4 payday loans with Lending Stream now passed to Credit Resource Solutions

[lolax]

Hi All,

Im a newbie to the boards but have been a long time lurker and Niddy and crew have helped me out in the past on other forums.

I basically got myself trapped in the payday loop, I had numerous loans with Lending stream which I was paying back and then having to reloan. It got to the point as it inevitably does that I was lending again to see myself through the month. I think it was September last year when I requested they cancel the CPA. Since then I have tried twice to set up a payment plan with them. One was ignored completely and the last time I tried I was told the accounts had been transferred to someone else.

In February , Credit Resource Solutions got in touch with me and to be honest as I had not had any NOA I ignored them.
I have had two text messages roughly a week apart asking me to get in touch and then yesterday a text message saying ‘ We may instruct our agent to attend your premises in the next 72hrs. To prevent this please contact Gary on 01422****** with Ref *******
Upon checking my spam folder I can see I have also had a few emails from them too, including NOA for each account.
I was in a really bad way last year and got behind on my mortgage payments and everything is a squeeze right now (Im paying back my mortgage arrears but this is due for review next month) I literally have absolutely no more than £34 per month spare, I know Im going to find it hard for them to accept this spread over the 4 accounts ranging from £200 -£1200 roughly.
Whats my best course of action?
To top it all off my partner doesn’t know and if they find out my family is going to be ruined. I did all of this to help save stress and keep our heads above water but now all I think I have done is ruin us.
If anyone has any advice I would be most grateful.

[Never-In-Doubt]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

You need SnV - I see he's on the case already. Excellent.

You'll be fine

[SaltnVinegar]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

Hi All,

Im a newbie to the boards but have been a long time lurker and Niddy and crew have helped me out in the past on other forums.

I basically got myself trapped in the payday loop, I had numerous loans with Lending stream which I was paying back and then having to reloan. It got to the point as it inevitably does that I was lending again to see myself through the month. I think it was September last year when I requested they cancel the CPA. Since then I have tried twice to set up a payment plan with them. One was ignored completely and the last time I tried I was told the accounts had been transferred to someone else.

In February , Credit Resource Solutions got in touch with me and to be honest as I had not had any NOA I ignored them.
I have had two text messages roughly a week apart asking me to get in touch and then yesterday a text message saying ‘ We may instruct our agent to attend your premises in the next 72hrs. To prevent this please contact Gary on 01422****** with Ref *******
Upon checking my spam folder I can see I have also had a few emails from them too, including NOA for each account.
I was in a really bad way last year and got behind on my mortgage payments and everything is a squeeze right now (Im paying back my mortgage arrears but this is due for review next month) I literally have absolutely no more than £34 per month spare, I know Im going to find it hard for them to accept this spread over the 4 accounts ranging from £200 -£1200 roughly.
Whats my best course of action?
To top it all off my partner doesn’t know and if they find out my family is going to be ruined. I did all of this to help save stress and keep our heads above water but now all I think I have done is ruin us.
If anyone has any advice I would be most grateful.

Hi Lolax

First off take a deep breath - you've done nothing to ruin anybody, least of all your family. You've made a mistake that's all - but not as big as the one that lendingstream have made if they have offered you 4 separate loans.

So lets take things one step at a time:

1) CRS should NOT be making threats of home visits via texts. The chances of anyone turning up are close to ZERO, but should they do so then they have the same legal powers as the milkman (in fact less). If anyone comes to the door about this then tell them to F.O. and slam the door in their face. They have no right of entry to your home, they have no powers to remove goods, they have no powers to do anything over any other normal punter coming to your door demanding money.

2) Until such time that CRS send you something in writing then you should ignore them. If they call you on your mobile then refuse to speak to them through not answering security questions. If they continue to discuss the account with you after this point then you have them.

3) So the 4 loans you have - these are four separate and distinct accounts? Not 1 account that has been rolled over 4 times, but 4 loan accounts each with its own account number?

4) Have you been issued ANYTHING in the post? (Default notice, arrears notice etc)?

