Lending Stream

[SaltnVinegar]

Re: Lending Stream

Regrettably they are getting to me.

Hi Natty - exactly how are they getting to you? If you can explain whats bothering you I think we can put things in context for you.

I am just dreading the DCA people contacting me. I just wish both of these companies would just agree to my £66 monthly payment and stop all other charges.

I know its difficult to see right now, but having them refusing to co-operate, or accept your offer, actually puts you in a stronger position later down the line.

I have had a few emails from LS today advising they will reduce each loan my 40%, however the settlement figures are extremely high.

Can you post one of the emails on the thread please so I can see the wording - you may be able to use this to your advantage

[nanna58]

Re: Lending Stream

Good days and bad days Natty but you know deep down SnV will always see a positive and do the damnest to help.Take a deep breath and put dad first xxxxxx

[Natty]

Re: Lending Stream

Hi Natty - exactly how are they getting to you? If you can explain whats bothering you I think we can put things in context for you.

Sorry SnV, I think it is the not knowing what will happen next. Am I going to get the knock on the door etc from debt collectors., my mind is working overtime and overthinking. I have just got myself in such a bad place this weekend. Also the letter I received from P2P just worried that I am ignoring it and not responded . I know they have ignored all my emails.



Can you post one of the emails on the thread please so I can see the wording - you may be able to use this to your advantage

I have received an email for each of the loans I have.

Dear Natty, You are now seriously behind with the payments on your loan and we want to see if we can work things out.Here are the details of your overdue loan with us, as at today's date: Loan ID: Date Loan Became Overdue: 2015-01-30 Overdue Amount: 252.40 Total Outstanding Balance: 373.60 We are giving you an opportunity to voluntarily settle your total outstanding balance at 60%, for a total payoff amount of £224.16, which will close your loan with us. If you do this, your credit file will show that we have accepted a reduced amount in settlement of your loan, which is likely to be preferable to a default being registered on your credit file. Call us today so that we can help on 0203 564 7028* or reply to this email now. If you would prefer not to make the above-mentioned payment, we may also be willing to set up an alternative payment arrangement for the total outstanding amount or a reduced amount depending on your circumstances. We will need to discuss your financial circumstances with you before setting up any such arrangement so please do call us today on 0203 564 7028* or reply to this email now. What happens if you do not act now? If we do not hear from you within 2 months of date that you first went overdue, we will send you a statutory Notice of Default. This will give you one final chance to pay off your overdue amount. If you do not do so, we will then be forced to terminate your agreement and demand immediate payment of the total outstanding balance. We will also register a default on your credit file at the Credit Reference Agencies. This will negatively affect your credit score and will reduce the chances of you being able to borrow in the future, should you need to do so. Additionally, the cost of your loan will continue to increase as we are continuing to apply interest to your overdue amount until the 84th day after your final payment due date. What if you are having financial difficulties? Please call us on 0203 564 7028*. We can help. If you need debt advice, you can also contact StepChange Debt Charity on 0800 138 1111. Regards, Lending Stream Customer Service

[Natty]

Re: Lending Stream

Good days and bad days Natty but you know deep down SnV will always see a positive and do the damnest to help.Take a deep breath and put dad first xxxxxx

without doubt I know SnV is guiding me correctly and do not know what I would have done without his help.

Thanks Nanna, I just need to get myself together again.

[SaltnVinegar]

Re: Lending Stream

Sorry SnV, I think it is the not knowing what will happen next. Am I going to get the knock on the door etc from debt collectors., my mind is working overtime and overthinking. I have just got myself in such a bad place this weekend. Also the letter I received from P2P just worried that I am ignoring it and not responded . I know they have ignored all my emails.

Ok so let me tell you the process that they go through:

1) They are both US based companies with few resources here in the UK. This means that almost all correspondence is sent via automated letter generators based on an IT system that pulls the details they hold against you and enters it into a template based on the status of the account.

