Not upheld: inadequate information provision regarding voluntary termination process and failure to identify and support vulnerable customer complaint against SECURE TRUST BANK PUBLIC LIMITED COMPANY trading as Moneyway

Decision detail

Summary

Mr M complained about a hire purchase agreement with STB for a used car, raising issues about the car's quality and the voluntary termination process. The quality complaint was outside the ombudsman's jurisdiction. Regarding the voluntary termination, Mr M claimed he was not adequately informed that he would still owe £8,879.16 after terminating the agreement and that his vulnerability should have been identified and accommodated. The ombudsman found that Mr M received sufficient information through telephone calls and written contract terms, was offered additional explanations and time, and that STB had no clear indication of vulnerability that would have required different treatment. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman found that Mr M received adequate information about the voluntary termination process through both telephone calls and written contract terms, clearly stating he would owe £8,829.16 plus potential damage charges. While acknowledging Mr M's difficult personal circumstances, the ombudsman determined that STB was not required to treat him as a vulnerable customer because STB was not informed of vulnerability and there was no clear indication in the correspondence. The regulations do not require firms to assume vulnerability without being told or without clear evidence, and Mr M had the opportunity to ask for more information or time if needed.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website