Not upheld: irresponsible lending complaint against Amplifi Capital (UK) Limited trading as Reevo Money

Decision detail

Summary

Mr S complained that Reevo Money lent him £3,000 irresponsibly in November 2023. The loan had an APR of 26.38% over 36 months. Reevo conducted pre-lending checks using Mr S's application information and CRA data, which showed he was employed, living with his parents, had validated income, and was managing his existing credit commitments without any recent adverse markers. The ombudsman found that Reevo's checks were reasonable and proportionate for the loan amount and that there was nothing to suggest Mr S would be unable to sustainably repay. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman found that Reevo's pre-lending checks were reasonable and proportionate for the loan amount. The checks showed Mr S had sufficient disposable income to sustain repayments and was managing his accounts well. There was nothing in the information gathered that suggested Mr S would be unable to sustainably repay the loan, and therefore Reevo did not need to request further evidence such as bank statements.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website