2) They will add interest/charges to your account while you are in arrears, however legislation brought in last year restricts how much they can add

3) You will receive those template letters on rare occasions - they prefer email as its free, and so you will get a lot more of those

4) Almost all correspondence you send them will be ignored - mainly as it is forwarded on to them from the mail forwarding service, but also because they just don't want to engage with you

5) You will go through a cycle of letters for some months before they realize they're never going to get their money from you

6) They sell the account to a bottom feeder DCA, who are more strictly bound by the FCA as they have offices in this country which can be investigated

7) At this point you will challenge them on the irresponsible lending issues (which the OC will have ignored) and dispute the account

8) The paperwork that the DCA will have will be minimal, and after a little effort they will put you in the 'too difficult to collect' pile

9) After 6 years the debt will be statute barred, and from that point forward they can do nothing to collect

Lets make one thing clear - the chances of a debt collector turning up on your doorstep are almost ZERO. Even if in the very unlikely event this happens, they are NOT bailiffs (who can only be appointed after a CCJ has been obtained, and then the creditor still has to go to court again for bailiffs to be used), so therefore they have ZERO rights and you would tell them to F.O. and they would have to.

And yes ignore P2P - they have ignored your emails so you have nothing left to say to them. If they do not address the contents of your emails then this works in your favour.

What we're doing here Natty is playing a game and using their own poor practices of breaches of law and regulatory requirements against them. It just takes a little time thats all.

You need to be strong for your dad right now - so take time out to deal with that. These muppets will still be here once you've got that sorted, and as you've asked for an adjudicator at the FOS to look at the LS situation, time is on your side too.

Best
SnV

[SaltnVinegar]

Re: Lending Stream

Hi Natty

Actually this email really works for you - I hope you are keeping these.

It proves that LS are completey ignoring your formal compaint, and also contradicts what they have told the FOS with regard to freezing interest and charges.

I can help put together a response to this, but give me a couple of days, am really busy right now, and trust me there really is no urgency to respond to this, its an auto-mailer

I have received an email for each of the loans I have.

Dear Natty, You are now seriously behind with the payments on your loan and we want to see if we can work things out.Here are the details of your overdue loan with us, as at today's date: Loan ID: Date Loan Became Overdue: 2015-01-30 Overdue Amount: 252.40 Total Outstanding Balance: 373.60 We are giving you an opportunity to voluntarily settle your total outstanding balance at 60%, for a total payoff amount of £224.16, which will close your loan with us. If you do this, your credit file will show that we have accepted a reduced amount in settlement of your loan, which is likely to be preferable to a default being registered on your credit file. Call us today so that we can help on 0203 564 7028* or reply to this email now. If you would prefer not to make the above-mentioned payment, we may also be willing to set up an alternative payment arrangement for the total outstanding amount or a reduced amount depending on your circumstances. We will need to discuss your financial circumstances with you before setting up any such arrangement so please do call us today on 0203 564 7028* or reply to this email now. What happens if you do not act now? If we do not hear from you within 2 months of date that you first went overdue, we will send you a statutory Notice of Default. This will give you one final chance to pay off your overdue amount. If you do not do so, we will then be forced to terminate your agreement and demand immediate payment of the total outstanding balance. We will also register a default on your credit file at the Credit Reference Agencies. This will negatively affect your credit score and will reduce the chances of you being able to borrow in the future, should you need to do so. Additionally, the cost of your loan will continue to increase as we are continuing to apply interest to your overdue amount until the 84th day after your final payment due date. What if you are having financial difficulties? Please call us on 0203 564 7028*. We can help. If you need debt advice, you can also contact StepChange Debt Charity on 0800 138 1111. Regards, Lending Stream Customer Service

[Natty]

Re: Lending Stream

SnV,

A million thanks for putting things into perspective! I am truly sorry for being such a pain.

Yes I am keeping all the automated emails. Can I ask should I pass these onto the FOS?

Also P2P are still sending me emails, last one recieved today, to my old email address.

I know you are busy and have a life & probably a family. I just want to thank you for all the time and responses.


Warmest wishes
Natty

[cymruambyth]

Re: Lending Stream

Hi Natty, don't worry a lot of us have gone through stages of panicking. At present you are really worried about your dad as well as these PDLs, concentrate on supporting your mum and dad. As you have seen and as SnV has explained no bolts of lightening will hit you if you ignore them and their unreasonable behaviour is only helping to strengthen your case. You are just a statistic, not a real person to these companies and all this is generated by a computer which doesn't care about anything.
have a good night's sleep it will make you stronger to cope with everything.

[CleverClogs (RIP)]

Re: Lending Stream

6) They sell the account to a bottom feeder DCA,

Perhaps it might be helpful to point out that the term "bottom feeder" alludes to the dietary habits of crustacea and certain flatfish. It does not necessarily imply any predilection for anilingus or coprophagia.

