Lending Stream

[Undercover Elsa]

Re: Lending Stream

Hi Natty,
There are National trigger figures relating to how much you're allowed to claim on various sections such as housekeeping, phone and travel, depending on your family circumstances.
If you want to email me a copy of the Nedcab I&E once you've completed it I'll make sure you're claiming your allowable expenses (or not exceeding them).

Elsa x

[Natty]

Re: Lending Stream

Hi SnV,

I have been doing some calculations this past week, I was going to offer between £75 - £100 per month each for the LS total balance & the P2P, but I will log all in the website to check, as I do not want to leave myself short each month.

btw that site looks extremely helpful.

many, many thanks

[SaltnVinegar]

Re: Lending Stream

Hi Natty

Ok, bit of homework for you before we start writing letters. Could you go to the following website please, and establish your financial affairs and what you may be able to afford to offer.

https://nedcab.cabmoney.org.uk/quickfs.asp

This is a really good site, that uses the common financial statement format, so should give you accurate calculations.

Best
SnV

[Natty]

Re: Lending Stream

Hi SnV,

Firstly I would like to thank you for the detailed post.

At the time that may have been my disposable income due to doing overtime, ( I really wish I would have kept a copy of what information I gave LS). However my circumstances have changed as I am helping my parents with bills, due to being at home.

I was thinking of either option 1, 2 or 3, I only wish I was strong enough to go with option 4.

I really value your opinion SnV out of options 1,2 or 3, which do you think I am best going along with?

Best wishes

Natty


p.s When you have some spare time can you also assist in a letter to P2P

[SaltnVinegar]

Re: Lending Stream

I have just received a response from the FOS:

I’ve now had a chance to look over your Lending Stream complaint.

My understanding of your complaint is that you’re struggling to meet the repayments and you feel that the loans shouldn’t have been sold to you. If I’ve missed anything please let me know.

Based on the information you and Lending Stream have sent me I don’t agree that the loans they gave you were unaffordable although I understand that you are now struggling to repay them. I have written below what I can see has happened and why I don’t think Lending Stream has done anything wrong.

· You had 6 loans with Lending Stream from 22 September 2014 to 25 December 2014. The 5th loan you had for £100 was withdrawn.
Altogether you borrowed £1470 and so far you’ve repaid £859.
· I asked Lending Stream to provide me with the checks that they carried out. They explained that they did a credit check in which your credit score was over 700 which they feel is good enough to be able to lend. They also asked you to provide your income and expenditure details which showed that your minimum disposable income was £1365.
· The last payments you made was a payment of £276.40 on 31 December 2014.

Because your minimum disposable income was £1365 its difficult for me to prove that the loans were unaffordable for you. Lending Stream have said that they’re happy to set up a payment plan with you and freeze the interest and charges on the account. I understand that you’re going through a difficult time at the moment with your Father being so ill and I’ve contacted Lending Stream to double check the account is still on hold and how long they are willing to keep it on hold for. If you tell a business you’re struggling to pay we would expect them to keep the account on hold for 30 days.

Please can you let me know if you agree with what I’ve said by 18 February 2015. If you don’t I can pass the complaint to an adjudicator who can carry out another investigation.

I really thought they would side with me, you did however warn me they would not.

Please can you kindly advise what I should do?

Best wishes
Natty

Hi Natty

Ok, so while that is disappointing its not unexpected. The person you're dealing with at the FOS is not looking at whether LS have carried out their legal obligations with regard to the Consumer Credit Act, but on the matter of affordability, which are two seperate things.

So you're presented with the following issues:

• During the application process LS are claiming you stated a disposable income of £1365/month. You're stating that you don't recall what you entered during the application process.

This puts you in a difficult position, because if your disposable income was £1365/month then they're probably going to be able to prove the products were affordable. If you state that your disposable income was not that amount then LS could claim that you lied during the application process (although, you could counter argue that they should have done more due diligence).

• The FOS will not rule on the legal responsibilities of LS obligations under the CCA - ie did they send you pre-contract information etc

This will only be decided in court and as LS have demonstrated that they can prove what you stated as your disposable income, if your defense is that you cannot remember what you entered, then they could also justifiably ask how you could remember or not whether you received pre-contract information and probably produce some sort of statement of truth showing that their automated systems would mean this could not happen.

