NOVITAS LOANS LIMITED

Financial Ombudsman decision DRN-3992510 Partly upheld

Partly upheldoutcome, as published by the Ombudsman

—no sum stated

Wed Apr 26deadline 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

Irresponsible lending, Support for vulnerable customers

In the Ombudsman’s words

Novitas didn’t complete adequate due diligence before entering into the agreement as it didn’t carry out appropriate checks to ensure she could afford to pay back the loan facility.Irresponsible lending

Novitas and her solicitors were aware she was vulnerable and had she not been struggling with many vulnerabilities she would not have entered into the loan agreement. Novitas had failed in its duty to treat a vulnerable customer fairly.Support for vulnerable customers

Rules cited

Consumer Credit Act 1974, FCA CONC (Consumer Credit sourcebook)

Source

This page summarises the Ombudsman’s published final decision. The document itself is the record: DRN-3992510.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.