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  • #1

    4 lending Stream loans that I am struggling to pay

    My partner and I have been having financial problems lately and I stupidly used Lending Stream for a bit of extra money when we were short - this money was used for necessities such as food, electric and bus fares for work. Due to then owing the money back, it left us short again so I took out another loan...and another...and another...and now I'm in this horrible situation where I'm struggling to get these loans cleared.

    I have 4 loans with Lending Stream that I am currently trying to pay - the total outstanding amount is around £500 for all loans but I seem to have a payment going out every week and I'm struggling to find the money. I pay one loan off at £10.23 per week and the other 3 are paid monthly on various dates and range from £40 - £80. I was hoping to get them down to an amount low enough to just be able to log into my account one day and clear the full lot, however over the last couple of weeks I have noticed that the amount needed to clear the full lot has increased rather than decreased.

    I have a payment due to go out this Friday of £64.80 and I just aren't going to have the money spare - can anyone give me any advice on how's best to deal with this. Should I contact them to try and set up a repayment plan of so much a month (although I can only afford around £40 per month)? Or should I just default on the payments and wait for them to contact me? I'm just worried about what effect this will have on my credit rating as I'm currently studying accountancy so I'm trying to keep on top of my debts as much as possible. I'm so annoyed with myself for getting into this mess but now I just need to know how I can get out of it. And what makes it even worse, is that every time I do make a payment Lending Stream then text me telling me I'm eligible to apply for another loan!! I've just had a text this morning telling me I can apply for another £80..even though I already have 4 loans!! I would appreciate any advice you can give me.
    Tags: act, action, advice, con, credit, date, debts, default, defaults, electric, extra, financial, friday, lending, loan, loans, money, paid, pay, payday, payday loans, payments, problems, quickquid, reference, solutions, text, wonga, work, £50
  • #2
    Re: 4 lending Stream loans that I am struggling to pay

    Originally posted by niknaks View Post
    My partner and I have been having financial problems lately and I stupidly used Lending Stream for a bit of extra money when we were short - this money was used for necessities such as food, electric and bus fares for work. Due to then owing the money back, it left us short again so I took out another loan...and another...and another...and now I'm in this horrible situation where I'm struggling to get these loans cleared.

    I have 4 loans with Lending Stream that I am currently trying to pay - the total outstanding amount is around £500 for all loans but I seem to have a payment going out every week and I'm struggling to find the money. I pay one loan off at £10.23 per week and the other 3 are paid monthly on various dates and range from £40 - £80. I was hoping to get them down to an amount low enough to just be able to log into my account one day and clear the full lot, however over the last couple of weeks I have noticed that the amount needed to clear the full lot has increased rather than decreased.

    I have a payment due to go out this Friday of £64.80 and I just aren't going to have the money spare - can anyone give me any advice on how's best to deal with this. Should I contact them to try and set up a repayment plan of so much a month (although I can only afford around £40 per month)? Or should I just default on the payments and wait for them to contact me? I'm just worried about what effect this will have on my credit rating as I'm currently studying accountancy so I'm trying to keep on top of my debts as much as possible. I'm so annoyed with myself for getting into this mess but now I just need to know how I can get out of it. And what makes it even worse, is that every time I do make a payment Lending Stream then text me telling me I'm eligible to apply for another loan!! I've just had a text this morning telling me I can apply for another £80..even though I already have 4 loans!! I would appreciate any advice you can give me.
    Hi Niknaks

    You mention that you are paying these loans off weekly, how is it you have a weekly repayment plan? Lending Stream usually take monthly payments. Have you negotiated a payment plan with them already?

    The fact that they have issued you with FOUR loans is a massive argument for irresponsible lending. Lending Stream would like everyone to think that these are 'isolated incidents' (see here to a thread they made reference to) but you are not alone (see here).

    There are ways to deal with this, however there is consideration needed if you're looking for a career in accountancy as I'm not totally familiar with the impact that defaults etc may have so I'll get someone more qualified to advise on this.

    If you could answer the query on the weekly payments though that would be a start. Do you have any other debts/loans etc that we should be aware of?

    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

    • #3
      Re: 4 lending Stream loans that I am struggling to pay

      Hi, no I haven't already got a repayment plan with them - when I took out the loan it gave an option to repay weekly so I selected that option. I'm paying out about £200 a month to these people for all 4 loans but I don't seem to be getting any closer to clearing them. I know it's my own fault for being stupid enough to use them but I didn't realise they worked like this - in the past I've used Wonga and Quickquid for short term loans and have been able to just pay it back in full on a set date, which I always have done with no problems. I most definitely will not be using this company ever again but how do I get out of the situation I am in at the moment?
      And no, I don't have any other loans that I need help with - it's just this company that's the problem.

