every month. I made a complaint on the 29th August as I have not received confirmation about the overpayments, some did not appaear on loan account but went out from my bank account and the balance figure always seemed so high. I got a letter a week later saying that they would answer me by 21st September. Than on the 23rd another letter that they would send me a detailed answer by the 3rd October. I received another letter yesterday saying that they are still investigating and my complaint will be answered by the 19th December. Yes, 19th December. I find it too long and will make a complaint to Financial Ombudsman. I have requested settlement figure twice now in writing, on the 29th August and 21st September but no answer. Settlement figure on phone was around £300 in August but they did not let me pay it off because of 'computer problems'.

Question is: What do you think is a reasonable time companies should respond to your complaint? 15 weeks is too long? Shall I call them and ask for settlement figure on phone and pay off the loan if there is any amount outstanding? I believe I already paid more than I supposed to but according to the lady on the phone in August, I still have about £300 to go (though 2 extra loan payment went out since than meaning that the loan should have been paid off by those).

Thanks.

Apples2

They have 8 weeks to give you a final response from a formal complaint.

Once that has elapsed escalate it to the FOS. There is a template on the FOS website to use.
This will cost Tesco as soon ad the FOS wade in. If more people did this they might get their act together.

kavics17

8 weeks? So I can escalate this to the FOS at the end of October. Would you recommend paying the loan off meanwhile on the phone (if there is any balance)?

CHR15

Out of Courtesy I would inform them of the 8 week deadline for a response, informing them I would be taking it the FOS if not dealt with by that date. I would give no leaway, 8 weeks is a deadline.

That should be enough to buck them up and start looking into it. It will cost them once FOS are involved, it will cost them more than if they stand to gain if they dealt with your case.

As for payments, it is always better to pay more, then retrieve it later than it is to stop payments and argue it out.
They have a robust mechanism to adversely affect your credit file without hesitation. Even if you do resolve it later, you will have a lot of stress and grief in the interim.

YorkshireBoy

kavics17 wrote: »

8 weeks? So I can escalate this to the FOS at the end of October.

You can escalate after 40 business days (8 weeks from making the complaint)...

http://www.tescobank.com/personal/finance/help/complaints-process.html

The FOS case fee (currently £500 I believe) is not charged to Tesco unless your complaint is passed to an adjudicator, and that's not always necessary if it can be resolved at a lower level...

http://www.financial-ombudsman.org.uk/publications/technical_notes/QG1.pdf

smitchy73

I would contact them and ask why it is taking so long, then say to them that unless you speak to a manager you are referring the matter to FOS, as someone says I think there is a charge to all institutes when a complaint is logged.
If they hit you with a 16 week turnaround, they are talking BS as this is only for the PPI complaints. Give a post on the PPI discussion board or success and failures board and ask for an email address for the CEO, copy customer services into it too and you might find your enquiry gets speeded up and possibly resolved.

kavics17

I did call them on Fri and asked why it takes so long but no result, the person on the phone was clueless so was his manager. I did pay off the loan now but I believe and know that they overcharged me as the lady asked for £322 as settlement figure which is more than I was quoted in August. I have no desire to deal with Tesco ever again after the issue is solved, I am going to write them a letter next week saying that I will contact FOS as of end of October.

YorkshireBoy

kavics17 wrote: »

I am going to write them a letter next week saying that I will contact FOS as of end of October.

Why? Just contact the FOS at the 40 business day point and they'll write to Tesco on your behalf.

opinions4u

YorkshireBoy wrote: »

Why? Just contact the FOS at the 40 business day point and they'll write to Tesco on your behalf.

Because it might kick them in to action sooner.

YorkshireBoy

opinions4u wrote: »

Because it might kick them in to action sooner.

I don't think it'll make them go any faster because...

1. They have a finite resource for dealing with complaints, so if OP jumps the queue someone else suffers!...and that's not fair.

2. They've already told the OP, via their complaints booklet sent with the first response, what his options are...so will be well aware of the chance of him going to the FOS. They don't need reminding.

3. Politely 'threatening' the FOS never got me anywhere with my complaints, simply a response along the lines of "well of course that's your prerogative sir".

and finally...

4. They've nothing to gain (ie the avoidance of a £500 case fee), being as they've almost certainly had more than 3 complaints so far this fiscal/calendar year so from now on they're all chargeable anyway (if passed to an adjudicator).