Partially upheld: irresponsible lending complaint against Evergreen Finance London Limited trading as MoneyBoat.co.uk
Financial Ombudsman decision DRN-6272622 of 2026-04-28T00:00:00+00:00. irresponsible lending complaint against Evergreen Finance London Limited trading as MoneyBoat.co.uk. Outcome: Partially upheld.
Decision detail
| Reference | DRN-6272622 |
|---|---|
| Decision date | 2026-04-28T00:00:00+00:00 |
| Firm | Evergreen Finance London Limited trading as MoneyBoat.co.uk |
| Product | payday loan |
| Claim type | irresponsible lending |
| Outcome | Partially upheld |
| Remedy | MoneyBoat must: (A) refund total repayments made towards interest, fees and charges on Loans 4-14 not already refunded; (B) calculate simple interest at Bank of England base rate plus 1% per year on individual payments from date made to settlement date; (C) pay Mr W the total of (A) plus (B); (D) remove adverse information for Loans 4-5 from credit file and remove Loans 6-14 entirely from credit file. |
Summary
Mr W complained that MoneyBoat lent to him irresponsibly across 14 loans taken between April 2021 and October 2023, citing gambling concerns and inadequate due diligence. MoneyBoat conceded that Loans 4-14 were lent irresponsibly but disputed Loans 1-3. The ombudsman found Loans 1-3 were appropriately lent based on proportionate checks showing no adverse credit data and Mr W's stable financial position living with parents. For the conceded Loans 4-14, the ombudsman directed MoneyBoat to refund interest, fees and charges plus simple interest, and remove the loans from Mr W's credit file. The ombudsman rejected Mr W's requests for principal refunds and additional compensation as outside the scope of fair redress.
The Ombudsman's reasoning
For Loans 1-3, the ombudsman found that MoneyBoat's proportionate checks were adequate given the small loan amounts, Mr W's status as a new customer with no adverse credit data, his living situation with parents reducing financial risk, and the gaps between loan applications suggesting responsible money management. For Loans 4-14, the ombudsman did not need to conduct a detailed review as MoneyBoat had already conceded these were lent irresponsibly. The ombudsman rejected Mr W's requests for refund of principal amounts (as he had received and used the money) and additional compensation beyond the standard redress, finding the directed remedy fair and reasonable.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Evergreen Finance London Limited trading as MoneyBoat.co.uk, all decisions | 8 | 6% |
Source
Read the original decision on the Financial Ombudsman Service website