Not upheld: irresponsible lending - alleged failure to complete reasonable and proportionate affordability checks complaint against Match the Cash Limited

Decision detail

Summary

Ms W and Mr W complained that Match the Cash irresponsibly approved a joint loan of £10,000 over 60 months, arguing the firm failed to complete adequate affordability checks. Match the Cash had conducted credit file searches, affordability assessments, bank statement verification, and additional employment verification for Mr W. The ombudsman found these checks were reasonable and proportionate, providing the firm with a good understanding of both applicants' financial situations and indicating the repayments would be affordable and sustainable. The complaint was not upheld and the firm's decision to approve the loan was deemed fair.

The Ombudsman's reasoning

The ombudsman found that Match the Cash completed reasonable and proportionate enquiries by conducting credit searches, affordability assessments, and bank statement verification. The firm took additional steps to verify Mr W's employment and income given his specific circumstances. The information obtained was consistent with what the applicants stated and was reviewed by an underwriter. Based on these checks, the firm had a good understanding of both applicants' financial situations and could reasonably conclude the repayments would be affordable and sustainable. The ombudsman rejected the claim of pressure during application as unsupported by evidence.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website