      Thanks

      Comment

      • #4
        Re: 4 lending Stream loans that I am struggling to pay

        Originally posted by niknaks View Post
        I know it's my own fault for being stupid enough to use them but I didn't realise they worked like this
        No need to feel stupid - you did what you thought you needed to and got sucked in to the clever marketing

        Originally posted by niknaks View Post
        in the past I've used Wonga and Quickquid for short term loans and have been able to just pay it back in full on a set date, which I always have done with no problems. I most definitely will not be using this company ever again but how do I get out of the situation I am in at the moment?
        Ok so are you in a similar position here - i.e. can you pay off one or more of the loans in one go? I'm sure that LS used to allow payment of a loan early.
        "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

        • #5
          Re: 4 lending Stream loans that I am struggling to pay

          They do allow you to pay off each loan early, but I can't afford to pay one loan in full and still make the outstanding payments on the others. I just seem to be paying ridiculous amounts of money yet my overall balance isn't coming down. Tomorrow I'm due to pay £64.80, then on Monday £10.23, then next Friday £111.00 followed by another £10.23 on the Monday. That's almost £200 in the space of a week! I've had to cancel my card with the bank because I can't afford to pay this amount, especially when it's not even going to make much of a difference on the overall outstanding balance. What's my best course of action now? Do I contact them and explain that I'm struggling and ask them to set up a monthly repayment plan to pay off all 4 loans...or do I just sit and wait for them to contact me?

          Comment

          • #6
            Re: 4 lending Stream loans that I am struggling to pay

            Originally posted by niknaks View Post
            I've had to cancel my card with the bank because I can't afford to pay this amount, especially when it's not even going to make much of a difference on the overall outstanding balance. What's my best course of action now? Do I contact them and explain that I'm struggling and ask them to set up a monthly repayment plan to pay off all 4 loans...or do I just sit and wait for them to contact me?
            Ok - my usual approach here is tempered by the fact that you're looking to embark on a career in accountancy. I have a concern that a poor credit history (i.e. defaults) may impact on that so you need to be aware of this risk.

            But to answer your question, as you've cancelled your card (you should actually also ask your bank to cancel the recurring payment authority to lending stream to ensure that they do not take any money), it seems like you're intent on a course of action that means you will suffer an adverse record with the credit reference agencies.

            I would be tempted to look at a complaint of irresponsible lending here - they have offered you FOUR payday loans FFS so I would be tempted to pay them nothing. There is a risk with this that would default you, and there is also the tiny possibility that they may apply for a CCJ, but this is exceptionally rare and also may not look good on them justifying why they provided four loans.

            The other option, as you've said, is to offer a payment arrangement. Can I ask how much longer (how many weeks), you have left on the arrangements?

            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

            • #7
              Re: 4 lending Stream loans that I am struggling to pay

              Good Afternoon, well I have spoken to Lending Stream and they were surprisingly helpful. I explained that I was struggling to keep up with the payments and they have agreed a repayment plan of £30 a month towards all 4 loans starting on the 1st August. I'm just so relieved... it feels like a massive weight off my shoulders. They explained that the information would be passed to credit agencies (which I already knew) and that any missed payments would have a negative effect. If I'd just carried on paying the loans I would have fallen behind on other bills, so either way my credit was gonna take a knock. At least this way I've got a realistic affordable payment plan and can keep on track with my other finances.

              In regards to my accounting qualification, it's gonna be another couple of year before I'm fully qualified by which time these loans will be long cleared and, even if my credit score is still quite low, the fact that I took action and arranged repayment plans and stuck to them to clear the debt should work in my favour. Ooof it's such a relief to have that sorted!!

              Thanks
              Nikki

              Comment

              • #8
                Re: 4 lending Stream loans that I am struggling to pay

                Originally posted by niknaks View Post
                Good Afternoon, well I have spoken to Lending Stream and they were surprisingly helpful. I explained that I was struggling to keep up with the payments and they have agreed a repayment plan of £30 a month towards all 4 loans starting on the 1st August. I'm just so relieved... it feels like a massive weight off my shoulders. They explained that the information would be passed to credit agencies (which I already knew) and that any missed payments would have a negative effect. If I'd just carried on paying the loans I would have fallen behind on other bills, so either way my credit was gonna take a knock. At least this way I've got a realistic affordable payment plan and can keep on track with my other finances.

                In regards to my accounting qualification, it's gonna be another couple of year before I'm fully qualified by which time these loans will be long cleared and, even if my credit score is still quite low, the fact that I took action and arranged repayment plans and stuck to them to clear the debt should work in my favour. Ooof it's such a relief to have that sorted!!
                Thats good news well done you. Just to check though - did they agree to freeze interest and charges? Did you get that in writing?........
                "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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