To seek redressal against a financial service provider

Tips on how to seek redressal against a financial service provider.

Your financial service provider agrees to give you money under certain terms and conditions. When you violate them they start proceedings against you to get back their money. This may result in you losing your home (foreclosure) and bring your life to a halt. What if your financial service provider cheats upon you? What if you learn that they are going against terms and conditions agreed upon you both? In such a situation what do you do?

We have outlined some important information for you, so that next time your loan broker cheats you, you have all the information to seek redressal.

To seek redressal against a financial service provider, you will need documents to bolster your case. Here is a primer on what you should do.

1.Keep all the bills, account statements, forms, brochures, etc.

2.Whenever you have a complaint, approach the service provider first. Here too, keep a proof of your communications.

3. If that doesn't help, approach the grievance redressal bodies appointed for that industry.

4. If persistent communications with the above entities fail, then approach a consumer welfare organization. If there isn't one in your city, write to one.

These are non-profit organizations that will advise you for free. First, they will try to settle the matter on your behalf with the service provider. If that fails, they will advise you on how and where to file a complaint, the documents needed, and even the lawyers you can approach.

Lawyers come with a hefty price tag. Any individual can directly file a plaint at a consumer court.