Charter Court Financial Services is a UK-based financial institution that offers wholesale mortgages, savings products, consumer lending, and deposit-taking services. It was founded in 2008 and became a publicly traded company in 2018. While it boasts of providing innovative and flexible financial solutions to individuals and organizations, it has received its fair share of complaints from customers.
In this article, we will explore Charter Court Financial Services complaints, their causes, and how to resolve them.
Types of Complaints
Customers of Charter Court Financial Services have lodged complaints through various channels, including telephone, email, letters, and social media. The Financial Ombudsman Service (FOS), an independent body that arbitrates financial disputes, has reported several complaints from customers regarding the following issues:
1. Mortgage Foreclosure: Some customers have complained about Charter Court Financial Services’ foreclosure process. They allege that the company does not provide sufficient notice of foreclosure proceedings and does not offer any reasonable alternatives to foreclosure.
2. Unfair mortgage charges: Customers have also reported exorbitant charges and fees levied on their mortgage accounts, leading to falling into mortgage arrears. These charges come in different forms, including interest rate hikes, late payment fees, early exit fees, among others.
3. Poor Communication: Several customers have expressed their dissatisfaction with the company’s communication channels. They claim that phone calls and emails are not answered promptly, and the representatives they deal with are often unhelpful and dismissive.
4. Delayed Loan Processing: Some customers have reported delays in the loan application process, leading to missed purchase opportunities or business setbacks.
Causes of Complaints
Charter Court Financial Services’ complaints mainly stem from poor customer service and unfair business practices. The company’s rapid growth over the years may have caused a strain on their customer service operations, leading to long waiting times and inadequate responsiveness to customers’ concerns.
Another cause of complaints is the lack of transparency in the company’s fee structure. Customers have reported feeling misled or uninformed about the various charges levied on their accounts, leading to unnecessary financial strain.
Additionally, Charter Court Financial Services’ foreclosure process has come under scrutiny for being unfair and opaque. The company’s foreclosure notices do not provide enough information to enable customers to explore alternative solutions, leading to negative impacts on their credit records and financial stability.
Resolving Charter Court Financial Services complaints
If you’re dissatisfied with the services provided by Charter Court Financial Services, there are several steps you can take to resolve your complaints. These include:
1. Contact the company: The first step in resolving your complaints is to contact Charter Court Financial Services directly. You can reach them through their customer service phone line, email, or social media channels. Be sure to provide all relevant information, including your account number, transaction details, and the nature of your complaint.
2. Lodge a formal complaint: If contacting the company does not result in satisfactory resolution, you can submit a formal complaint through their complaints procedure. This typically involves completing a complaint form and providing evidence to support your claim.
3. Engage the Financial Ombudsman Service: If your complaint remains unresolved, you can engage the FOS to mediate the dispute. The FOS will review your complaint and make a decision based on their terms of reference.
Conclusion
Charter Court Financial Services is a reputable financial institution that provides innovative solutions to customers’ financial needs. However, customer complaints indicate that the company needs to improve its customer service operations and increase transparency in its business practices.
If you have any issues with Charter Court Financial Services, it’s best to contact them directly and follow the complaints procedure to resolve your concerns. Additionally, it’s essential to keep a record of any communication, including emails and phone calls, and maintain copies of all relevant documents.
Remember, you have the right to engage regulatory bodies such as the Financial Ombudsman Service to mediate disputes.