Appealing to the Financial Ombudsman is a fast, economical and effective alternative to court proceedings for the resolution of financial disputes.
The advantages for consumers and for financial businesses are multiple.
Benefits
Low cost
The consumer pays only a small fee of €20 for filing a complaint. In the case of mediation, his maximum contribution does not exceed €100. The process contributes to significant cost savings for the parties involved compared to court costs
Simplicity & Accessibility
The process is simple and citizen-friendly, without the need for legal representation.
Fast Resolution
Each case is examined within a reasonable time, while the Commissioner’s final written decision is communicated within 90 days of receipt of the complete file.
Transparency, Impartiality & Independence
Each case is examined based on legislation and contractual obligations, with full objectivity, impartiality and respect for the principles of good administration. The aim is to achieve a fair solution, with respect for the rights and obligations of each party.
Flexibility & Creative Solutions – Friendly Settlement
The out-of-court procedure offers the possibility of flexible and practical solutions through
friendly settlement, which are difficult to achieve in the context of the judicial process.
Sustainable Loan Arrangements – Mediation
Through mediation, restructuring of credit facilities can be achieved, preventing foreclosures of primary residence or business premises.
Debt Confirmation Before Foreclosure
The eligible debtor has the opportunity to request verification of the required debt before foreclosure, ensuring that the balance is correct and free from abusive charges.
Improvement of Relationships & Positive Cooperation Climate
The out-of-court process enhances communication and cooperation between the parties, limiting the negative impact and strengthening relationships of trust.