That will do for now, but don't worry about this one. If Lendingstream have done what I think they have then they are on very dodgy ground........

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

Have a look at the above thread. You'll notice that the person in charge of handling customer services got in contact with Niddy to state that the other person I helped (who had 2 loans and were being encouraged to take a third) was an 'isolated incident'. If you have FOUR then I think its fair to say they have outdone themselves this time and is most definitely a case for irresponsible lending........

[lolax]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

You need SnV - I see he's on the case already. Excellent.

You'll be fine

Thank you, Im so nervous, Iv dealt with most of my debt but these last few payday loans are really getting to me!

[SaltnVinegar]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

You need SnV - I see he's on the case already. Excellent.

You'll be fine

Yes mate - my friends Lendingstream issuing multiple loans again. This one though is a spectacular fail and one I may also forward to Stella Creasy with the OP's permission.

[lolax]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

Hi Lolax

First off take a deep breath - you've done nothing to ruin anybody, least of all your family. You've made a mistake that's all - but not as big as the one that lendingstream have made if they have offered you 4 separate loans.

So lets take things one step at a time:

1) CRS should NOT be making threats of home visits via texts. The chances of anyone turning up are close to ZERO, but should they do so then they have the same legal powers as the milkman (in fact less). If anyone comes to the door about this then tell them to F.O. and slam the door in their face. They have no right of entry to your home, they have no powers to remove goods, they have no powers to do anything over any other normal punter coming to your door demanding money.

2) Until such time that CRS send you something in writing then you should ignore them. If they call you on your mobile then refuse to speak to them through not answering security questions. If they continue to discuss the account with you after this point then you have them.

3) So the 4 loans you have - these are four separate and distinct accounts? Not 1 account that has been rolled over 4 times, but 4 loan accounts each with its own account number?

4) Have you been issued ANYTHING in the post? (Default notice, arrears notice etc)?

That will do for now, but don't worry about this one. If Lendingstream have done what I think they have then they are on very dodgy ground........

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

Have a look at the above thread. You'll notice that the person in charge of handling customer services got in contact with Niddy to state that the other person I helped (who had 2 loans and were being encouraged to take a third) was an 'isolated incident'. If you have FOUR then I think its fair to say they have outdone themselves this time and is most definitely a case for irresponsible lending........

Hi SnV

I have been reading some of the your advice and just want to say thank you for helping me! I have had threats before and let them go over my head I just thought perhaps with it being for 4 accounts they might bother their butts to actually come to my door. Should I send them doorstep threat letter?

I was sent a default notice by lending stream one letter for each loan/account, unfortunately I binned them - this was before xmas.

And yes they are four separate loans each with its own account number.

[SaltnVinegar]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

Hi SnV

I have been reading some of the your advice and just want to say thank you for helping me! I have had threats before and let them go over my head I just thought perhaps with it being for 4 accounts they might bother their butts to actually come to my door. Should I send them doorstep threat letter?

I was sent a default notice by lending stream one letter for each loan/account, unfortunately I binned them - this was before xmas.

And yes they are four separate loans each with its own account number.

Ok no problem - have CRS contacted you by post or just email and text? Have they phoned?

[SaltnVinegar]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

Sorry one more question for now:

Did Lendingstream issue you with pre-contract information before each loan was issued and do you have copies of the credit agreements that should have been issued after the pre-contract information?

Thanks
SnV

[lolax]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

CRS have not sent me anything in the post just yet. They have emailed (gone to spam every time) They have text and they have called me, I have never answered the phone to them but have a habit of checking via google who is chasing me now :-/ they have left 1 voicemail so far.

[lolax]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

Sorry one more question for now:

Did Lendingstream issue you with pre-contract information before each loan was issued and do you have copies of the credit agreements that should have been issued after the pre-contract information?

Thanks
SnV

It seems for each loan I took out they sent me 2 emails, the first contained SECCI and Adequate Information and the second contained Loan Agreement.
Don't know if this makes any difference but when I decided to stop paying I had 4 loans with them I had had many before that which I had successfully paid off. Im not sure how many in total.

