More and more consumers are aware of their rights, which is why complaints submitted to the manufacturer due to defective goods are more and more common and more effective, although one should be aware that it can be a tedious process. On the other hand, complaints about services are less popular – they are still a rather mobile term and difficult to form an objective view on the legitimacy of complaints. That is why few people decide to take such a step. This also applies to online loans, which in the same way as a product or service (because in reality they are both) can be the subject of such proceedings.
When can I advertise a loan?
The law, which regulates reservations about payday loans or installment loans in quite detail, unfortunately does not mention the situation in which a complaint may arise. This is because, according to the provisions of the Act on the handling of complaints by financial market entities and the Financial Ombudsman of 2015, the subject of complaint proceedings may be any misconduct or oversight, which, according to the borrower, reduces the quality of the service provided or because it is incompatible with what the lender promised before giving the commitment.
The subject of the complaint are also all situations in which the borrower is convinced that the lender is not fulfilling his obligations properly. Of course, you can not list the infinite catalog of deficiencies, but practically these will be those that result from the provisions of the loan agreement or the assurances of the lender (official information on the website is also valid!). These will primarily be:
- calculating costs higher than would otherwise appear in the contract;
- failure to provide maximum costs, but only examples (this is an abusive clause, i.e. almost inadmissible);
- preventing withdrawal from the contract within 14 days from the date of its conclusion or failure to inform about this possibility and failure to provide information on the procedure for such withdrawal;
- preventing early repayment of the loan;
- starting refinancing a loan without the client’s knowledge and consent (even if the loan has expired);
- too late payment of the loan.
The complaint may also relate to dissatisfaction with the quality of customer service. It can be a long time to consider the application (if there are no serious reasons – such as a day off or application outside the business hours), no effective contact with the lender, insufficient or evasive answering of questions – what the lender is required by law .
What should a loan complaint letter look like?
An online loan complaint should look exactly like any other advertised product or service. The borrower does not have to stick to any particular type of letter. It can be in any form, although it is always worth using the form already prepared by the lender if he decides to provide one. This is not, of course, obligatory and if we think that it will be more beneficial for us to use our own letter or template found on the Internet, we can do it and in no case should it be a reason for not accepting or rejecting the complaint.
However, the complaint letter must meet certain formal conditions and include mandatory elements:
- clear and clearly indicated inscription complaint, preferably in the form of a header;
- lender details;
- borrower’s details;
- loan agreement number and its conclusion date;
- indication of the subject of the complaint;
The complaint should be submitted through an official channel, preferably by post or in person (which of course is very difficult or impossible to do). Most, if not all, lenders also allow you to print the letter, sign it by hand, scan it, and send it via email. Regardless of the form, we should, however, ensure that if necessary we have confirmation of sending the complaint. Therefore, despite the fact that the e-mail form is the most correct, we recommend to be sure to send the paper form by registered mail with confirmation of receipt.
How long will it take to process a complaint?
According to the provisions of the Act on handling complaints before financial market entities and the Financial Ombudsman, as well as the Act on consumer credit, the lender has the absolute obligation to inform about the procedure for this consideration in the loan agreement. This is where we should look for information about how much time the lender can spend to give us an answer.
According to the law, the standard deadline is 30 days, but the lender can also show good will and propose a shorter deadline, although it will definitely not be too common. In special cases, it is possible to extend the statutory consideration period to 60 days. However, the borrower must be absolutely aware of this. If this does not happen or this deadline is also exceeded, the complaint will automatically be considered as justified.
The loan should be repaid
Objections to the lender and the complaint do not entitle the borrower to arbitrarily stop repaying the loan, regardless of whether it is payday loan or installment loan. It is an absolute must to stick to the schedule, especially if we have a payday payday that we should pay back within 30 days. Failure to pay the payday payday, irrespective of whether the complaint is accepted or not, will have serious legal and financial consequences.
The assertion of your rights is best resolved by official means. In case of further problems, it will certainly be helpful to contact the Ombudsman of the OCCP, and if his intervention is also ineffective, the next instance should be the Financial Ombudsman. However, we can only contact him if we have exhausted all complaints.