If you believe your car loan was mis-sold, there are hidden terms and conditions that you were not made aware of when you applied, or you have had other problems with your lender, you may wish to make a complaint.
Make a complaint to your lender first: lending in Australia is regulated by the Australian Securities & Investment Commission (ASIC) as set out in the National Consumer Credit Protection Act 2009, and your lender is required to have published a formal 'complaints procedure'. This can usually be found on their website, detailed in your loan documents, or provided in-branch. Their aim should be to investigate your complaint thoroughly.
If you make your complaint in person or by telephone, note down the name of the person with whom you spoke, as well as the date and time of your call or consultation. If you do not hear back within three weeks time, follow up your phone call or consultation with a letter, detailing your complaint. You should keep copies of the complaint letters that you send for future reference.
If you are unhappy with your lender's reply, you can use an independent complaint system. You can contact the Financial Ombudsman Service (FOS) up to three months after the final response from your lender, on: 1800 367 287.
If you feel that there were unfair contract terms, you can refer your case to the Australian Competition & Consumer Commission (ACCC) or the Office of Fair Trading in your state or territory. The ACCC do not have the authority to refund any money that you have lost due to unfair contract terms, but they can appeal to your lender on your behalf. For more information visit the MoneySmart website.
Each of these organisations can be contacted in the event of a complaint regarding your loan:
> Credit & Investments Ombudsman (CIO): www.cio.org.au
> Financial Ombudsman Service (FOS): www.fos.org.au
It is worth remembering that there are statutory regulations in Australia which are designed to assist you when lodging a complaint. The standard complaints procedure outlined above should enable you to register your complaint in an efficient and effective way. As a member you can also contact a Legal Service Provider regarding your issue and they will guide you through the process and where necessary act on your behalf.
