Lending Stream

[Natty]

Re: Lending Stream

Just noted the adjudicator has left a voice mail for me earlier, to discuss my case.

[Natty]

Re: Lending Stream

SnV,

I have just received the following email from the FOS in relation to my LS complaint.


Dear Natty,

I’m the adjudicator who will be looking into your complaint against Lending Stream.

I see before my involvement that you’ve been in touch with my colleague XXX. However, from what I can see you are unhappy with Lending Stream’s final say on your complaint which was sent in an email to you on 12 March 2015.

· As I understand it, your complaint is about 5 loans you took out with Lending Stream which you feel were unaffordable. You also feel Lending Stream should have been clearer before your loans were approved as to how much you would be charged for them. I have included each loan account for your reference (this information has been taken from Lending Stream’s email of 12 March 2015):

Loan ID	Current Outstanding Balance	Outstanding Balance in January
X	£77.20	£53.60
X	£131.20	£80.40
X	£373.60	£241.20
X	£131.20	£80.40
X	£1767.40	£1165.80

· FOS person put forward your offer of a monthly repayment plan to Lending Stream of £50.00 on loan ID xxxx and £20.00 on the remaining loans. Lending Stream accepted this and were willing to proceed with repayments on this basis.
· However, you appear not to have accepted this and still feel Lending Stream didn’t carry out adequate checks on your creditworthiness at the time each loan was applied for.
· You also feel Lending Stream didn’t fully answer the points you raised in your letter of 5 January 2015.

Please tell me if you feel there is anything I’ve missed out or misunderstood.

interest and charges on each loan

I’ve spoken with Lending Stream since your last email and they’ve confirmed that interest and charges will not be frozen while we look into your complaint. However, because of your financial situation I am going to ask them if they would be willing to freeze them while I carry out my investigation.

moving forward

I would appreciate if you could answer the following questions in order to help with my understanding of your complaint:

1. Please tell me what you would like Lending Stream to do in order for your complaint to be resolved.
2. I understand you originally proposed the offer of the repayment plan as outlined above however you now don’t want to do this - is this correct?
3. Are you saying that every loan above was mis-sold to you because they were unaffordable?

I would appreciate it if you could respond no later than 30 March 2015.

Please also let me know whether phone, letter or email is the best way to get in touch with you.

Kind regards,
XXX
Adjudicator
Financial Ombudsman Service


I also recieved three emails from LS on Saturday offering a 40% reduction for the above loans.

I am still waiting responses to my letters and emails of: 05.01.15, 25.02.15 and the 12.03.15 from LS.

[nanna58]

Re: Lending Stream

Hang on Natty we have all been there xxxx

[Natty]

Re: Lending Stream

It does get easier as time goes on. I'm almost 5 years down the line though no payday loans and I have to confess that I was a nervous wreck at first!

I just find the PDL companies scary, I think I have read too many stories of their harsh tactics. However I understand they have now had to change by law.

[Pixie]

Re: Lending Stream

I am trying Pixie. Thanks for the support.

It does get easier as time goes on. I'm almost 5 years down the line though no payday loans and I have to confess that I was a nervous wreck at first!

[Natty]

Re: Lending Stream

Just hold your nerve Natty

Dealing with creditors/debt really is like a game of poker.

I am trying Pixie. Thanks for the support.

[Pixie]

Re: Lending Stream

Just hold your nerve Natty

Dealing with creditors/debt really is like a game of poker.

[Natty]

Re: Lending Stream

Thank you so much SnV, for talking me through this yet again! I am truly sorry. The above makes so much sense and as you rightly say I should NOT act in haste.

I will await the pros/cons list, whenever you have time.

Thanks a million for easing my mind yet again.

Warmest wishes

Natty

[SaltnVinegar]

Re: Lending Stream

Hi SnV,

Many thanks for responding, I know you are busy.

I am quite happy the way things are with LS and will leave as you say, until the FOS have completed their investigation.

My main worry continues to be with P2P. The last contact I have had from P2P is detailed in your post 339.

You also mention that I have told P2P about my new email address, I have not told them, I have just sent emails to them from my new email account and they respond to my old email account.

I feel uncomortable about not respnding to the last email (post 339).

Could I not say I have located numerous emails in my old account from them. And that I wish to raise a complaint due to irresponsible lending?


