Lending Stream

[cymruambyth]

Re: Lending Stream

Natty, sit down quietly and read through your thread; you will see that every time you get a reply your first reaction is to worry and then you calm down. This isn't a criticism, it's just to remind you to think quietly about how far you have gone and how none of your worst case scenarios have happened.
We have all been through your situation without wanting family members to know.

[Never-In-Doubt]

Re: Lending Stream

Do you live at home or elsewhere (and if the latter do LS know your address)?

[Natty]

Re: Lending Stream

Hi Niddy,

My complaint is based on irresponsible lending. I agree there is so much to read.

LS wrote off one of the loans as it did not meet their lending criteria, however they have advised the FOS it was as a gesture of goodwill. I have the email from LS which I sent to the FOS as evidence, but they appear to have ignored this important piece of evidence.

SnV has been unbelievable I would not have got this far without him. I am so scared at the moment as I live with my parents who are not in good health and know nothing of my situation. The thought of LS contacting me at home or work is unthinkable.

I have so much to think about.

Best regards
Natty

[SaltnVinegar]

Re: Lending Stream

Can you please clarify for me, is your complaint based on irresponsible lending due to LS giving 5 PDL's at the same time?

Yup - that among many other things (lack of pre-contact information and explanation, affordabiilty assessment etc)

There's a lot to read so just asking this, because if so they're going to struggle to convince a judge that they acted responsibly - a PDL is emergency borrowing so issuing 5 loans at once could be argued as unfair using the unfair relationship test. Therefore, whilst you're keen to pay something each month via the spineless FOS - who lets not forget are funded by the same firms we complain against - another option available to you is to ignore the FOS and ignore LS for 3-6 months. In that time try and save as much as you can, keep us updated with any letters / threats etc - but ideally after say 3-6 months they may sell the debt to a DCA who are likely to accept a much reduced offer to settle.

So as an example, you could owe £2k in total and pay £100pm for 20 months via the FOS route (offer). Or you could wait 6 months and save £150pm and then write to whoever owns the debt at that point and offer £900 in F&F settlement.

Its unlikely they'd be daft enough to issue a claim. I suspect they'd open the floodgates to a raft of claims from debtors if they got clever because a judge really wouldn't be serving justice if he agreed that a premium loan service gave a person clearly struggling financially, 5 loans at once. It's just wrong.

SnV has given great help - I'm just adding an option 4 based on experience with LS, the FOS & the court system.

Whatever you decide, we're here to help & guide you where necessary.

That's one of the options we previously discussed (shame on you not reading up on the 32 pages of the thread ), but its always good to remember (haha!) more of the options.

Totally agree on the legal p.o.v too - I would be shocked if this went to court (for one), and doubly shocked if a Judge didn't rule providing 5 short term loans failed the test against the unfair relationship provisions. From a risk perspective, knowing that providing mulitple loans to individuals is normal business behaviour for LS, for them to lose on this basis in court would be disasterous for them and I cannot imagine their legal team ignoring this fact,

[Never-In-Doubt]

Re: Lending Stream

Hi Natty

Can you please clarify for me, is your complaint based on irresponsible lending due to LS giving 5 PDL's at the same time?

There's a lot to read so just asking this, because if so they're going to struggle to convince a judge that they acted responsibly - a PDL is emergency borrowing so issuing 5 loans at once could be argued as unfair using the unfair relationship test. Therefore, whilst you're keen to pay something each month via the spineless FOS - who lets not forget are funded by the same firms we complain against - another option available to you is to ignore the FOS and ignore LS for 3-6 months. In that time try and save as much as you can, keep us updated with any letters / threats etc - but ideally after say 3-6 months they may sell the debt to a DCA who are likely to accept a much reduced offer to settle.

So as an example, you could owe £2k in total and pay £100pm for 20 months via the FOS route (offer). Or you could wait 6 months and save £150pm and then write to whoever owns the debt at that point and offer £900 in F&F settlement.

Its unlikely they'd be daft enough to issue a claim. I suspect they'd open the floodgates to a raft of claims from debtors if they got clever because a judge really wouldn't be serving justice if he agreed that a premium loan service gave a person clearly struggling financially, 5 loans at once. It's just wrong.

SnV has given great help - I'm just adding an option 4 based on experience with LS, the FOS & the court system.

Whatever you decide, we're here to help & guide you where necessary.

[IF]

Re: Lending Stream

Another 'Remember' from me too Natty and I'm sending you a big hug

Best wishes
IF

[SaltnVinegar]

Re: Lending Stream

As I have said many times I am live at home with my parents, it would be them answering the door if the DCA visited and this is something I DO NOT want to happen, as they know nothing about my situation.

Yes and I'll repeat again - the chances of this happening are 0.00000001%, remember that LS are based in Deleware in the US! Unless things have changed recently their UK address is just a mail forwarding service, and a requirement for serving legal documents etc. How do I know? Because I've been there! (I have done a lot of investigation on payday loan companies).

