Mobile Money Unaffordable Lending Complaints
Mobile Money was the first UK logbook loan lender, founded in October 1998, and has continued operating through more than 20 years of regulatory change in the sector. Mobile Money Limited remains FCA-authorised and active. If you took out a Mobile Money logbook loan that was unaffordable for you, the standard CONC and FOS complaint route is available. This page sets out how it works and what to look for.
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About Mobile Money
Mobile Money Limited started operating as a logbook loan lender in October 1998, making it one of the longest-established players in the sector. The company is owned by Norfolk Capital and operates from offices in Bromsgrove. Product range:
- Loan amounts £500 to £25,000 (occasionally higher).
- Loan terms 18 to 48 months.
- Loans secured by Bill of Sale on the customer’s vehicle.
- Same-day payouts for approved applications.
- Membership of the Consumer Credit Trade Association (CCTA) and adherence to its Code of Practice.
- FCA-authorised and regulated.
Repayments can be made by debit card, NatWest cash branch payment, or continuous payment authority (CPA). Mobile Money does not accept payment by direct debit, credit card or cheque.
Mobile Money’s long history and what it means
Because Mobile Money has been operating since 1998, complaints about its lending can in principle reach back many years. The Financial Ombudsman’s standard time limits apply:
- Six years from the loan, or three years from when you became aware (or ought reasonably to have become aware) of cause to complain — whichever is later.
- For older loans, the awareness window can extend the effective time-frame, but evidence becomes harder to gather.
- Subject Access Requests are still possible for older lending — Mobile Money is required to retain certain records under FCA rules.
Affordability and proportionate checks
Mobile Money has to apply CONC 5.2A creditworthiness rules to its lending. For high-cost secured credit like logbook loans, the proportionality threshold is high. A representative MoneySavingExpert forum case study illustrates the point — a customer who took out a £1,000 logbook loan in 2015, eventually defaulted, found the debt at £1,068 with very high interest having accrued, and where the affordability of the original loan and subsequent collection conduct were both potential complaint grounds.
Common issues that have come up in Mobile Money complaints:
- Affordability assessment based on declared figures rather than verified income and outgoings.
- Vehicle valuation conservative enough to make security comfortable for the lender, but the borrower’s sustainability not adequately tested.
- Top-up lending where the customer was already struggling.
- Issues with documentation — borrowers reporting they did not receive Notice of Sums in Arrears letters as required under the Consumer Credit Act 1974.
- Credit-file reporting concerns where defaults have appeared and then been removed in ways that don’t match the underlying account history.
Where Mobile Money complaints stand
Standard CONC and FOS route applies:
- Complaints to Mobile Money in the first instance — eight-week response window under DISP 1.6.2R.
- Escalation to the Financial Ombudsman if the response is unsatisfactory.
- Successful complaints produce 100% of the calculated redress.
- Where the standard email contact appears unreliable, complaints can also be sent to the FCA-listed contact for the firm — and FOS will accept the complaint regardless once the eight-week window has passed without a final response.
How a claim works
- Eligibility check on the loan and your circumstances at the time.
- Subject Access Request to Mobile Money covering the lending decision data and account history.
- Bank statements and statutory credit report from the period.
- Complaint to Mobile Money — eight-week response window applies.
- Escalation to FOS if the response is unsatisfactory or no response is received.
- Redress if successful — refund of interest and charges, 8% statutory interest, removal of adverse credit-file entries, balance offset, release of the Bill of Sale where appropriate.
Frequently asked questions
My Mobile Money loan was from years ago — can I still complain?
Generally yes, subject to the FOS time limits. The awareness window often makes complaints viable for older loans, particularly where the customer only recently understood that the original lending was unaffordable.
Mobile Money’s website doesn’t seem to work — how do I contact them?
The FCA Register lists current contact details for Mobile Money Limited. Complaints can be submitted in writing to that address, or via the email address shown on the Register entry. After eight weeks without a final response, FOS can consider the complaint regardless.
Related guides
- Logbook loans claims hub
- The CONC rules on affordability
- How the Financial Ombudsman handles unaffordable lending complaints
- How far back can I claim?
- Do I have an unaffordable lending claim?
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