Lending Stream

[Natty]

Re: Lending Stream

Natty you are not rediculous and certainly should not be ashamed ,that's not allowed here.. Do not stress that's an order. xxx SnV will not mind at all xx

Thanks nanna, I can deal with these two compaines myself as I have gained so much knowledge from SnV, I just need to know how they handle disputes.

[nanna58]

Re: Lending Stream

Well done you, there you go girl power ( and lovely SnV) xx

[Natty]

Re: Lending Stream

Well done you, there you go girl power ( and lovely SnV) xx

nanna, SnV has been truly fantastic and so patient with me. I am so glad I came across this forum in January, really do not know what I would have done without everyone's support.

[Natty]

Re: Lending Stream

SnV,

So P2P do respond promptly!!! After four months this is the response to my email:


Dear Natty,

Customer #

Thank you for contacting Pounds To Pocket. The contents of your email were duly noted. We apologise if there was any delay in responding to your complaint.

Your query raised several questions on what loan affordability is based on and what statutory checks are processed before assessing credit approval. Please be advised of the following information in relation to your query:

-We processed credit checks on 30/08/2014 with Call Credit, Cifas, and Experian for your initial loan request. Then again on 04/12/2014 when you requested additional funds for a top up with Call Credit and Experian.

You can find additional information on checks by contacting Callcredit which is one of the Credit Reporting Agencies we use.

-We also run various checks, which include but are not limited to, affordability assessment based on current financial commitments, as well as verifying any personal details provided on the application.

-After the application was submitted, we send our customers an email which contains the pre-contractual agreement and also contains a hyperlink that leads to an audio version for your convenience.

-Prior to making a lending decision, your loan application is reviewed and all of the information discussed above is analyzed and taken into consideration.

-Once that information is reviewed, we make a decision and subsequently contact the consumer to advise of the final credit decision.

After careful review of your account and the information you submitted at the time of your application, we have determined that we diligently followed our processes and conducted a credit and affordability assessment on each credit application that was granted. Furthermore, your request for the removal of interest charges and fees associated with your loan has been denied.

If you have any queries, our Final Resolution Team is here to help.

Kind Regards,

Kristi

P2P say they apologise if there was any delay in responding!!!! I must have sent them over 20 emails.

[SaltnVinegar]

Re: Lending Stream

I need to ask your advice on another two PDL companies. I took out a loan with Mr Lender £600 & Wage Day Advance £150, both in early December 2014. I have not mentioned these to you as one I have been making payments and two I did not want to be ridiculed (like I have seen on MSE) plus I felt ashamed for taking out so many PDL. ( however I know this would not happen on this site)

No one would ridicule you or make judgement on you, in fact, its only a pity you didn't mention this earlier as it would have been something else to raise when making a complaint as taking out so many short term loans in itself could be interpreted as a sign of financial distress and should have rung alarm bells if they had done a thorough assessment. But no harm done so lets see what we can do about these!

I pay £42.11 a month to WDA, however it appears this company no longer offer this type of loan (it maybe that they have had a slap on the wrist)

I pay Mr L approx £170 per month, and this is over 6 months. (The payments decrease each month) I have 3 more payments to make.

So were these your contractual payments? Or had you negotiated a payment plan with them? Are you able to afford to keep making the payments?

I made my last payment on the 01.04.15 on both these accounts.

You mean 1st April? Just want to check you're not using US format!

Please can can you advise do you have any experience of these companies and how they deal with disputes.

Yes I have plenty of experience dealing with them both and they're just like any other creditor - which is to say they don't always follow the rules when it comes to dealing with disputes! I rarely see two disputes handled the same way, even if the circumstances are identical. A lot of the time it is purely down to who is answering the email pile that morning.

[nightwatch]

Re: Lending Stream

Hi natty.
I honestly know nothing about payday lenders, I do realise that they are the only option for some people and once the hook is in it's hard to get out,but you are doing great.
looking at that email, i find it hard to understand how they managed to do all that checking in a couple of minuets.
they are just trying to cover their butts.

[Natty]

Re: Lending Stream

No one would ridicule you or make judgement on you, in fact, its only a pity you didn't mention this earlier as it would have been something else to raise when making a complaint as taking out so many short term loans in itself could be interpreted as a sign of financial distress and should have rung alarm bells if they had done a thorough assessment. But no harm done so lets see what we can do about these!

I am so sorry I did not mention these previously!


So were these your contractual payments? Or had you negotiated a payment plan with them? Are you able to afford to keep making the payments?

Yes they were contractual payments. I can keep up with the WDA however I may struggle with the Mr L moving forward.



You mean 1st April? Just want to check you're not using US format!

