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Effective from 2014-07-07 - Jul 06 2014 To view other versions open the versions tab on the right
The term “account statement error/dispute” means any transaction posted to the Borrower's Consumer Financing account, resulting in an error in the overall balance. Account statement errors shall include the following:
(a)
Failure by the Creditor to properly credit a payment or any other amount deposited in the Borrower's account.
(b)
Accounting error made by the Creditor, so that a charge would be lower or higher than it should be including the imposition of fees or charges that are not in accordance with the terms and the agreement in force.
(c)
The Creditor's failure to deliver, by Guaranteed Communication Means, an account statement to the Borrower’s address on record.
(d)
Any other errors not covered above.
The term “notice of account statement error”/dispute means a written notification given by a Borrower to the Creditor, using the contact information as included within the said account statement or other information supplied by the Creditor, and it must meet the following requirements:
(a)
It must be received by the Creditor no later than 30 Calendar Days after the Creditor had mailed or delivered by Guaranteed Communication Means the first account statement which contains the alleged account statement error.
(b)
The notice shall enable the Creditor to identify the Borrower's name and account number, and indicate, to the extent possible, the Borrower's reasons for believing that an account statement error exists, the nature of such error, the transaction details including posting date and amount related to the error.
The Creditor must address account statement errors/disputes as follows:
(a)
The Creditor must mail or deliver by Guaranteed Communication Means a written response to the Borrower within 30 Calendar Days of receiving the notice of account statement error/dispute advising the Borrower of the likely timeframe of resolution of the error/dispute and requesting any additional available information or documentation.
(b)
The Creditor shall conduct the necessary investigation and comply with the appropriate dispute resolution procedures (as communicated to the Borrower) within 60 Calendar Days, but in no case later than 90 Calendar Days from the date of receipt of the notice of account statement error/dispute.
If the account statement error/dispute has not been Satisfactorily Resolved, the Borrower shall not be obliged to pay the portion of the required payment that the Borrower believes is related to the disputed amount, including Term Cost or any other charges. The Creditor may not try to collect any amount, Term Cost or other charges related to the account statement error/dispute until the dispute is Satisfactorily Resolved.
The Creditor must not make or threaten to make an improper report about the Borrower's credit standing, or report that an amount or account is delinquent prior to the error/dispute being Satisfactorily Resolved, because the Borrower did not pay the disputed amount or relevant Term Cost or other charges during the error/dispute resolution process in any event, not earlier than 90 Calendar Days from the date of the notice of account statement error/dispute.
If the Creditor determines that an account statement error has occurred as stated by the Borrower, it must correct the error and pay back any disputed amount and relevant Term Cost and other charges debited on the Borrower's account and deliver by Guaranteed Communication means a correction notice to the Borrower.
If the Creditor determines that a different account statement error other than the one identified in the Borrower’s notice has occurred, the Creditor must mail or deliver by Guaranteed Communication Means to the Borrower the Creditor's reasons for believing that a different account statement error has occurred and the reasons for the belief that the error alleged by the Borrower is incorrect. The Creditor shall correct the error and credit the Borrower’s account with the correct amount in accordance with procedures in force.
If the Creditor determines that no account statement error has occurred, it must mail or deliver by Guaranteed Communication Means to the Borrower an explanation of the reasons of believing that the error alleged by the Borrower is incorrect and provide the Borrower with copies of any documented evidence if he/she so requests.
If the Creditor believes that a Borrower is liable for all or part of the disputed amount and relevant Term Cost and other charges, it must:
(a)
Notify the Borrower in writing of the date when payment is due and the portion of the disputed amount and relevant Term Cost and other charges for which the Borrower is liable.
(b)
Report to a Licensed Credit Bureau that an account or amount is delinquent because the amount due has remained unpaid after the due date provided for in the terms and conditions of the relevant Financing Contract.
Without prejudice to applicable law and regulation, a Creditor that has fully complied with the requirements of this section shall not have further responsibilities under this section if the Borrower insists on his/her claim.
The Committee for Settlement of Banking Disputes is the final authority in resolving any unresolved disputes between the Borrower and the Creditor.
These Regulations are issued in Arabic and English. In the event of a conflict between the two versions of these Regulations, the Arabic version prevails.