[SaltnVinegar]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

Hi Lolax

Ok so you've got two choices here:

1) You can try to come to a payment arrangement with them. Advantages are that you can be seen to be making an effort to paying them back, and you also have slightly more 'protection' (I use that in the loosest term), when it comes to OFT guidance on debt collection. Disadvantage is that you will many years to pay them back, they may sell the account to someone else, you could still end up with a court claim against you.

2) You pay nothing. Advantage is that you use the money to put away, and if they do get heavy, you have some money to make F&F offer if necessary. Plus you're sticking your finger up at them. Disadvantage is that you may end up with a court claim against you (though in most cases this is highly unlikely).

Whichever option you're comfortable with I'll help you out with. Whats your thoughts?

Best
SnV

[SaltnVinegar]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

Just as an aside for now I'm thinking that in your case we're going to argue very heavily on the aspect of irresponsible lending here. As it happens I have a copy of a typical Lendingstream agreement which states the following:

6. RESPONSIBLE LENDING AND DEFERRAL

6.1. Lending Stream LLC is committed to responsible lending. It is important that you do not take on more borrowing than you can afford. Remember if you run into difficulties with your repayments, please contact us immediately.


6.2. The Consumer Credit Act 1974 states that irresponsible lending may be considered by the OFT to be deceitful, oppressive or otherwise unfair or improper. This conduct is incompatible with our operating principles.


6.3. We uphold the overarching principles of consumer protection and fair business practice in our consumer credit business by ensuring that they are entrenched in our business practices and procedures. As part of our adherence to these policies, we will only lend an amount of credit that we are reasonably satisfied that you are able to repay on your payday, including any charges.


6.4. We consider each lending decision individually on the basis of what we know about your circumstances and your credit and repayment history. We strictly observe the requirement to undertake due diligence on all our customers, this means we will not complete any transaction and pay out funds until we are sure we know who you are in accordance with the provisions of the Money Laundering Regulations 2007.

I would suggest that a single payday loan company extending someone FOUR separate loans at the same time could be found to be in breach of responsible lending guidelines, irrespective of whether they have provided you with pre-contract information. On the basis of their own 'operating principles' I would suggest they have failed........

[lolax]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

Hi SnV

I know its going to take me a 1001 years to pay them off but I just want them off my back. I just think based on past experiences Im going to struggle to get them to accept my pathetic offers. If it was just me I would be extremely happy to try and fight this but with partner very much in the dark I don't feel I have much choice other than to feed them what I can afford and hopefully in the future have an amount of money where I can f&f them.
Out of interest how much roughly do you think they would take for f&f's?

[SaltnVinegar]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

Hi SnV

I know its going to take me a 1001 years to pay them off but I just want them off my back. I just think based on past experiences Im going to struggle to get them to accept my pathetic offers. If it was just me I would be extremely happy to try and fight this but with partner very much in the dark I don't feel I have much choice other than to feed them what I can afford and hopefully in the future have an amount of money where I can f&f them.
Out of interest how much roughly do you think they would take for f&f's?

If its not too personal do you mind me asking why you think this would cause you problems with your partner? It sounds like you're doing all the right things with your other creditors so just wondering what is different about these one, especially as they are the LAST ones you should be considering paying.

[lolax]

Re: 4 payday loans with Lending Stream now passed to Credit Resource Solutions

Well we both have debts but as far as my partner is concerned its all sorted and being paid off bit by bit. Truth be told I havnt told my OH exactly how much debt I have purely because it freaks my OH out and then OH gets very stressed and depressed, it massively affects our family. When we realised we were in trouble a couple of years ago OH went to pieces and I dont want to go back there - partly the reason for the payday loans. OH is the only earner atm and I fear for OHs job should all of this come to light. That's why a knock on the door sends me into a frenzy, I have been dealing with our debt bit by bit, I deal with all of our financial stuff and tbh as long as the money doesn't run out before the end of the month then its ok!

So basically in short Im a liar and I keep stuff from my partner for both our sanity/sakes.