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Elderbridge Limited

Financial Ombudsman decision DRN-5166321 Upheld

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

Mortgage administration, Service failure

In the Ombudsman’s words

Elderbridge says there was no obligation to send statements, because this wasn’t a regulated loan. That’s correct, it wasn’t. But in my view it’s still good practice, and fair and reasonable, to expect it to have kept Mr and Mrs W up to date with the performance of their loanMortgage administration

I don’t think it was fair that they were led to believe that they were about to pay off their loan – only to find that they still owed over £62,000.Service failure

Source

This page summarises the Ombudsman’s published final decision. The document itself is the record: DRN-5166321.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.