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IF · 2 December 2013, 21:00

Re: lending stream interest

Hi chrissymc81 and welcome to AAD. I've moved your thread here for more views and replies.

Best wishes
IF

**SaltnVinegar** · 3 December 2013, 12:54

Re: lending stream interest

Originally posted by chrissymc81 View Post

Hi All

Im looking to see if anyone has had any sucsess in getting Lending Stream to agree a settlement or write off any of the interest.

I stupidly got myself into quite a lot of debt and burried my head in the sand but now i am looking to sort things out.

Lending stream kept offering me more and more credit and further loans so now i have 3 loans with them which i have ended up defaulting on. they are charging 5530%apr which i accepted at the time becasue i was desperate. they have passed my debt on the mackenzie hall. I have looked into the payments already made and i have actually paid back the initial loan amount puls and aditional 50% so mackenzie hall are chasing me for over £600 which is purely interest on loans that amounted to £750 which i think is riduculous.

yes i know i agreed to the APR but now that i have come to my senses i think this is excessie.

I have written to lending stream advisign they did not act responsibly in offerring me more and more fiance and requested they reduce the interst. they ahve refused. I am looking for any advise anyone can offer me to get them to reduce this interest.

I have written to the ombudsman complaining they did not act responsibly but was wondering if anyone had any other advise to offer

Hi ChrissyMC

Welcome to AAD!

So first things first - have you ACTUALLY written to the Ombudsman yet or are you in the process of doing so?

I would be reluctant to go down that route yet - you don't have enough ammunition yet (if you're just approaching it from an APR angle) to argue you've been treated unfairly.

The worst thing you could do right now is to have the Ombudsman rule against you, which they will then use as a stick to beat you with.

You need to approach things in a particular way and allow them to take enough rope to hang themselves - they won't be able to help themselves

I also find it interesting (excuse the pun) that you have THREE loans with Lending Stream. I've seen this before, and, according to them these things are an 'isolated issue':

http://forums.all-about-debt.co.uk/s...Stream-Really-!

In short - yes I have helped people have their interest written off. The fact your account is with Muck Hall is also positive as their conduct gives you some leverage from a harassment angle.

But first please respond with the position regards the Ombudsman.

Best
SnV

**chrissymc81** · 3 December 2013, 13:26

Re: lending stream interest

I may have shot myself in the foot them as i have sent my complaint to the ombudsman.

would you suggest i try to cancel this complaint as i have onlyu just submitted it a few days ago?

If im honest i have had 3 loans at the same time with them for nearly 2 years. every time i paid one off they bombarded me with text messagesd and emails offering me further finance.

there is no way i should have been offered the amount of credit that i had with them as i also had payday loans with Wonga, WageDayAdvance and the money shop, i was maxed out on my overdraft which was 2k and in default with 2 credit cards.

Ima ashamed that i got myself in the mess that i did but i ended up in the same debt cycle that a lot of people seem to have ended up in, i had a melt down and stopped paying everyone

I have cleared the money shop loan and in fairness to them they only charged me £16 on a £300 loan

I paid most of the Wonga loan back which was around £700 and i have bumped them for the interest which was £220

WDA have been bumped totally but they arent really chasing me so they can wait

once i sort out this lending stream mess ill turn my attention to my overdraft and credit cards.

Another question i have is Lending stream and Mackenzie Hall are both chasing me simoultaniously for the same 3 loans are they aloud to do that?

**Never-In-Doubt** · 3 December 2013, 14:42

Re: lending stream interest

You say you sent it to the ombudsman, has an adjudicator ruled yet or is this the first complaint? If it's the initial complaint then contact your case handler at the FOS and just say you wish to withdraw the complaint. Then let SnV try and assist - he has a way with these scum that gets them to sit up and listen.

Last resort is FOS

**chrissymc81** · 3 December 2013, 14:55

Re: lending stream interest

Thanks never-in-doubt ill contact them ASAP and withdraw. they have not ruled on it yet i only sent it in 3 days ago

**chrissymc81** · 3 December 2013, 14:59

Re: lending stream interest

just sent this

From: XXXXX XXXXX
Sent: Tuesday, December 03, 2013 2:56 PM
To: 'complaint.info@financial-ombudsman.org.uk'
Subject: complaint xxxxxxxx

Please accept this email as notification I would like to withdraw my complain ref xxxxxxx at this time

Thanks you

Kindest Regards

chrissymc81

Hopefully ive stopped this before any damage is done

thanks guys

IF · 3 December 2013, 15:01

Re: lending stream interest

I've just edited your post and deleted your real name chrissymc81

**chrissymc81** · 3 December 2013, 15:26

Re: lending stream interest

thanks didnt even notice that

**Never-In-Doubt** · 3 December 2013, 15:28

Re: lending stream interest

You'll be fine, the complaint can be put in again later once we highlight some serious errors which will help, if you need to complain in the future..... See what SnV says

**chrissymc81** · 3 December 2013, 15:48

Re: lending stream interest

This is what i originally sent to lending stream

19^th November 2013

Dear Sir/Madam

I have 3 payday loan agreements with your company and wish to make a complaint in relation to the product you sold me. Your product has resulted in me suffering serious financial hardship and becoming unfairly indebted. In particular, I have been unable to pay my council tax and utility bills resulting in court action and charging orders being registered against me and incurring bank charges as I have gone over my agreed overdraft.

I would not have suffered such detriment had your company complied with the relevant consumer credit laws in relation to my individual circumstances; in particular I believe your company failed to properly assess my creditworthiness when you lent me money and failed to carry out affordability checks when you advised me I could borrow more money contrary to section 55B of the Consumer Credit Act 1974. Had you undertook a sufficient assessment I would not have incurred additional interest and default charges.