Please can you advise and thank you so much for your time again.

kindest regards as always

Natty

Hi Natty

When it comes to debt you really have a small number of end goals:

1) You are looking for the debt to become statute barred. This means that after 6 years (5 in Scotland), that the debt cannot be enforced so effectively becomes written off. To qualify for SB there are some criteria (such as no payments being made, or the debt being acknowledged)

2) You look to make a payment arrangement, and keep paying until the debt is paid off in full

3) You look to make a reduced settlement offer (called a Full & Final Settlement), the debt is paid off, but it will be recorded as a 'partial settlement'

4) You pay off the debt in full in one amount.

Thats really it! There are pros/cons/risks to each end goal and I'll run through these a bit later today so you can make more of an informed decision.

I know you're uncomfortable to not responding to them, but they can wait! They are showing they are not thinking/listening because they are still sending emails to your old email address so let them. You've not had anything remotely resembling whats called a 'letter before action' (and you're not likely to). You will respond (eventually), but I want you to be clear as to what each option entails before you do so as I don't want you limiting your options by reacting in haste.

Best
SnV

[Natty]

Re: Lending Stream

So just confirms what I told you right?

Don't worry about this shower for the moment - all I would suggest is that the money you would have used to pay them every month, keep half, and put that away. What you want to do is build up a chunk of money so after 6 months or so you can make a full & final offer. If they keep sending emails to your old address ignore them - you've told them of the change of email address, if they're stupid enough to keep using the old one thats their problem.

After 6 months you then make an offer of the money you've saved in F&F settlement, or you can choose to keep ignoring them!

Hi SnV,

Many thanks for responding, I know you are busy.

I am quite happy the way things are with LS and will leave as you say, until the FOS have completed their investigation.

My main worry continues to be with P2P. The last contact I have had from P2P is detailed in your post 339.

You also mention that I have told P2P about my new email address, I have not told them, I have just sent emails to them from my new email account and they respond to my old email account.

I feel uncomortable about not respnding to the last email (post 339).

Could I not say I have located numerous emails in my old account from them. And that I wish to raise a complaint due to irresponsible lending?


Please can you advise and thank you so much for your time again.

kindest regards as always

Natty

[SaltnVinegar]

Re: Lending Stream

So just confirms what I told you right?

Don't worry about this shower for the moment - all I would suggest is that the money you would have used to pay them every month, keep half, and put that away. What you want to do is build up a chunk of money so after 6 months or so you can make a full & final offer. If they keep sending emails to your old address ignore them - you've told them of the change of email address, if they're stupid enough to keep using the old one thats their problem.

After 6 months you then make an offer of the money you've saved in F&F settlement, or you can choose to keep ignoring them!

Hi SnV,

I have just looked in my inbox of my old email account and just seen this from P2P: I cannot believe that after all the emails I have sent from my new email account, they have not even checked the email addresses!


Dear Natty
Customer# XXX

Thank you for contacting Pounds to Pocket.

In response to your email, Natty the letters that you are sending to our location in the United Kingdom will be sent to our location in the States. We apologise but that takes some time, to expedite the matter you can send your complaint via email to resolution@poundstopocket.co.uk or you can reply to this email. We apologise for any inconvenience, if you have any additional queries or concerns please contact us.

If you have any additional concerns, please contact our final resolution team.
Kind Regards,
Jackie

Pounds to Pocket Resolution Team
resolution@poundstopocket.co.uk
www.PoundstoPocket.co.uk

Call free from landlines. Mobile phone companies may charge up to 40p per minute.
Phishing is a form of online identity theft. Please note that Pounds to Pocket only operates on the PoundstoPocket.co.uk domain, will never ask you to click on an email link to read a personal message, and will only ask you to click on an email link to reset your password if requested.
Pounds to Pocket does not warrant that the content of this correspondence is error-free. For the most accurate and up-to-date information about your account and/or terms of use of Pounds to Pocket products, please see your loan agreement and/or your account information by logging in to your account at www.PoundstoPocket.co.uk
Pounds to Pocket is the trading name of CashEuroNetUK, LLC and ENVUK1, Ltd. CashEuroNetUK, LLC is a Limited Liability Company incorporated in the United States. Head Office: 200 W. Jackson Blvd., 14th Floor, Chicago IL USA. Correspondence Address: 483 Green Lanes, London, N13 4BS. Authorised and regulated by the Financial Conduct Authority. Firm registration number 603395. ENVUK1, Ltd., 483 Green Lanes, London, N13 4BS. Authorised and regulated by the Financial Conduct Authority. Firm registration number 657814. Authorisation can be checked on the Financial Service Register at www.fca.org.uk.

