Lending Stream

[Natty]

I am a new member and would like to thank anyone who takes the time to read my message, any advice and guidance will be very much appreciated.

I am hoping that you can offer me some guidance.

Firstly I am in full time employment, however over the past few months I have got myself into debt with the Lending Stream. I realise that on my part I should have ignored their emails advising I can have further loans, however being depressed and low I agreed.

I have 5 loans ongoing with this company, the first which was taken out on the 22.09.14. Another 4 loans were then taken out on the; 25.09.14 & 06.10.14, 12.10.14 and the last on the 25.12.14. Yes Christmas Day I received an email saying I was entitled to a further loan. I realise what a HUGE mistake I have made,

Although I have not missed any payments to date, I know I am going to really struggle to make the payments on the 30.01.15. They have a CPA in place so I am now really starting to stress, due to them having my card details.

I know I am at fault however what is really concerning me is that this company has allowed me to get into this position. I feel that Lending Stream have been extremely irresponsible in allowing me to get into this position. As I say I have not missed a payment to date, but I will be in trouble come the 30.01.15.

Please can you advise can this company consolidate all the 5 loans and freeze the interest or lower it? Hopefully I could make one payment each month.

I really would appreciate any advice and guidance you can give me. I have been a silly fool and let my emotions get me into this mess.

i have sent a letter to my bank recorded delivery asking them to cancel all CPA to LS

[oscar]

Re: Lending Stream

How much in total do you owe them and what is the monthly repayment?

Appreciate its a little personal but helps us if we have a fuller picture.

Agree with you that they have been somewhat irresponsible offering you 4 loans in the space of a month.

[oscar]

Re: Lending Stream

Notice you state you have asked the bank to cancel the CPA. This could be done easily over the phone - the bank are obliged to cancel it. Was the content of your letter based on not being bale to pay?

[kilasuit]

Re: Lending Stream

Do you have another bank account available to route all your funds to "just in case"?

[Natty]

Re: Lending Stream

Thank you to both of you for your quick response. Sorry I should have listed more information for you.

The total amount of the five loans equates to £1'620.60. Total repayments due on the 30.01.15 is £530.60.

I do have another bank account, however the timescale has passed for my employer to change my details for my next salary date.

I put my request to my bank in writing as I understood that was the procedure. I have not mentioned the state of my financial position to them.

Best wishes to you both

[oscar]

Re: Lending Stream

I do have another bank account, however the timescale has passed for my employer to change my details for my next salary date.

You can cancel the payment authority over the phone or in branch if its easier.

If they start to get arsey, as banks do, saying you need to go to the company, advise them they are obliged to cancel the payment authority under the Continuous Payment Authority Regulations.

[Natty]

Re: Lending Stream

Ok Oscar I will contact the bank this afternoon. I realise at some point in the next week I will need to contact LS. The payment due date is 3 weeks today, I would rather contact them and try and resolve instead of not informing them and letting the payments fail.

I am also thinking of contacting the FOS regarding this company allowing me to take out so many loans within a short timescale. I am not looking at getting all the monies waived, after all I have a duty of care myself. I am hoping the interest could be lowered and a payment plan set up. I could really kick myself for allowing and agreeing to these loans.

[oscar]

Re: Lending Stream

Ok Oscar I will contact the bank this afternoon. I realise at some point in the next week I will need to contact LS.

I am not o clued up on pay day type loans. We have others here who are experts on them

Wait for one of those to respond prior to contacting Lending Stream, but make sure to get hold of your bank to cancel the payment and ensure you have money to live off.

[Natty]

Re: Lending Stream

Thanks Oscar I will sort the bank issue out this afternoon.

As as I say I have three weeks before the payment is due, I am so glad I came across your site and I look forward to hearing from other forum users and gain some more expert and valuable advice. I will check in later.

[PlanB]

Re: Lending Stream

Hello Natty and to AAD.


You've not been a fool at all. If someone offered me a loan on Christmas Day I'd probably say "yes please" too, while under the influence of alcohol. Hopefully I could plead diminished responsibility at a later stage

We do have a PDL expert on the forum and we've flagged this up for his attention.

I know that the FCA (which regulates PDLs) have recently capped the interest that these companies can charge, and introduced other curbs to their wicked ways. I think the new rules have already kicked in. Read this to cheer yourself up while you're waiting for SnV to post:

http://www.fca.org.uk/news/fca-confi...payday-lenders

[SaltnVinegar]

Re: Lending Stream

Hi Natty

Welcome to AAD!

