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Credit card complaints worry Financial Ombudsman Service

Amid signs that more and more UK consumers are unhappy with the service received from their credit card companies, loan companies and payment protection insurance agents, the Financial Ombudsman Service has revealed a sharp rise in complaints. A massive 127,471 new claims were received over the last year which is a 4% increase on the previous year. However, in a reflection of increased efficiency it was also revealed that the Financial Ombudsman Service was able to rule on over 114,000 complaints which is a 14% increase on the previous year.

The more important figure for consumers is the fact that 57% of complaints were upheld by the Ombudsman resulting in an increase of around 30% in compensation. The rise in successful complaint is a 22% increase on the same period 12 months ago and could reflect the fact that consumers are now taking more notice of charges or indeed the fact that credit card companies are looking to protect their investments as much as possible.

Either way, the Financial Ombudsman Service fully expects to see more complaints over the next 12 months amid signs of consumer confidence ebbing away from the credit card market with charges increasing and terms tighter than ever before.

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