[SaltnVinegar]

Re: Lending Stream

Dear FOS

We received your note on 03-Feb-15 for Natty and replied on the 5th Feb (email attached). We wish to inform that our automated system is stopped to process any transaction on Natty accounts. However, it may attempt to send the payment reminders as they are the legal notifications.

We hope that Natty would be able to talk this thorough and discuss the accounts as soon as her father is in a better situation, (we wish him a speedy recovery) we are willing help her clear the outstanding balance and set up some alternate payment arrangement.

Note: Though it is important for us to get the income and expense details in order to analyze Natty financial situation and offer an affordable payment arrangement, we would like to make an exception and advice her to let us know the amount she can afford to pay each month/week to clear the outstanding balance.

Hope this helps.

For any information, you may contact us at complaints@lendingstream.co.uk or call on 02035 564 7034.

Hi Natty

Ok, well this is interesting, and the way things stand with LS I see you having the following options:

1) You make an offer to LS inline with what you can afford based on your I/E sheet that you filled out on NEDCAB

2) You stop paying them, keep all the correspondence that they send you, and only bother to reply to anything that looks serious, but keep a little 'war chest' in the highly unlikely event that things got legal

That really is it. If LS are not responding to your complaint (which they won't want to do as admitting liability could set a precedent), then eventually they will sell the account to a DCA. You challenge a DCA on the legal aspects chances are they will drop it like a hot potato.

But right now, in the short term you do nothing. Your complaint is with the FOS adjudicator and it would be premature to make any decision until the results of their investigation are concluded, and that could take months. So right now your line on anything is exactly that.

And your email on post #330 was almost perfect - only thing I would have changed would to have not told them you made the offer under duress, but that it has been calculated without the assistance of a professional debt counsellor and was therefore inappropriate and unsustainable. But we can save that for the next letter (if needed).

Best
SnV

[Natty]

Re: Lending Stream

Hi SnV,

Please can you advise what my next step should be. I know you mentioned you were going to be busy, so whenever you have a chance. Just to let you know my new posts start from 330. Your last post was 329 asking for a copy of the letter from P2P. Since then I have add more posts.

warmest wishes

Natty

[Natty]

Re: Lending Stream

Just received this text from LS:

Settle Now!!Avail Discounts upto 40% on Outstanding Balance to
CLOSE your Lending Stream Loan ID XXX Call now at 0203 564
7028(call charges apply)

I hope I am not confusing everyone with the LS & P2P posts! I hope they are clear.

[Natty]

Re: Lending Stream

Hi SnV,

I have just looked in my inbox of my old email account and just seen this from P2P: I cannot believe that after all the emails I have sent from my new email account, they have not even checked the email addresses!


Dear Natty
Customer# XXX

Thank you for contacting Pounds to Pocket.

In response to your email, Natty the letters that you are sending to our location in the United Kingdom will be sent to our location in the States. We apologise but that takes some time, to expedite the matter you can send your complaint via email to resolution@poundstopocket.co.uk or you can reply to this email. We apologise for any inconvenience, if you have any additional queries or concerns please contact us.

If you have any additional concerns, please contact our final resolution team.
Kind Regards,
Jackie

Pounds to Pocket Resolution Team
resolution@poundstopocket.co.uk
www.PoundstoPocket.co.uk

Call free from landlines. Mobile phone companies may charge up to 40p per minute.
Phishing is a form of online identity theft. Please note that Pounds to Pocket only operates on the PoundstoPocket.co.uk domain, will never ask you to click on an email link to read a personal message, and will only ask you to click on an email link to reset your password if requested.
Pounds to Pocket does not warrant that the content of this correspondence is error-free. For the most accurate and up-to-date information about your account and/or terms of use of Pounds to Pocket products, please see your loan agreement and/or your account information by logging in to your account at www.PoundstoPocket.co.uk
Pounds to Pocket is the trading name of CashEuroNetUK, LLC and ENVUK1, Ltd. CashEuroNetUK, LLC is a Limited Liability Company incorporated in the United States. Head Office: 200 W. Jackson Blvd., 14th Floor, Chicago IL USA. Correspondence Address: 483 Green Lanes, London, N13 4BS. Authorised and regulated by the Financial Conduct Authority. Firm registration number 603395. ENVUK1, Ltd., 483 Green Lanes, London, N13 4BS. Authorised and regulated by the Financial Conduct Authority. Firm registration number 657814. Authorisation can be checked on the Financial Service Register at www.fca.org.uk.