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The FOS Approach to Financial Difficulty

What is financial difficulty?
We consider that financial difficulty occurs when a consumer is unexpectedly unable to meet their repayment obligations. This can be as a result of a variety of causes including accident, separation, death of a family member, unexpected medical or funeral expense, reduction of work hours, redundancy or a downturn in business.

Each year, a significant proportion of the disputes FOS accepts involve financial difficulty. Clearly, this is an area that requires much attention, not just by FOS, but by our members, and also the consumers who could potentially be involved in this type of dispute.