Not upheld: adequacy of support during financial difficulties and reasonableness of compensation complaint against Secure Trust Bank

Decision detail

Summary

Mr G complained about the level of support and compensation (£110) provided by Secure Trust Bank during his financial difficulties with a hire purchase agreement entered in March 2020. Secure Trust had arranged payment plans, payment holidays, and a 30-day account hold, and later accepted their support could have been better. The ombudsman agreed with the investigator that the £110 compensation was reasonable given the lack of evidence of significant failings, and did not uphold the complaint for a higher award.

The Ombudsman's reasoning

The ombudsman found that Secure Trust demonstrated forbearance by arranging payment plans, payment holidays, and placing a 30-day hold on the account. While Secure Trust accepted they could have been more supportive, the ombudsman found no evidence of failings that would warrant a higher compensation award than the £110 offered. The decision to sell the debt was within the terms of the finance agreement and did not disadvantage Mr G as his rights remained the same.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website