Not upheld: billing accuracy, interest charges, credit file reporting complaint against PDL Finance Limited trading as Mr Lender

Decision detail

Summary

Mr A complained that Mr Lender failed to provide a breakdown of his balance, was double-reporting on his credit file, and unfairly charged interest despite making payments. Mr A borrowed £400 in May 2023 with six monthly instalments but missed the July 2023 payment, triggering additional interest charges. The ombudsman found Mr Lender correctly applied interest under the credit agreement until the cost cap of £800 was reached in October 2023, after which no further charges were applied. Although Mr A's January 2025 payment took months to be credited, this caused no financial loss due to the cost cap protection. The complaint was not upheld as no errors were found.

The Ombudsman's reasoning

The ombudsman found that Mr Lender correctly applied additional interest under the terms of the credit agreement when payments were late or missed. The cost cap of £800 was reached by October 2023, after which no further interest could be charged. Although the January 2025 payment took months to be credited, this caused no financial loss because the cost cap prevented any additional interest charges. The duplicate credit file claim was unsubstantiated as Mr A provided no evidence of his credit file.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website