Dispute process results in clearing of misconduct

If you ever have a dispute, make sure you take advantage of the processes in place.

09:17 16 June 2013

There was quite the dispute regarding whether or not Lords Dannatt and Stirrup were actually guilty of misusing their status.

They have finally been cleared of any misconduct, thanks to the legal system involved in handling such disputes. Consumers also have certain processes available to them when things go awry with entities such as banking institutions.

Here are a few things to try if you have a situation you want to dispute.

• Terms—any banking institution has a set of terms and conditions for their consumers. Before doing anything else, make sure you read them. Many times the terms may state how to start a dispute process as well as what the consumer’s rights are, and what the company’s rights are.

 

• Arbitration—many companies use arbitration to resolve banking conflicts without the need to involve courts. Usually an independent third party will act as a mediator to ensure that there is a fair solution for each party involved. This is ideally what should happen, but you may not feel that the outcome is sufficient.

 

• Authority—if you try contacting your banking institution to inform them of a dispute, and you follow their protocols outlined in the company’s terms, but you still are not satisfied, you will want to look to the next entity with authority over the person you are dealing with. It could be another department, or it might mean going to an advocacy group in the government.

 

• Persistence—just because you might not receive an understanding solution and immediate response from your banking institution, it does not mean they will ignore you. Wait a healthy amount of time, most banks will give you a timeframe, and then feel free to contact them once the time has lapsed.

 

• Patience—if you continue to ensure you provide all necessary information to the interested parties in your banking dispute, it may just be a matter of waiting for a resolution.