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  • #1

    'Responsible Lending' from Lending Stream - Really?!

    Hi All

    Today I am going to name and shame a particular PDL Company - Lending Stream

    I have been assisting someone who have TWO loans with this company.

    Lending Stream have behaved poorly on two fronts:

    1) They ignored a request to pay off the loan in full, took the first monthly payment and then 'rolled over' the loan so that to pay it off they would have kept the first payment plus another months interest plus the capital

    2) Even though this person is in debt to Lending Stream with TWO loans they are bombarding her with texts and emails encouraging her to take out a THIRD loan. The maximum they are willing to lend her is 120 quid, but they amount she would repay over 6 months is almost 300!!!

    In the last week alone she had received 11 emails and 8 texts encouraging her to take on this loan. How an earth can this be called 'responsible lending'?

    I have reported this activity to the OFT.

    Best
    SnV
    "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

    The consumer is that sleeping giant.!!


    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.
    Tags: address, advice, automated, ban, banned, complaints, credit, customer, customers, debt, defaulted, details, donate, email, emails, fee, help, interest, lending, letter, loan, loan sharks, loans, money, monthly, name and shame, oft, order, pay, pay day, pay day lenders, payday, payday loans, pdl, rate, repay, salary, sharks, social, solutions, texts, withdraw, working
  • #2
    Re: 'Responsible Lending' from Lending Stream - Really?!

    I don't really look much at the mechanics of PayDay loans, so (1) sounds out of order to me?

    (2) Definitely does. Disgraceful.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

    Comment

    • #3
      Re: 'Responsible Lending' from Lending Stream - Really?!

      Originally posted by Flowerpower
      The words 'payday loans' and 'responsible' just don't belong together!
      That I can agree on.
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

      Comment

      • #4
        Re: 'Responsible Lending' from Lending Stream - Really?!

        It would make me laugh if it wasn't so serious. They come out with the responsible lending crap . No one in their right mind would lend me money but they did, lots of them, even when I had defaulted on some

        Comment

        • #5
          Re: 'Responsible Lending' from Lending Stream - Really?!

          ill tell you what else isnt right, i know a few people who applied to these pay day loan sharks, and they refused the loan, yet quite happly took the 70 quid application fee.

          I shudder to think how much money they have earnt just by refusing credit. This shouldnt be happening.

          on a side note, i dont understand why anyone would take a pay day loan, they advertise it as if its a short loan to cover any x's over your monthly salary, yet with interest, the amount repayable in one month would be over your monthly salary as well. So is it no wonder people have trouble repaying? and the interest rate, oh my god, seen one for nearly 3000%
          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

          Comment

          • #6
            Re: 'Responsible Lending' from Lending Stream - Really?!

            I believe we should set up pillories once more in all market towns, to be used for the public punishment of loan sharks, pay day lenders and other anti-social malefactors. To add to their discomfort and humiliation, they should be stripped naked before being secured by their neck and wrists, then a few seasonal flowers should be shoved up their arses.

            Comment

            • #7
              Re: 'Responsible Lending' from Lending Stream - Really?!

              Originally posted by CleverClogs View Post
              I believe we should set up pillories once more in all market towns, to be used for the public punishment of loan sharks, pay day lenders and other anti-social malefactors. To add to their discomfort and humiliation, they should be stripped naked before being secured by their neck and wrists, then a few seasonal flowers should be shoved up their arses.
              A cactus in my greenhouse has a lovely seasonal flower on it, but i would willingly donate it for the above agenda x
              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

              Comment

              • #8
                Re: 'Responsible Lending' from Lending Stream - Really?!

                Can CC show us how it should be done

                Comment

                • #9
                  Re: 'Responsible Lending' from Lending Stream - Really?!

                  Having considered the above, I would wish to withdraw any suggestion to shove flowers up their rumps.

                  Make it the rough end of a pineapple instead.

                  Comment

                  • #10
                    Re: 'Responsible Lending' from Lending Stream - Really?!

                    Interesting!! OBVIOUSLY he cannot join here, he'd get lambasted

                    Anyone want to get in touch, pm me and I'll pass you his email addy.

                    Dear Moderator

                    I am in charge of handling customer service for the Lending Stream loan product. One of your forum participants has written a complaint about Lending Stream ('Responsible Lending' from Lending Stream - Really?! - allaboutFORUMS). We feel it is an isolated issue and would like to address the customer complaint. However we are unable to identify the customer based on the details given in the forum post. It will be helpful if you could allow us to post a reply on the forum as a company representative. Please let us know if we can register ourselves as Lending Stream using my above mentioned email ID and address any such issues that are faced by our customers in future.

                    You would also agree that the purpose of your forum will be well met if your participants are able to get their queries or complaints addressed effectively by the respective company representatives.

                    Looking forward to hearing from you.

                    Regards
                    I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                    If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

                    Comment

                    • #11
                      Re: 'Responsible Lending' from Lending Stream - Really?!

                      Spoil Sport

                      Comment

                      • #12
                        Re: 'Responsible Lending' from Lending Stream - Really?!

                        Originally posted by Never-In-Doubt View Post
                        Interesting!! OBVIOUSLY he cannot join here, he'd get lambasted

                        Anyone want to get in touch, pm me and I'll pass you his email addy.
                        Isolated issue my behind!



                        Go and talk to anyone working in one of the debt charities and they will show you the number of emails/texts that people get from this company. Its all automated so perhaps LS need to tighten up their criteria on who this communication goes to.

                        Best
                        SnV
                        "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

                        The consumer is that sleeping giant.!!


                        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                        Comment

                        • #13
                          Re: 'Responsible Lending' from Lending Stream - Really?!

                          Sorry to bump this thread, but I had a loan with these people, I've had a letter off 'Credit Resource Solutions' telling me it's a 'discount offer'

                          On the 'offer' it states my balance is £0 and if i choose to pay this by xx/xx/xxxx it will be 'full payment'

                          is this letter stating £0 ok for me to just say, 'yes thanks i'll accept and pay £0'?

                          Comment

                          • #14
                            Re: 'Responsible Lending' from Lending Stream - Really?!

                            I would hang on to that letter and if they come after you again it is "proof" that you owe nothing.

                            Comment

                            • #15
                              Re: 'Responsible Lending' from Lending Stream - Really?!

                              Originally posted by JoeK210185 View Post
                              Sorry to bump this thread, but I had a loan with these people, I've had a letter off 'Credit Resource Solutions' telling me it's a 'discount offer'

                              On the 'offer' it states my balance is £0 and if i choose to pay this by xx/xx/xxxx it will be 'full payment'

                              is this letter stating £0 ok for me to just say, 'yes thanks i'll accept and pay £0'?
                              Sounds like a great discount to me!

                              "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

                              The consumer is that sleeping giant.!!


                              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                              Comment

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