Lending Stream

[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.

[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

[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

[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

[Natty]

Re: Lending Stream

Yes remember thats what the intention of their letters is for - to stress you out. Don't let them get to you!

You've got far more important things to be worrying about at the moment, which is your Dad. P2P and LS can, and will, wait.

Get your Dad on the road to recovery, and then when you've got a bit of energy to deal with these two companies you can tackle them a bit more head on

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.

[SaltnVinegar]

Re: Lending Stream

Thank you so much!

Just on a rollacoaster!! I have being doing so well and not stressing, however as soon as I received the correspondence I was stressed to hell.

My Dad will be having his operation shortly, I am trying so hard to keep things together. I really do appreciate your help and guidance

.

Yes remember thats what the intention of their letters is for - to stress you out. Don't let them get to you!

You've got far more important things to be worrying about at the moment, which is your Dad. P2P and LS can, and will, wait.

Get your Dad on the road to recovery, and then when you've got a bit of energy to deal with these two companies you can tackle them a bit more head on

[Natty]

Re: Lending Stream

Thank you so much!

Just on a rollacoaster!! I have being doing so well and not stressing, however as soon as I received the correspondence I was stressed to hell.

My Dad will be having his operation shortly, I am trying so hard to keep things together. I really do appreciate your help and guidance

.

[SaltnVinegar]

Re: Lending Stream

Thanks SnV,

So sorry for the stress head! As I am not going to respond to this letter, how long do you thing it will take to go to the next stage?

Its no bother - you just need to start to understand that to them you are just a number. This is NOT personal, its just a number on a profit/loss sheet.

They'll send you a few more letters emails yet. It could be some time (as in a couple of years!), before they sell the account on, or a couple of months. You usually find a lot of accounts get sold coinciding with the end of the financial year so that way they can write the debt off, and (believe it or not), claim tax relief against it also (if they are paying any corporation tax that is).

Important thing here is that you put away what money you can in the meantime, so if the account gets sold (and they don't just write it off), then you negotiate with the new creditor. The thing is their record keeping will be that poor, and knowing that they are scraping the barrel when it comes to debt accounts, that any challenge should see them off.

I know its easy to want things just done and over with, but best thing here is to just keep them working, and then occasionally we'll drop a bomb on them.

Time is your friend!

[Natty]

Re: Lending Stream

Thanks SnV,

So sorry for the stress head! As I am not going to respond to this letter, how long do you thing it will take to go to the next stage?

[SaltnVinegar]

Re: Lending Stream

SnV,

Thanks for getting back to me. should I not respond to the letter, I thought we were going to go down the irresponsible lending road?

Best wishes
Natty

Hi Natty, yes we will but all in good time!

You need to remember that these letters/texts/emails are all designed and worded to make you react. Being reactive is not good in this situation as it gets you stressed and moves control of the situation from you to them.

Right now you're in control, not them remember

I can almost guarantee what will happen here - you will challenge them on irresponsible lending, and after a period of time of threats and bluster they will sell the account to some sucker of a DCA (probably ArcEurope).

Its at this point where negotiations start - what you need to be doing right now is putting money aside that you would otherwise be normally be paying them, so if necessary, you have a little 'war chest' to make a full and final offer.

Best
SnV

[Natty]

Re: Lending Stream

SnV,

Thanks for getting back to me. should I not respond to the letter, I thought we were going to go down the irresponsible lending road?

Best wishes
Natty

[SaltnVinegar]

Re: Lending Stream

Well after all those emails to Pounds to Pocket, I have finally recieved a letter in the post. No mention of the numerous emails I have sent. The letter is a "Notice of Overdue Payment". The letter states I need to make a payment of £191.04 within 7 days, as my account is in default.

The letter is dated 1 March 2015

It then goes on to say if no response they will:

1.) Transfer my account to a third party debt recovery agency
2.) Or sell the debt to a collections agency

I thought the above are the same thing?

The letter gives the followng ways to contact them:

1. Telephone
2. Fax
3. Email
4. Online chat

The address on the letter is 483 Green Lanes, London, N13 4BS

The envelope was covered in Pounds to Pocket lettering ( no discretion at all)

Although the letter looks quite standard, they have personalised it to me by stating:

p.s. Natty, did you know that most people who paid back their loans on time are now eligible for additional loans? (Unbelievable)

SnV, can you help please.

Its a standard template letter Natty - there is no 'personalization' its achieved using a mail merge from the contact details they hold on you.

With regard to the collections agencies:

1) This is where a collections agency will try to collect any debt on their behalf but P2P still own the debt
2) This is where they will sell the debt to a collections agency, who will then own all the rights and duties to the debt

TBH, its actually better for you for the above to happen, as you will find they will be UK based, so will also be more likely to be open to negotiation.

Keep the letter, and the envelope, they may come in useful, but don't worry this is all standard stuff.

[Natty]

Re: Lending Stream

Well after all those emails to Pounds to Pocket, I have finally recieved a letter in the post. No mention of the numerous emails I have sent. The letter is a "Notice of Overdue Payment". The letter states I need to make a payment of £191.04 within 7 days, as my account is in default.

The letter is dated 1 March 2015

It then goes on to say if no response they will:

1.) Transfer my account to a third party debt recovery agency
2.) Or sell the debt to a collections agency

I thought the above are the same thing?

The letter gives the followng ways to contact them:

1. Telephone
2. Fax
3. Email
4. Online chat

The address on the letter is 483 Green Lanes, London, N13 4BS

The envelope was covered in Pounds to Pocket lettering ( no discretion at all)

Although the letter looks quite standard, they have personalised it to me by stating:

p.s. Natty, did you know that most people who paid back their loans on time are now eligible for additional loans? (Unbelievable)

SnV, can you help please.

[Natty]

Re: Lending Stream

Save all those texts, don't delete them since they may be useful to prove harassment if you ever need to.

Will do.

[PlanB]

Re: Lending Stream

I have received a further two texts from LS today:

Your LENDINGSTREAM payments are over 3 weeks past due.Avoid things getting worse.Please call today on 0203 564 7028 (call charges apply).We can help!

Save all those texts, don't delete them since they may be useful to prove harassment if you ever need to.