They would also use their offer to the FOS as further evidence of showing forebearance and reasonable behaviour.

So its a frustrating situation as while I think they have been irresponsible in offering you five loans, they are also building a good case against you due to being unable to recollect the situation at the time, and they will use this against you.

So what are your options moving forward? Heres some possible approaches you have:

1) Disagree with the findings and ask for an adjudicator to investigate - tbh I don't hold much optimism that the resut will be different based on the facts presented above but you never know!
2) Disagree with the findings, thank the FOS person for their time and that you will deal with LS direct and come to a payment arrangement with them
3) Disagree with the findings, but state that you appreciate their further assistance and would still be willing to negotiate a payment plan IF LS are willing to freeze interest and charges
4) Disagree with the findings, thank the FOS person for their time and that you will deal with LS direct but then you will pay them pay them nothing

Notice I'm not presenting any option where you agree with the findings because I don't think you should!

So it depends on what you're comfortable with. If you choose to go with option 1), then I would also seek confirmation that LS freeze interest and charges during the investigation.

Personally I would tell LS to shove their loans where the sun don't shine and go for option 4.

But I suspect that having developed an understanding of your approach to risk, and how you're dealing with things perhaps options 2 or 3 may be more attractive.

Ultimately, considering you wanted to come to payment arrangement when you first contacted the FOS I think you could consider this a result but whatever you chose we can help you work through them

Best
SnV

[Natty]

Re: Lending Stream

Thanks Nanna, he did say he will be back today or tomorrow. I will wait for him.

[nanna58]

Re: Lending Stream

Hang on Natty sure SnV will be along soon xxx

[Natty]

Re: Lending Stream

SnV,

I have just received a response from the FOS:

I’ve now had a chance to look over your Lending Stream complaint.

My understanding of your complaint is that you’re struggling to meet the repayments and you feel that the loans shouldn’t have been sold to you. If I’ve missed anything please let me know.

Based on the information you and Lending Stream have sent me I don’t agree that the loans they gave you were unaffordable although I understand that you are now struggling to repay them. I have written below what I can see has happened and why I don’t think Lending Stream has done anything wrong.

· You had 6 loans with Lending Stream from 22 September 2014 to 25 December 2014. The 5th loan you had for £100 was withdrawn.
Altogether you borrowed £1470 and so far you’ve repaid £859.
· I asked Lending Stream to provide me with the checks that they carried out. They explained that they did a credit check in which your credit score was over 700 which they feel is good enough to be able to lend. They also asked you to provide your income and expenditure details which showed that your minimum disposable income was £1365.
· The last payments you made was a payment of £276.40 on 31 December 2014.

Because your minimum disposable income was £1365 its difficult for me to prove that the loans were unaffordable for you. Lending Stream have said that they’re happy to set up a payment plan with you and freeze the interest and charges on the account. I understand that you’re going through a difficult time at the moment with your Father being so ill and I’ve contacted Lending Stream to double check the account is still on hold and how long they are willing to keep it on hold for. If you tell a business you’re struggling to pay we would expect them to keep the account on hold for 30 days.

Please can you let me know if you agree with what I’ve said by 18 February 2015. If you don’t I can pass the complaint to an adjudicator who can carry out another investigation.

I really thought they would side with me, you did however warn me they would not.

Please can you kindly advise what I should do?

Best wishes
Natty

[Natty]

Re: Lending Stream

Thanks CC had a total of 8 calls today's.

Many thanks for the update.

[CleverClogs (RIP)]

Re: Lending Stream

I just Googled the number.

[nanna58]

Re: Lending Stream

Useful link Cloggy never heard of that one

[CleverClogs (RIP)]

Re: Lending Stream

Had 4 calls so far today!

The number is 044 8719430410

The 44 prefix is the UK country code, so they're not calling from America.

It seems to be a loan scam - http://www.shouldianswer.co.uk/phone-number/08719430413

[Natty]

Re: Lending Stream

Thanks so much Nanna x

[nanna58]

Re: Lending Stream

Looked it up for you Natty its a scam number do not call back cos they charge you .

[nanna58]

Re: Lending Stream

If you want find out the number try Who calls me? other people if they have been phoned by these numbers will report it, so they may be scam calls.