Not upheld: irresponsible lending complaint against Evergreen Finance London Limited trading as MoneyBoat.co.uk

Decision detail

Summary

Miss M complained that MoneyBoat lent to her irresponsibly when she could not afford it and failed to recognise her vulnerabilities. She took a single £450 loan in October 2025 repayable over six months at £137 per month. MoneyBoat verified her income at £2,600 per month through a Credit Reference Agency check and calculated she had approximately £797 disposable income after all expenses and credit commitments. The ombudsman found that MoneyBoat's checks were proportionate given the modest loan amount, short term, and that Miss M was a new customer, and that MoneyBoat could not be expected to know about vulnerabilities and financial difficulties that Miss M did not disclose. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman found that MoneyBoat's checks were proportionate given the modest loan amount (£450), short term (six months), and that Miss M was a new customer. MoneyBoat verified income through industry-standard CRA checks, reviewed credit commitments in detail, and calculated that Miss M could afford the £137 monthly repayment with approximately £797 disposable income remaining. The ombudsman noted that MoneyBoat could not be expected to know about Miss M's vulnerabilities, pending mortgage arrears, or other financial difficulties that were not disclosed and not yet reflected in the credit search. The ombudsman rejected the argument that other successful complaints against different lenders should influence this decision, as each lending decision must be assessed on its own proportionality within the regulatory framework.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website