Lending Stream

[Natty]

Re: Lending Stream

Many thanks SnV, I appreciate your response. The payments are due 2 weeks this Friday and I am getting so stressed, and really thought about contacting them a week before the monies are due, however I will wait to hear from you.

Best wishes
Natty

Sorry I wanted to ask, is there any success stories that you know of with LS?

[SaltnVinegar]

Re: Lending Stream

Hi Natty

Ok, so you could write to them now, and lodge a formal letter of complaint. They may respond, but my experience is that you need to miss the payments first before they sit up and take notice. I'd be a bit reluctant to be honest to give them a heads up that you are going to miss the payments as they may try something underhand like set up a sneaky direct debit.

I think you have a good case here to argue irresponsible lending on the following basis:

1) The simple fact that they have offered you FIVE loans (I mean FFS, how could anyone consider this responsible)
2) Because of above they have not done a proper affordability assessment
3) You didn't receive pre-contractual credit information in a timely manner, or if at all
4) You didn't receive a pre-contractual explanation

So if you write to them be prepared for the following to happen:

• They will try to contact you via phone - should they do this refuse to answer security questions and inform them that all correspondence should be placed in writing
• If they contact you at work, then same as above applies
• They will threaten/bluster etc, however they must treat all debtors with forbearence, and, if they do not, then you have more to complain about
• Your credit records will probably get shot
• There is a tiny, tiny possibility that they may issue a court summons. However in 5 years of posting on AAD, I have only seen this happen once, and that was someone who buried their head in the sand and didn't deal with things.

I know this is easier said than done, but please try not to worry about this. I'll get a sample letter for you next.

Best
SnV

[Natty]

Re: Lending Stream

Thanks SnV, scaring stuff, but does not help when you get easily stressed. They do not have my correct home & work contact numbers, so I suppose I can stop getting stressed about getting contacted at work and home.

[Natty]

Re: Lending Stream

I really cannot bear the thought off getting contacted by LS at home or work. I can put up with the calls to my mobile, but I do not want my work and home life dragged into this.

[SaltnVinegar]

Re: Lending Stream

Hi Natty

So I have put together the following initial letter for you to send to LS. Make sure that you send it recorded delivery, and keep a record of the tracking number.

<START OF TEMPLATE LETTER>

FORMAL COMPLAINT - Please do not ignore this letter

Account # [xxxxxx] <--EDIT WITH DETAILS-->
Account # [xxxxxx] <--EDIT WITH DETAILS-->
Account # [xxxxxx] <--EDIT WITH DETAILS-->
Account # [xxxxxx] <--EDIT WITH DETAILS-->
Account # [xxxxxx] <--EDIT WITH DETAILS-->

Dear Sir/Madam

I am writing to you with regard to the above FIVE accounts that I have with your company. Please note that ALL correspondence with regard to these accounts should now be placed in writing only. I will not discuss the above accounts with you over the phone, and any attempt to contact me by telephone will be considered harassment.

I also request that you cancel the continuous payment authority (CPA), and any other payment mechanism that was set up to make payments for these loans. I have notified my card provider of the CPA cancellation and accordingly no further payments should be applied for under the CPA, nor any other payment mechanism without my further approval. I would request your written confirmation that you have actioned this request and that the CPA and other payment mechanisms have been cancelled.

Further to the above I wish to make a formal complaint in relation to the above loans that you have sold me as they have resulted in me suffering serious financial hardship and becoming unfairly indebted. The consequence of this is that I am unable to meet the repayments on the accounts identified above.

I would not have suffered such detriment had your company complied with the relevant consumer credit laws in relation to my individual circumstances, in particular:

1) Your company failed to properly assess my creditworthiness when you first lent me money contrary to section 55B of the Consumer Credit Act 1974. Despite the fact that I already had several loans with you, your company continued to send me emails advising that I could take out further loans with you, to the point where I now have FIVE separate accounts. This fact on its own could be considered a breach of s55b, not to mention grounds for irresponsible lending as defined under the FCA CONC guidelines.

2) With regard to the aforementioned emails that were sent to me, encouraging me to take on further debt, the Representative APR and true costs of the borrowing was not made clear to me. This is unfair and contrary to the Advertising Regulations and the Consumer Protection from Unfair Trading Regulations.

3) With the additional loans taken our, your company also failed to provide me with the proper statutory pre-contractual information before I entered into the loan – including a clear explanation of the consequences of missing a payment, and default charges.

4) Your company also failed to provide me with adequate pre- contractual explanations on the suitability of payday loans in relation to particular types of use, and how much I would really have to pay and what would happen to me if I was unable to do so.

Had I been aware of the above information, I would not have taken out further loans, and, because of these failures, I have been significantly prejudiced and have suffered financial loss & hardship.

