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Ombudsman

Nuneaton123
Posts: 2 Newbie

in Loans
I have complained to the finacial ombudsman and they have ruled against me. Although they have said that I was given a loan that I had no chance of servicing because I complained to late they will not do anything to help me.
Surley if the debt is still outstanding they should be able to help.
Surley if the debt is still outstanding they should be able to help.
0
Comments
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You'll need to provide more detail.
The outstanding debt is not a factor.0 -
They said because the debt is more than 6 years old a complaint can't be made. I should have known to complain earlier.0
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So your allegation is presumably that you shouldn't have been given the loan? So the breach occurred at the inception and as such law of limitations is 6 years from the date of a breach.
See https://www.financial-ombudsman.org.uk/consumers/expect/time-limits0 -
Financial rules work both ways - a person can escape a debt by not acknowledging it for 6 years, similarly you have 6 years from account opening and/or 3 years from knowing / or when you could reasonably have known you had a reason for complaint - closing the account triggers that - after which lenders can ignore complaints.0
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Peoples recollections after more than 6 years are rarely factual.0
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Thrugelmir said:Peoples recollections after more than 6 years are rarely factual.
6 years is the balance struck to give wronged people/companies time to enforce their rights but also to give reasonable closure to those who may be accused of wronging others.0
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