[Pixie]

Re: Lending Stream

Regrettably they are getting to me. I am extremely low and depressed at the moment. The weekend has been awful!

I am just dreading the DCA people contacting me. I just wish both of these companies would just agree to my £66 monthly payment and stop all other charges.

I have had a few emails from LS today advising they will reduce each loan my 40%, however the settlement figures are extremely high.

My Dad looks like he will be having his heart operation next month. He is not doing too good at the moment as he is worried & stressed. I just wish I could wave a magic wand and make everything better for us.

I am sorry for the negative post, I just need to turn my life around and get off this roller coaster.

Hi Natty, I don't really look at this section because I know nothing about payday loans.

Concentrate on looking after your Dad...and yourself. It's only money at the end of the day and your dad's health is far more important. Try not to worry about these loans (easier said than done) and certainly don't worry about any debt collector coming to the door. Even though they threaten it it's very rare that they actually call as it doesn't make financial sense to pay someone to call when it's unlikely that they'll get any money. I've been on the UE journey for 5 years with around £40,000 of debt and I've only ever had one DCA call at my door. He didn't even get the chance to speak as I saw the DCA logo on the paper on his clipboard so I told him to go away and closed the door. He went away, he didn't knock again or call back.

Instead of paying the loan companies £66 a month, put it away and save it for a settlement if you need to make one. They usually accept lower amounts the longer they've been chasing the debt as by then they're grateful to get something. It really is a tactical "game".

Don't worry about posting a negative post...we've all been there. Look after yourself (and that means not worrying and stressing - it doesn't solve anything - and that's from someone who used to be the world's biggest worrier) and then you'll be more able to look after your Dad.

[SaltnVinegar]

Re: Lending Stream

Hi Natty

Time is on your side here - have a read of this http://www.bbc.co.uk/news/business-31813257

You never know LS may be one of the firms under investigation and will not be granted a full license in the next few months (though I won't hold my breath on this), but you see that what we're doing is getting them to show EXACTLY the sort of behaviour the FCA has found which will only work in your favour in the long run.

[SaltnVinegar]

Re: Lending Stream

Natty just an aside if you need to let off steam or get advice on the other things going on in your life remember we have forums dedicated here to that stuff too:

http://forums.all-about-debt.co.uk/f...Family-Matters

http://forums.all-about-debt.co.uk/f...-Health-Issues

[kilasuit]

Re: Lending Stream

The key thing for you to concentrate is the family and your own health.

At the end of the day you are following some of the best advice out there - from personal experiences from most of the members here.
PDL's themselves will never visit you - it will be a DCA and your likely at least still a few months away from them passing your accounts to a DCA that is if they ever do

And whilst you have an open complaint they cannot pass it on anyway - So thats 1 less thing to tick off the worry chart.
There is alot of misconception about the whole credit/debt industry - Alot of it is just scare tactics with no backbone to stand on.

Just relax and take a deep breath when your feeling this is getting a bit much - and remember we're here to support you :-)

[CleverClogs (RIP)]

Re: Lending Stream

There is a lot of misconception about the whole credit/debt industry - A lot of it is just scare tactics with no backbone to stand on.

Or, to put it another way, they're all mouth and cheap, Walmart trousers.

[Natty]

Re: Lending Stream

I want to thank everyone for the support, as I have said many times before, the kindest of strangers and the time people have spent on this thread, is truly unbelievable and I thank you all for bearing with me.

SnV,

I read the BBC link you posted, fingers crossed LS is on the list!

Pounds to Pocket


I have received another letter from P2P today. The letter is dated the 10 March and was sent second class! Amazed how quickly it has got to me, or the date on the letter is incorrect?

In this letter which is titled Default Notice. It advises me I have 17 days from the 10 March to CURE my default!

The letter also included a copy of the FCA information sheet on Default Notices.


Lending Stream

I sent an email to the FOS person as I wanted to forward a copy of the last letter I sent to LS. They come back with this response: LS are still not reading my letters!!!


Yes I received the two emails with the letters and it’s all been added to your file. At the moment your complaints waiting to be looked at by an adjudicator. I had a conversation with Lending Stream today and they’ve said that they’ll be in touch with you shortly to set up the payment plan with you. I also advised that you are still wanting to proceed with the miss-selling aspect of your complaint.

If you have any other questions let me know.

Kind regards,