Yes 1st April



Yes I have plenty of experience dealing with them both and they're just like any other creditor - which is to say they don't always follow the rules when it comes to dealing with disputes! I rarely see two disputes handled the same way, even if the circumstances are identical. A lot of the time it is purely down to who is answering the email pile that morning.

WDA do not appear to offer PDL anymore, I was wondering have they been banned from doing so.

[Natty]

Re: Lending Stream

SnV,

Did you see post 409, P2P response?

How quickly they have responded.

[Natty]

Re: Lending Stream

Hi SnV,

So sorry to urge, ( I hate to ask) but when you get a chance can you let me know what I should do about the response from P2P. It mentions at the end if the email about contacting their Final Resolution Team.

Kindest regards
Natty

[SaltnVinegar]

Re: Lending Stream

Hi SnV,

So sorry to urge, ( I hate to ask) but when you get a chance can you let me know what I should do about the response from P2P. It mentions at the end if the email about contacting their Final Resolution Team.

Kindest regards
Natty

Personally I would do nothing - you have it writing that they have refused to freeze interest and charges when you have told them you are in financial difficulty, which is contrary to treating debtors fairly.

You're better off waiting for them to sell the account (usually about 10p in the £), and you will have then more luck negotiating with who they sell it to if need be.

If you would prefer to make them a payment offer then let me know and I'll help you write an email, however its likely they will decline, and all it will do is reset the statute barred clock when you're already 5 months down the road.

[SaltnVinegar]

Re: Lending Stream

Hi SnV,

So sorry to urge, ( I hate to ask) but when you get a chance can you let me know what I should do about the response from P2P. It mentions at the end if the email about contacting their Final Resolution Team.

Kindest regards
Natty

And I want you to start doing something for me also ok? Sloooooow doooooown

You don't need to be jumping and being immediately reactive to each and every communication. Its perfectly acceptable to wait 5-7 days to issue a response. The legal norm is 14-21 days to allow response to communication.

The only time that you need to be responding more quickly is if you get a letter that threatens legal action (called a 'letter before action'), or from a 'solicitor for hire' but you've had nothing close to resembling that.

[Natty]

Re: Lending Stream

Personally I would do nothing - you have it writing that they have refused to freeze interest and charges when you have told them you are in financial difficulty, which is contrary to treating debtors fairly.

You're better off waiting for them to sell the account (usually about 10p in the £), and you will have then more luck negotiating with who they sell it to if need be.

If you would prefer to make them a payment offer then let me know and I'll help you write an email, however its likely they will decline, and all it will do is reset the statute barred clock when you're already 5 months down the road.

I am just stressng at the thought of DCA harassing me at home. I really do not want to put my Mum & Dad through that. I really do not know what to do.

[Natty]

Re: Lending Stream

And I want you to start doing something for me also ok? Sloooooow doooooown

You don't need to be jumping and being immediately reactive to each and every communication. Its perfectly acceptable to wait 5-7 days to issue a response. The legal norm is 14-21 days to allow response to communication.

The only time that you need to be responding more quickly is if you get a letter that threatens legal action (called a 'letter before action'), or from a 'solicitor for hire' but you've had nothing close to resembling that.

I know I am so anxious and stressed with the not knowing. So much so I took a days leave today as I could not face work, It has been a tough few days and once again my imagination is running away with me. I am thinking of the consequences of not making payments and my employer being contacted, as I say my mind is working overtime.

I am really sorry if I am coming across as though I am demanding a response. I hope I am not and really appreciate how far you have got me.

[oscar]

Re: Lending Stream

I am just stressng at the thought of DCA harassing me at home. I really do not want to put my Mum & Dad through that. I really do not know what to do.

You have more chance of meeting Lord Lucan and being struck by lightening while shaking his hand than a DCA turning up on your doorstep.

Don't get me wrong, it has and does happen - but certainly not overnight, and when it has happened, has been after months or years of dialogue.

[SaltnVinegar]

Re: Lending Stream

I know I am so anxious and stressed with the not knowing. So much so I took a days leave today as I could not face work, It has been a tough few days and once again my imagination is running away with me. I am thinking of the consequences of not making payments and my employer being contacted, as I say my mind is working overtime.

I am really sorry if I am coming across as though I am demanding a response. I hope I am not and really appreciate how far you have got me.

Hi Natty

You are actually doing more to yourself then the payday loan companies could do themselves. You need to calm down ok?!

I know its easier said than done, but letting them stress you out is what they want. People who are stressed make bad choices, which allows them to bully you into making offers you wouldn't normally accept.

Its highly unlikey they will contact your employer, and if they do let us know and we will help you handle it.

If they were going to contact your employer, or harass you at your parents they'd have done it already.