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

Decision detail

Summary

Mr H complained that Reevo Money lent him £6,000 irresponsibly in March 2024 with a 36-month term. Reevo had verified his income via payslip, conducted an affordability assessment using ONS data showing sufficient disposable income, and obtained a credit check with no adverse markers. Mr H argued Reevo should have reviewed his bank statements before lending. The ombudsman found Reevo's checks were reasonable and proportionate for the loan amount and circumstances, and rejected the need for bank statement review. The complaint was not upheld and no remedy was ordered.

The Ombudsman's reasoning

The ombudsman found that Reevo's checks were reasonable and proportionate given the loan amount and Mr H's circumstances. The verification of income, affordability assessment using ONS data, and credit check showing no adverse markers were sufficient to demonstrate that Mr H was likely to be able to sustainably repay the loan. The ombudsman rejected the argument that Reevo should have reviewed bank statements, finding the checks already performed were adequate. No unfairness was found under section 140A of the Consumer Credit Act 1974.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website