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Borrower complaints surge in 2011

By webmaster
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Borrower disputes with their lenders surged almost 30 per cent last year, new research has revealed.

According to the latest data from the Financial Ombudsman Service, 30,283 disputes were received last year – up 27 per cent on the previous year.

In addition, the finance sector was forced to pay more than $3.6 million in compensation to customers affected by problems such as being charged incorrect interest rates.

Non-bank lenders topped the list on disputes about mortgages, with GE Money taking the ultimate crown.

The data showed GE Money received 434 disputes per 100,000 customers.

Among the majors, NAB had the highest number of disputes for home loans, with 66 per 100,000 customers.

But while the number of disputes grew considerably over the year, more than 70 per cent of the disputes were ultimately resolved by talks between lenders and their customers.

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