TFS Loans Limited
Financial Ombudsman decision DRN-2266062 Upheld
Upheldoutcome, as published by the Ombudsman
£7,500redress stated in the decision
Wed Jan 06deadline to accept (not the decision date)
The Ombudsman does not print a decision date. The date above is the deadline the consumer was given to accept or reject the decision, which is set about a month after it was issued. It is reliable to the year, not to the month.
What this decision was about
In the Ombudsman’s words
Mr T’s loan was for £7,500 due to be repaid over 48 monthly payments of £317.75. From the results of the credit search that TFS carried out, Mr T had a default recorded on his file within the last two years. I think that given the term of the loan and the fact that the repayment was more than 20% of his declared income of £1,480, TFS should have taken its checks further to independently verify some of the information Mr T provided about his monthly income and expenses when he applied for the loan.Irresponsible lending
Source
This page summarises the Ombudsman’s published final decision. The document itself is the record: DRN-2266062.pdf on financial-ombudsman.org.uk.
The outcome shown is the Ombudsman’s own published classification, not our reading of the text. Nothing here is legal advice, and a decision concerns only the complaint it was made about.