RIVERINA residents have received one million dollars in compensation for financial disputes with banks, insurers and super fund providers during the past 12 months.
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Almost a total of 400 complaints were lodged by residents to the Australian Financial Complaints Authority during the 2019-20 financial period, of which 159 came from people living in Wagga.
The most thorny issue for consumers was credit followed by general insurance disputes and superannuation.
AFCA resolved 78 per cent of these complaints, which secured one million in compensation in the region including $344,000 in the city of Wagga.
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Chief executive and Chief Ombudsman David Locke said one in 10 complaints also related to financial difficulty where a consumer was unable to make repayments on loans due to unforeseen circumstances or over-commitment.
He said complaints relating to the pandemic were more likely to involved financial difficulty.
"Australian consumers have faced a number of significant challenges this year," he said.
"The pandemic has had a particular impact on Australian households, with 20 per cent of COVID-19 related complaints being about financial hardship."
However, the AFCA has received less complaints relating to the pandemic than anticipated, which Mr Locke said was due to the "proactive response" taken by financial firms.
Although he said they expect to see an increase in the next six months as government support such as JobKeeper payments were wound back, along with the end of financial firm initiatives.
"As always, we encourage banks and insurers to maintain open and transparent communication with their customers about the support available to them if they're experiencing financial difficulty," he said.
"If you think you will experience financial hardship soon, or believe your circumstances will change, we encourage you to contact your bank or a financial counsellor as soon as possible to talk about the options available to you."