Lending Stream

[cymruambyth]

Re: Lending Stream

Also, if you going to repay, have you allowed for repayments to P2P?

[SaltnVinegar]

Re: Lending Stream

Just wanted to mention next week I will have missed two payments on my LS & P2P loans

Yes and what has happened? Simple answer - nothing! The earth has not ended, dinosaurs have not resurrected and eaten the human population (though dinosaurs still operate in the finance industry), and you're facing up to these companies and holding your ground!



Think of it is not missing 2 payments to these vultures, but as claiming back 2 payments to yourself.

I really would like to reach an amicable resolution with both parties, if that is at all possible.

Its the "if that is at all possible" bit that may cause you problems, not to mention 'amicable'


If you've come up with a monthly payment you can afford from going to the NEDCAB tool, then you could email the FOS back with something along the lines of:

Dear FOS Person

Thank you for your email dated xx/xx/xxxx

I am able to offer Lending Stream the amount of £xx.xx/month with regard to paying the five accounts I have for products with them. This is the maximum I can afford, and is a figure based on the Common Financial Statement provided by NEDCAB.

Please note that I am only prepared to make this monthly payment if Lending Stream are prepared to freeze interest and charges until the balance of the accounts has been paid. If not then I see little sense in making payments as the interest & charges will accrue at a rate faster than I am repaying the balance.

I would require their assurance of this fact IN WRITING, and at such point I would be happy to commence payments.

Regards

Natty


Personally - I think you should forget the FOS and continue to challenge LS on the issue of irresponsible lending. They have yet to even respond to your complaint, and as they are regulated by the FCA then they should have already done this, so you also have them by the short and curlies on this fact too!

But ultimately its your choice

[Natty]

Re: Lending Stream

SnV,

Just wanted to mention next week I will have missed two payments on my LS & P2P loans. I really would like to reach an amicable resolution with both parties, if that is at all possible.

Best wishes

Natty

[nanna58]

Re: Lending Stream

Enjoy your weekend Natty try to relax ,as SnV nothing can happen till Monday. Xxxxx

[Natty]

Re: Lending Stream

Thanks SnV, I know you have a life and appreciate what you do, when you can.

Well you and many other people have advised about the FOS! So really I should not be shocked.

I will await the next move from you.
Best wishes
Natty

[SaltnVinegar]

Re: Lending Stream

Hi Natty

One day the FOS will prove me wrong in my opinion of them but not today

I didn't want you to think I hadn't seen your thread. Let me have a think over the weekend - nothing is going to happen with the FOS now until Monday anyway.

[Natty]

Re: Lending Stream

Cymru, I certainly have. It looks like the FOS have not even read and digested my email. Feel as though I am on a roller coaster with all this. Hopefully SnV will be along shortly.

[cymruambyth]

Re: Lending Stream

Umdortunately you had been warned that they are fairly useless!

[Natty]

Re: Lending Stream

Cannot believe this response from the FOS!


Thank you for getting back to me.

I understand the reasons for you wanting to take the complaint further. I can pass your case to an adjudicator and they can carry out an investigation into what has happened. If you’d like me to do this please confirm that you agree to the declaration attached to this email.

Lending Stream should have frozen the interest and charges as soon as they were made aware that you were in financial difficulty, I made them aware of this on 21 January 2015 so it should be from this date unless you made them aware before this time.

I’m happy to help you as much as you can with the payment plan however, most lenders will only freeze interest and charges for 30 days to give you a chance to make an arrangement with them. If they don’t receive anything in regards to setting up the plan then they are within their right to start adding interest again. They’ve said that due to your circumstances they’re willing to set up a payment plan without an income and expenditure form. If you can tell me how much you think you can pay I can pass this on to them. I’d recommend you do this even if it’s just until you can get the income and expenditure form to them to avoid any additional charges being applied.

Let me know if you have any other questions.

Kind regards,

[Natty]

Re: Lending Stream

SnV fingers crossed.

[SaltnVinegar]

Re: Lending Stream

Email has now been sent to the FOS.

Excellent - lets see what they come back with

[CleverClogs (RIP)]

Re: Lending Stream

The FOS have yet again done nothing to regulate a lender who, in any reasonable view, have been irresponsible in giving someone five loans.

Are you at all surprised?

The job of 'regulation' is the supposed role not of the Fobbing Off Service but of the Fundamentally Clueless Authority and, previously, of the even more useless Office of Faffing and Twaddling.

[Natty]

Re: Lending Stream

Email has now been sent to the FOS.

[SaltnVinegar]

Re: Lending Stream

Might just be the way I read it, but the latter part of this sentence to me reads as a sort of threat of non payment? Probably not what's intended (if it is - all well and good)

If its not a threat, would it be better to word it to .....otherwise any payments made will do nothing to reduce the balance of the accounts.

Thanks Oscar - that is intended

I don't see any point in Natty agreeing to a payment arrangement unless LS agree to freeze interest and charges so in my view this is non-negotiable. Unless they agree no payment is forthcoming.

The FOS have yet again done nothing to regulate a lender who, in any reasonable view, have been irresponsible in giving someone five loans. I'm hoping, that at the very least, the threat of an investigation will allow Natty to use the FOS as some sort of leverage, when normally what LS would do is bump up the account and then sell it to a DCA.

Though your wording is nicer I agree

[oscar]

Re: Lending Stream

I am currently working with North East Derbyshire CAB to put together an income/expenditure plan based on the common financial statement format and will shortly have a monthly figure with which I can afford to repay. However, I would only be willing to discuss this, should Lending Stream be willing to freeze interest and charges on the account otherwise I will be doing nothing to reduce the balance of the accounts.

Might just be the way I read it, but the latter part of this sentence to me reads as a sort of threat of non payment? Probably not what's intended (if it is - all well and good)

If its not a threat, would it be better to word it to .....otherwise any payments made will do nothing to reduce the balance of the accounts.