Loan xxxxxxxxx was initially for £530 to date I have paid £761.20 against this loan which has given you an additional 44% interest payment against this loan.

Loan xxxxxxxxx was initially for £70 to date I have paid £89.68 against this loan which has given you an additional 28% interest payment against this loan

Loan xxxxxxxxx was initially for £90 to date I have paid £78.50 against this loan which leaves a balance owing of £11.50

Taking into account my present financial situation and the charging orders currently placed against me I am in a position to make a full and final settlement offer taking the total interest paid to you up to 50% which would be a payment of £105.62 to settle all 3 of my loans with you.

This offer is made without prejudice and with the understanding you will register this debt as settled on my credit file.

I would ask you to write-off the additional interest and charges you have applied to my loan. If you are not prepared to do so please explain why, within the statutory 8-week period, so I can take my complaint to the Financial Ombudsman Service. Meantime as this debt is in dispute please desist from debt collection or contacting me until this dispute is concluded.

Yours sincerely

Thier response was to say very sorry, refused to write off any interest or accept my offer. from looking on the net thier response was a standard response offering to give me 6 months to pay this back

**chrissymc81** · 3 December 2013, 15:52

Re: lending stream interest

this is their response email
This email is in regards to the complaint received from you.

We have thoroughly reviewed your complaint and feel that we owe you our deepest apologies for the inconvenience caused.

This is to inform that at present you have three accounts with the reference numbers xxxxxxxx, xxxxxxxxx and xxxxxxxxx. approved on on 8-January-13, 23-February-13 and 9-April-13 for an amount of £530.00, £105.00 and £70.00. The total outstanding balance on the accounts are £665.52, £136.32 and £254.85 respectively. Please be informed that all the accounts are being handled by Mackenzie Hall (Third Party Debt Collection Agency). We received the last payment in the month of April-13 on all of the loan accounts.

We would like to discuss about the approval checks, whenever customer applies for a loan with Lending Stream our system performs certain approval checks and on the basis of those checks the application may get approved or declined. Based on your repayment history on two of your loans we approved you for the third one. On the loan reference number xxxxxxxx, xxxxxxxx we successfully received the payment for first two months without any failure. Basis a good repayment history, we approved you for an additional loan. Our Credit Assessment system considers a number of factors in order to come to a decision before the approval.

Making timely payments and building a reliable payment history will beneficially impact your ability to borrow money in the future. As a responsible lender, we will still run a credit check and affordability analysis on your application to determine eligibility at the time of application. If there are any changes in this information, our system may decline the application.

We are sorry to inform you that, we are unable to accept the offer of the final settlement figure of £105.62. We are willing to work with you to clear the outstanding balance and can set an arrangement for an affordable monthly installment. If you would like to close the loan, the final amount will be £656.00.

Customers who are in financial hardship, Lending Stream provides payments plan on the current balance such that the account can be settled within 4-5 months. However, considering your circumstances, we are ready to give you an exception by providing a payment plan spread over 6 months. Here in, we could accept the offer of minimum payment for first three months, then after you will have to reconsider the offer, in such a manner that the loan should be paid off within 6 months. If you accept the offer, we would request you to specify us the date on which the monthly transaction should be process so that payment arrangement can be set up on the account.

For your reference we have also attached the Statement of Accounts and Agreement of Accounts with this email. To open the attachments you will need to enter an 8 digit password, which is your `date of birth` in DDMMYYYY format. E.g. If the date of birth is 6th June 1982, then the password is 06061982.

Note: We have stopped our automated system for 30 days to process any transactions from your bank account. However, we are unable to stop our system to incur interest and charges.

We treat all complaints seriously and trust our response is acceptable in resolving this matter. We deeply value your relationship with Lending Stream and are committed to providing you with the highest level of service simply because our customers deserve the very best.

If you have any further questions or comments regarding this matter, please feel free to discuss it with us at info@lendingstream.co.uk. or contact us on 0203 564 7028 for quick resolution.

Regards,

Complaints Department,
Lending Stream
Email: info@lendingstream.co.uk Website: www.lendingstream.co.uk

**SaltnVinegar** · 3 December 2013, 16:53

Re: lending stream interest

Hi Chrissy

Ok I think we need to look at this with regards to the bigger picture. You mentioned in your complaint email that you have council tax and utility bill arrears. You also mention that you have charging orders so you must own your own property. Are you in arrears with your mortgage?

What other debts do you have and what is their status?

What it would be good for you to do would be look at the unenforceability thread http://forums.all-about-debt.co.uk/f...enforceability and set up a diary giving the overall picture of where you are at.

This would be a great help as it will give you additional leverage over Lendingstream when it comes to responsible lending if we can understand what your position was at the time you took out the loans.

BTW - don't feel ashamed, you've done nothing to be ashamed about. Important thing now is you're wanting to sort this out and we can help you do that.

If you have charging orders, council tax arrears and others payday loan companies are at the bottom of the food chain..........

**chrissymc81** · 3 December 2013, 18:14

Re: lending stream interest

Thanks. I dont own my home i rent. The charging orders are for utility bills and council tax. In all honesty they are going to be satisfied at the end of the month but i know they take presedent over this which is why i used them

I currently owe
capital one £1200
vanquish £2600
barclays £2600
marisota £700
very £2600
look again £500
wda £750
wonga£220
lending stream £665

I am planning on tackling 1 debt each month as i now have the disposable income to dig myself out of the hole im in but i am also wanting to drive down the settlement figures on these debts as low as i can.

Realistically i can afford to pay out approx. £700 per month against my debts

Most of my creditors are not proactively chasing me apart from lending stream

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