Lending Stream

[Natty]

Re: Lending Stream

Hi SnV,

I had a message from the FOS on Friday on my mobile. They are awaiting a response from me. Please see post 497. Please can you advise as soon as you get a chance.

Warmest wishes
Natty

[Natty]

Re: Lending Stream

The FOS seen to be focusing on me not making payments.

I have sent a number of emails to the FOS (with SnV fantastic help) detailing the basis of my complaint. As far as I can see they are ignoring all the points raised.

I as really hoping the FOS would give me the answer I wanted and resolve the issues. Alas you all told me that they would be spineless.

SnV, when you have a chance can you offer me some guidance once again.

Warmest wishes to all

Natty

[Natty]

Re: Lending Stream

Hi SnV,

I have just received this response from FOS:

I cannot believe they are avoiding the irresponsible lending issue. LS wrote off Loan 2 as it did not meet there lending criteria!

Dear Natty,

Thank you for your patience once again while I have been reviewing the information both you and Lending Stream have sent us.

I’ve spoken again with Lending Stream as, like you, I was concerned with what has happened to each of your loans since they have been with our service. Even though I asked Lending Stream to freeze interest and charges whilst I carried out my investigation, I can see they haven’t been and, more so, most of your loan accounts have now defaulted.

As you know, a repayment arrangement was proposed in January 2015 to help you with the financial difficulties you were going through (as this was when you first made Lending Stream aware of your situation).

Even though I understand you turned down this arrangement, I can tell you that this repayment arrangement is still available to you should you choose to accept it. What this will mean is that all the charges and interest added after this date will be written off from the outstanding balance you owe. Just to remind you, your outstanding balance as of Jan 2015 was as follows:


Loan 1 £53.60


Loan 2 £80.40

Loan.3 £241.20

Loan. 4 £80.40

Loan 5 £1165.80


Loan ID 2 has been written off

the defaults on your credit file

A separate issue however, are the default markers which have been added to your credit file as a result of this complaint. I understand you initially agreed a repayment plan but felt you had no other option at the time and, because of this, turned it down later.

Because Lending Stream didn’t receive a payment in respect of these debts, it was correct to record these defaults on your credit file. Banks and loan providers are obligated to record accurate information regarding their customer’s financial affairs, particularly potential future lenders.

going forward

What I need to understand then is what other efforts did you make to explain to Lending Stream that you were unable to make repayments on these and if any alternative payment arrangement was proposed to them. Having looked at your previous correspondence with my colleague Xxxxx it appears as though you wouldn’t propose any repayments if Lending Stream didn’t freeze interest and charges – is this correct? Please can you respond as soon as possible.

Thank you for your cooperation. I’m happy to speak over the phone as well.

Kind regards,
Adjudicator

[Natty]

Re: Lending Stream

Hi SnV,

I have now received this from P2P. Look like they have now decided to investigate my complaint.



Dear Natty,

I write with reference to your recent complaint about your Pounds To Pocket loan.

I am sorry you have found it necessary to complain. Enclosed is a copy of our complaint procedure for your information.

We are looking into the points you have made and will provide a full response or update as soon as possible.

As you will see from the attached complaint procedure, we have eight weeks from the date we receive your complaint to send you our ‘Final Response’. If at that time you are still unhappy with our decision, you will have six months from the date of our 'Final Response' to refer your complaint back to the Financial Ombudsman Service for them to adjudicate in the matter on your behalf.

Once again, I am sorry that you felt the need to complain. If you have any queries, please do not hesitate to contact us.

Regards
P2P

[IF]

Re: Lending Stream

Hi Nanna,

Thanks for asking. Yes Dad has his op in 2 weeks.

X

Hope all goes well too Natty

Best wishes
IF

[SaltnVinegar]

Re: Lending Stream

SnV,

Mamy thanks for the responses.

I have had the usual email and texts chasing payments from LS.



I have today received a letter from P2P, which is the completely the opposite of what their last email stated.

it is dated the 26 April 2015.

FINAL NOTICE - IMPENDING ACCOUNT SALE

The letter says my account will be sold on 7 May 2015. (It does look like one of their automated standard letters). A lot of the print is in bold caps and highlighted in red.

it is offering a payment plan

30 April £373.81. ( it is the 1 May today)
29 May £373.81
30 Jun. £373.81

Well looks like the account will be sold tomorrow. Fantastic! No I really did say that! The simple fact that they will have sold the account before the statutory time limit given to respond to a complaint will only give you plenty of ammunition to fire at whichever debt purchaser picks this up (I would put money on it being Arc Europe, or Buchanan Clark & Wells aka BCW aka Red Castle).

Do nothing now - you will have some breathing space while they sell off a load of accounts and lets see what you get next.

