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Casheuronet UK LLC

Financial Ombudsman decision DRN3586009 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

Irresponsible lending, Credit file reporting

In the Ombudsman’s words

Pounds to Pocket agreed two instalment loans for Mr T in May 2013 and May 2014. Both instalment loans were for £1,000 each which he could repay over twelve months. Mr T says Pounds to Pocket didn’t carry out proper checks and that if it did, it wouldn’t have lent to him as the loans were unaffordable.Irresponsible lending

Pounds to Pocket hasn’t acted fairly. I understand that the loan has now been sold to a third party and that Pounds to Pocket has offered to reduce the outstanding balance by £100. I can’t see that Mr T accepted this offer. I think a fair approach would have been for Pounds to Pocket to review the information Mr T would’ve provided and agreed an affordable repayment plan at the time he told it about his financial difficulty. Also, I can’t see that a proper default notice was given to Mr T and a default shouldn’t be recorded on a credit file without due notice. Pounds to Pocket should put this right by removing this default from Mr T’s credit file.Credit file reporting

Source

This page summarises the Ombudsman’s published final decision. The document itself is the record: DRN3586009.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.