Microcredit Limited
Financial Ombudsman decision DRN6797780 Upheld
Upheldoutcome, as published by the Ombudsman
£1,299redress stated in the decision
Mon Dec 22deadline 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, Charges and fees
In the Ombudsman’s words
I consider there to be only one issue at the heart of this case: is it fair for MiniCredit to charge a total of £2,367.80 when Mr U took out a loan for £220?Irresponsible lending
Mr U has complained that Microcredit Limited, trading as MiniCredit.co.uk has applied excessive charges to a loan of £220 he took out in November 2012.Charges and fees
Source
This page summarises the Ombudsman’s published final decision. The document itself is the record: DRN6797780.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.