Best
SnV

- - - Updated - - -

Hi Nanna,

Thanks for asking. Yes Dad has his op in 2 weeks.

X

Fingers crossed all goes well

[Natty]

Re: Lending Stream

Hi Natty any news about dad ?

Hi Nanna,

Thanks for asking. Yes Dad has his op in 2 weeks.

X

[nanna58]

Re: Lending Stream

Hi Natty any news about dad ?

[Pixie]

Re: Lending Stream

Yes, that looks like an automated letter.

I don't know why these companies think that bold caps being highlighted in red should scare us into paying. Let them sell it!

[Natty]

Re: Lending Stream

SnV,

Mamy thanks for the responses.

I have had the usual email and texts chasing payments from LS.



I have today received a letter from P2P, which is the completely the opposite of what their last email stated.

it is dated the 26 April 2015.

FINAL NOTICE - IMPENDING ACCOUNT SALE

The letter says my account will be sold on 7 May 2015. (It does look like one of their automated standard letters). A lot of the print is in bold caps and highlighted in red.

it is offering a payment plan

30 April £373.81. ( it is the 1 May today)
29 May £373.81
30 Jun. £373.81

[SaltnVinegar]

Re: Lending Stream

SnV,

I have recived the email below from LS today. The balance is now £2'583.00, It appears that they may have closed another loan as they only mention 3 below? Remember I had 5 loans but they closed loan 2 a few weeks ago, advising it did not meet their criteria.

Yes I recall, though until you have something in writing stating they have written off another account I wouldn't make that assumption, but it is looking positive. This is still with the FOS so I imagine some very pointed questions are being asked right now. Its difficult for them to argue now not to write off the other two loans if the prior one you didn't meet their lending criteria........

You're not the one under pressure right now, they are, so let them squirm. Now, even if the FOS do not find in your favour, LS would have to demonstrate why the other loans should be enforceable (i.e. have their lending criteria subject to scrutiny) if they issued a court claim and I doubt very much they would have an appetite for this.

[SaltnVinegar]

Re: Lending Stream

So left hand doesn't know what right hand is doing, no surprises there. You're right in that there is no continuity. I would suggest that someone has woken up to the fact that they have to follow the FCA process with regard to complaint handling, hence the last email. I doubt their 'Final Response' will agree with your request to revert the balance back to Jan, but lets wait and see.

Dear Natty,

Thank you for contacting us regarding your account. We have reviewed your account and your CPA was cancelled at your request back in January. At that time you were informed collection procedures on the account until there was a payment plan in place. Since then, there were no payment plans put in place to stop the collection procedures on your account.

Please contact us via phone so we are able to discuss payment options to get this matter resolved. We are more than happy to assist you and apologize for any inconvenience.

Hi SnV,

The latest update from P2P:

Dear Natty,

I write with reference to your recent complaint about your Pounds To Pocket loan.

I am sorry you have found it necessary to complain. Enclosed is a copy of our complaint procedure for your information.

We are looking into the points you have made and will provide a full response or update as soon as possible.

As you will see from the attached complaint procedure, we have eight weeks from the date we receive your complaint to send you our ‘Final Response’. If at that time you are still unhappy with our decision, you will have six months from the date of our 'Final Response' to refer your complaint back to the Financial Ombudsman Service for them to adjudicate in the matter on your behalf.

Once again, I am sorry that you felt the need to complain. If you have any queries, please do not hesitate to contact us.

Yours sincerely,

[Natty]

Re: Lending Stream

Hi SnV,

The latest update from P2P:

Dear Natty,

I write with reference to your recent complaint about your Pounds To Pocket loan.

I am sorry you have found it necessary to complain. Enclosed is a copy of our complaint procedure for your information.

We are looking into the points you have made and will provide a full response or update as soon as possible.

As you will see from the attached complaint procedure, we have eight weeks from the date we receive your complaint to send you our ‘Final Response’. If at that time you are still unhappy with our decision, you will have six months from the date of our 'Final Response' to refer your complaint back to the Financial Ombudsman Service for them to adjudicate in the matter on your behalf.

Once again, I am sorry that you felt the need to complain. If you have any queries, please do not hesitate to contact us.

Yours sincerely,

[Natty]

Re: Lending Stream

Sorry to hear that your Dad's operation was cancelled at the last minute Natty

Whatever you do, and I'm sure you know this by now, don't phone P2P. It's annoying when emails come from different agents but they're obviously just sending out standard responses.

Thanks Pxie - no I will no contact them by phone. It is always 10 steps back with them. I have just received another email from P2P:

[Pixie]

Re: Lending Stream

Sorry to hear that your Dad's operation was cancelled at the last minute Natty

Whatever you do, and I'm sure you know this by now, don't phone P2P. It's annoying when emails come from different agents but they're obviously just sending out standard responses.