So my old friends at Lending Stream strike again. I started to see problems with regards to multiple loans as far back as 2012, which you can see Lending Stream stated was an 'isolated incident':

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

So, just for your info, this is business as usual for Lending Stream evidenced here:

http://forums.all-about-debt.co.uk/s...-advice-please
http://forums.all-about-debt.co.uk/s...uggling-to-pay
http://forums.all-about-debt.co.uk/s...urce-Solutions

You mentioned that you have already cancelled your CRA's - have you been advised to do this elsewhere? Don't have a problem with you going for multiple sources of information, but if so, would be helpful to understand what else you may have been told.

Can I also confirm that you have 5 INDIVIDUAL loans? That is each has its own credit agreement, rather than you have rolled over a single loan 5 times (hope that makes sense).

Are you a homeowner? Do you have any other debts that I need to be aware of?

And final question (for now!) - what do you want to do about it? You mention that you want to come to a payment arrangement with them, but you need to be aware that this will screw up your credit file with the credit reference agencies, and consequently damage your chances of further credit, mortgage etc.

Not paying them anything at all would make no further difference than the above...........

Simple fact is this - LS HAVE breached FCA guidelines on responsible lending here. This is not a 'historic' thing - your first loan was taken out in September 2014, which is way after the FCA started issuing warnings to the payday loan industry as to their conduct, and LS have definately fallen short in your case. I think there is a good chance here of challenging these loans with LS on the basis of irresponsible lending at the least.

Best
SnV

[Natty]

Re: Lending Stream

Hi PlanB & SaltnVinegar,

i would like like to say thank you for the very warm welcome. I had posted my question on MSE, however I have not had any responses at all. To be honest there is quite a lot of members on that site who rip people to shreads.

The information on cancelling the CPA is what I have read on other forums, basically I just picked that tip up. No one eke has offered me assistance on this issue accept this forum.

I do have 5 individual loans with different loan reference numbers.

I also have a another loan with Pounds 2 Pocket, which is for 12 months and 2 credits cards and mail order. I can cope with the credit card & mail order it is the LS & P2P.

To be honest my credit rating is poor, I am not a home owner.

I borrowed the money so I have a responsibility to pay it back. I am just concerned that LS and P2P have allowed me to get into more debt.

This is all my fault and I do not want to ignore the problem.

i want to thank you again for all your help and the warmest welcome.

[cymruambyth]

Re: Lending Stream

Hi and welcome. We are friendly and do not pass judgement on this site! As has been said SaltnVinegar is our payday expert. Just don't do anything without checking here; as we are volunteers we don't always reply immediately. Ask any questions, no matter how silly because this will help you to understand everything.
good luck

[Natty]

Re: Lending Stream

Thank you Cymruambyth, I appreciate all the help I have received today. What a truly friendly site.

[SaltnVinegar]

Re: Lending Stream

Hi PlanB & SaltnVinegar - I would like like to say thank you for the very warm welcome.

You're welcome

I had posted my question on MSE, however I have not had any responses at all. To be honest there is quite a lot of members on that site who rip people to shreads.

Well if you do a search on MSE for payday loan problems you'll find a lot of historical posts by Saltnvinger, who is yours truly. I left MSE after receiving threats by PM which the site team didn't seem to take too seriously. Obviously I was hurting certain PDL companies a little too much, plus many people didn't like me helping people get their PDL debts sorted.

The information on cancelling the CPA is what I have read on other forums, basically I just picked that tip up. No one eke has offered me assistance on this issue accept this forum.

Well thats the right thing to do. Ideally you'd have got your wages paid into your other bank account, but it sounds like you're too late to get that set up with your employer. Do you have internet banking with both accounts? If so I'd be up at 1am of the morning of payday and make sure you transfer your wages to keep them safe.

Theoretically, now you've asked your bank to cancel the CPA (and I would call them in a few days to make sure this has taken place), if money is taken, then the bank should refund the money. However, this can take several days (and I've known banks to take weeks), which is no good if you're left with no cash, so its best to protect yourself.

I do have 5 individual loans with different loan reference numbers.

The fact that LS have allowed you to take 5 loans out in less than 4 months is shocking. I really think you can fight them on this basis alone.

II also have a another loan with Pounds 2 Pocket, which is for 12 months and 2 credits cards and mail order. I can cope with the credit card & mail order it is the LS & P2P

Ok - well P2P is a company called CasheuronetUK LLC - this is the same company as Quickquid (and a couple of others). I've dealt with them on numerous occasions also (as well as from my own experience).

ITo be honest my credit rating is poor, I am not a home owner

Ok no problem - so you're not worried about trashing your credit score, and threats of charging orders are useless to them

II borrowed the money so I have a responsibility to pay it back. I am just concerned that LS and P2P have allowed me to get into more debt. This is all my fault and I do not want to ignore the problem.

Well thats one train of thought, but I wouldn't agree that this is ALL your fault. LS have behaved very poorly ethically, and have probably breached FCA guidelines