FCA CONC guidelines state that a firm is not allowed to threaten doorstep collection/home visits when an account is in deadlock. Your account is in deadlock.

So if this threat is made (they cannot just turn up unannounced), then you will quote the above guidelines from the CONC handbook to put them back in their place.

But you're reacting to scenarios that are going on in your head, not things that are happening.

[nanna58]

Re: Lending Stream

Natty remember the doorstep template if they say they are coming ( which they won't ) its a scare tactic ,remember that.Remember they cannot take your doorstep !! You won't let them your so strong now it isn't January ,remember chin up and up xxxxxxx
Remember !!!!xxx

[Phoenix]

Re: Lending Stream

Hi Natty,

I can only support SnV's advice - nothing to add.

It is understandable that you are feeling low but remember (yes, I used that word as well, SnV!) that we are all here for you. We will never judge and our support will be there 100% - I know this for a fact, as I have received plenty myself!

As SnV says, chin up! xxx

[Natty]

Re: Lending Stream

SnV,

I want to thank you for the extremely detailed response to me. The time, your own time you have spent on this issue has been amazing. I am so tearful & frightened at the moment. I do tend to always rush in to try and resolve things, which is why I suggested the email contact.

As I have said many times I am live at home with my parents, it would be them answering the door if the DCA visited and this is something I DO NOT want to happen, as they know nothing about my situation.

Thank you once again for all you have done.

Warmest wishes as always

Natty

[SaltnVinegar]

Re: Lending Stream

And I think I win a prize for the number of times the word 'remember' has been used in one post on that last one!

Remember you have come a long way since your first post in January, you still have many valid arguments that have not been addressed, and you are still here, fighting.

[SaltnVinegar]

Re: Lending Stream

I am wondering should I email them with a revised offer? I really do not know what to do! Stressed.com once again.

No this is NOT what you should do right now!

The way you have reacted above is EXACTLY why creditors and debt collection agencies carry out the conduct of harassment that they do. People under pressure and stress react, and make decisions (usually poor ones), that they wouldn't with the benefit of hindsight.

Remember what you posted earlier - that is you have until the 30th October to either accept or decline their offer

So remember what you should do - that is do not respond until 29th October

You do not need to make ANY decision, or consider ANYTHING until then!

I would never consider guiding anyone down a path they are uncomfortable with, so remember whatever choice you make you'll be supported 100% however neither do I want anyone to make a decision, or put forward any offer, under duress which is where you are now.

If you do decide to make a revised offer, then we'll help you arrive at a figure that is going to be comfortable for YOU, and one that does not financially disadvantage you.

But today is 4th October - you have 3 weeks yet before you need to start considering anything ok?!

With regard to phone calls and doorstep collection visits - there will be a common theme here..........

1) If anyone phones you at work, tell them to F.O. put the phone down and then post about it here, and we'll help you

2) If in the exceptionally unlikely event you get a doorstep visit (and I have NEVER heard of one for a LS account), then they have no right to enter your property, absolutely none at all. Therefore tell them to F.O. slam the door in their face, then post about it here and we'll help you.

Remember the FOS decision changes nothing with regards to the decisions you would have had to make had you not bothered with them in the first place so you have lost nothing. What you have gained however is to drag things out for 10 months.

Yes, LS will probably use the FOS ruling as their reasoning they are in the right, but you will use the fact they have not responded to any of your legislative complaints to show you are in the right.

Result - standoff and deadlock, with the only way it will be resolved before getting to be statute barred is for LS to issue a court claim which is a miniscule chance and, where there is more than a fair chance you could defend or worst case scenario is its then you make a deal!

What is more likely to happen, is that they will sell the account to a DCA, and you will then challenge the assignment based on the fact there is an outstanding complaint where none of your points have been addressed.

So as difficult as I know it is, use the next couple of weeks to think objectively, and what is best for you, both short and long term. There is no rush to make a decision, nor should you be rushed into making a decision because its exactly that - YOUR decision.

Chin up ok?

[Susiebling365]

Re: Lending Stream

I was really hoping the FOS would side with me. As soon as I read the letter I was stressed. £110.00 is a lot of money. I think I offered this initally across all the loans as I was so stressed.


I have never as yet read anywhere where they side with "us" the public, they washed their hands with me .....they just seem to sit on the fence and are quite spineless. Just listen to the good advice on here and you will be ok... trust them. I know how you feel but it don t get you anywhere worrying, debtors prison been abolished and doorstep harassment is not allowed.

[Natty]

Re: Lending Stream

Not really Cymru,

I am unsure if they have my work number. Just really stressed this weekend. I am wondering should I email them with a revised offer? I really do not know what to do! Stressed.com once again.

Best wishes
Natty

[cymruambyth]

Re: Lending Stream

Natty I hope you slept a big better last night. Do LS have your work phone number? It is highly unlikely that they will visit you. They are bullies who get most success when they don't have AAD fighting them. As snv has posted LS may put pressure on you, but they will be aware that they are under scrutiny and that their lending to you has been dubious.