{"id":3219,"date":"2025-06-26T09:58:07","date_gmt":"2025-06-26T06:58:07","guid":{"rendered":"https:\/\/financialombudsman.org.cy\/?page_id=3219"},"modified":"2025-07-02T09:55:21","modified_gmt":"2025-07-02T06:55:21","slug":"benefits-of-out-of-court-dispute-resolution","status":"publish","type":"page","link":"https:\/\/financialombudsman.org.cy\/en\/benefits-of-out-of-court-dispute-resolution\/","title":{"rendered":"Benefits of Out-of-Court Dispute Resolution"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text css=&#8221;&#8221;]Appealing to the Financial Ombudsman is a fast, economical and effective alternative to court proceedings for the resolution of financial disputes.<\/p>\n<p>The advantages for consumers and for financial businesses are multiple.<\/p>\n<h2>Benefits<\/h2>\n<h3>Low cost<\/h3>\n<p>The consumer pays only a small fee of \u20ac20 for filing a complaint. In the case of mediation, his maximum contribution does not exceed \u20ac100. The process contributes to significant cost savings for the parties involved compared to court costs<\/p>\n<h3>Simplicity &amp; Accessibility<\/h3>\n<p>The process is simple and citizen-friendly, without the need for legal representation.<\/p>\n<h3>Fast Resolution<\/h3>\n<p>Each case is examined within a reasonable time, while the Commissioner&#8217;s final written decision is communicated within 90 days of receipt of the complete file.<\/p>\n<h3>Transparency, Impartiality &amp; Independence<\/h3>\n<p>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.<\/p>\n<h3>Flexibility &amp; Creative Solutions &#8211; Friendly Settlement<\/h3>\n<p>The out-of-court procedure offers the possibility of flexible and practical solutions through<br \/>\nfriendly settlement, which are difficult to achieve in the context of the judicial process.<\/p>\n<h3>Sustainable Loan Arrangements &#8211; Mediation<\/h3>\n<p>Through mediation, restructuring of credit facilities can be achieved, preventing foreclosures of primary residence or business premises.<\/p>\n<h3>Debt Confirmation Before Foreclosure<\/h3>\n<p>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.<\/p>\n<h3>Improvement of Relationships &amp; Positive Cooperation Climate<\/h3>\n<p>The out-of-court process enhances communication and cooperation between the parties, limiting the negative impact and strengthening relationships of trust.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-3219","page","type-page","status-publish"],"acf":[],"_links":{"self":[{"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/pages\/3219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/comments?post=3219"}],"version-history":[{"count":3,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/pages\/3219\/revisions"}],"predecessor-version":[{"id":3229,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/pages\/3219\/revisions\/3229"}],"wp:attachment":[{"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/media?parent=3219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}