The status of four of the loans I have with you is as follows:

Account # [xxxxxx] I borrowed £100 on 22/9/2014 and to date I have repaid £175.60
Account # [xxxxxx] I borrowed £100 on 25/9/2014 and to date I have repaid £135.20
Account # [xxxxxx] I borrowed £400 on 6/10/2014 and to date have repaid £405.60
Account # [xxxxxx] I borrowed £100 on 12/10/14 and to date have repaid £135.20

The status of the final loan I have with you is as follows:

Account # [xxxxxx] I borrowed £870. I have yet to make a payment on this account.

I would really like to settle this complaint amicably, and respectfully remind you not just of your failures above but also of your companies obligations to treat customers with forbearance as per FCA CONC guidelines, specifically with regard to freezing interest and charges on the accounts of those suffering financial hardship.

With all of the above in mind, as I have already repaid back the capital on the first 4 loans mentioned above, plus £151.60 in interest, I would ask you to please write-off further interest and repayments.

With regard to the final loan of £870, I would again ask you to please write off interest and charges, and I would be happy to discuss an affordable repayment plan to just repay the capital.

If you are not prepared to do so please explain why, within the statutory 8-week period, so I can take my complaint to the relevant regulatory authorities, including, but not limited to the FCA.

I remind you of my request to keep all correspondence with regard to these accounts in writing, and look forward to receiving your written response (and hopefully agreement to my proposal above) shorty.


Yours sincerely

Natty

[SaltnVinegar]

Re: Lending Stream

I really cannot bear the thought off getting contacted by LS at home or work. I can put up with the calls to my mobile, but I do not want my work and home life dragged into this.

I know its tough, but don't be scared by this. You're not the first person to have got caught out by the payday loan trap (me included!) and you won't be the last. If they call you, then simply treat them like a nuisance caller, refuse to answer security questions, and hang up.

If they call you at work, then do the same.

It sounds stupid, but if you inform them not to contact you on the phone, if they do so, this actually helps you show them to be acting in an unreasonable way.

Lets not worry about things that may happen but instead on what you need to do next.

Best
SnV

[SaltnVinegar]

Re: Lending Stream

So the above letter on post #35 what we are asking them is to write off 4 loans due to irresponsible lending (and the fact you've already repaid capital & interest), and then the final loan you're offering to repay the capital.

I think this is a reasonable start, not showing you to be sticking your head in the sand, and offering to repay something.

I don't expect them to agree, but it opens up correspondence.

Best
SnV

[Natty]

Re: Lending Stream

Thank you so much SnV I will try and not stress out about this.

when do you suggest I send the letter?

[SaltnVinegar]

Re: Lending Stream

Thank you so much SnV I will try and not stress out about this. When do you suggest I send the letter?

Well send it early this week if you want to get things started.

Best
SnV

[SaltnVinegar]

Re: Lending Stream

Hi Natty

How you been today? Have you thought about when you'd like to get that complaint sent off?

Best
SnV

[Natty]

Re: Lending Stream

Hi SnV

I need your expert advice once again. Before I joined this wonderful forum I raised my complaint with the FOS. They have now picked up my case today and issued a reference number. They have contacted LS and requested my account information.

The FOS suggest that I make payments (what I can afford off the accounts).

I am am still going to send my letter this week to LS.

Please can you advise have I done the right thing in letting the FOS pick this case up?

Best regards
Natty

[Natty]

Re: Lending Stream

Hi SnV I have just recieved an email advising you have responded to my post, but I cannot see you response

[SaltnVinegar]

Re: Lending Stream

I need your expert advice once again. Before I joined this wonderful forum I raised my complaint with the FOS. They have now picked up my case today and issued a reference number. They have contacted LS and requested my account information.

Have you complained to LS already? The FOS wouldn't normally pick up a complaint unless you had complained to the original creditor first.

The FOS suggest that I make payments (what I can afford off the accounts)

Well they would say that as they tend to side with the creditor - there is no point though making reduced payments if the balances increase if they continue to add interest/charges.

Please can you advise have I done the right thing in letting the FOS pick this case up?

Its not what I'd have advised, especially at this early stage, for many reasons I won't go into now

But the process has started now, and the wheels at the FoS turn slowly. If you've not made a complaint already to LS, then the FoS may refer you back to them in the first instance anyway.

With the FoS asking LS for your details you have nothing to lose now sending that letter and seeing what their response is. Once the letter has been sent off, then sit back and relax - ball is in their court.

Best
SnV

- - - Updated - - -

Hi SnV I have just recieved an email advising you have responded to my post, but I cannot see you response

It was back in post #40

Posts crossed

[Natty]

Re: Lending Stream

Sorry for the confusion SnV. I was updating you the same time as you posted. But you knew the posts had crossed. Sorry I am new at this.

I have not complained to LS directly, I found an email address last week which was directly to the FOS and for PDL only. I submitted my complaint via email directly to the FOS. I then came across this forum and the rest is history. But no direct complaint has been made to LS yet by me.

However I will post my letter tomorrow recorded delivery.

[Natty]

Re: Lending Stream

The FOS have issued me with a reference and state they have spoken to LS today and requested all my account information.