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Re: Lending Stream
Hi Natty
Well as I hope you're starting to realize, you have missed the payment deadline for these companies and there has been no massive explosion, the earth hasn't opened up and swallowed you up, and your bank account has not imploded.
Well done for getting through this stage and not breaking
So what happens next? Lets look at the two accounts:
Lendingstream
1) You have sent them a letter challenging them on irresponsible lending - to which they have not responded
2) They are under an investigation by the FOS - to which they are not responding particularly quickly, and infact, they could be accused of dragging their heels
I think the next course of action would be to push for a response to your complaint, as you have not even had an acknowledgement letter yet (which is also another failure on their part). But before we do this I need an answer to the statement below as we need to be prepared for pushback on this point.
The FOS stated that LS believe that at the time of application you stated that you had a disposable income of £1000/month - is this true? What information did you provide to lead them to believe this (if you did provide any information of course).
Pounds 2 Pocket
You let them make the first move - until they do, you can't pre-empt how they are going to approach things. My experience of these companies is that they are very poor at following FCA guidance on dealing with debtors which works in your favour - but you have to give them the rope to hang themselves with
Risks
There are a few risks here - the main one being that they will add interest and charges to the account. However the FCA have limited how much they can do now so a debt cannot escalate 10x or more (the limit is now double).
The most likely thing that will happen is the account will get sold to a debt collection agency - at which point you will negotiate with them.
The worst case scenario is that you get a court claim - however we have only ever seen this happen once, and that was because the person involved buried their head in the sand and didn't address things.
Relax!
The above is worst case scenario and really unlikely - we're pushing for best scenario here, and you are in communication with the companies concerned and in control of the situation.
What you can learn from this now is that in comparison to getting on with your life, and being there for your family, they are low priority.
Best
SnV
Originally posted by Natty
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Well as I hope you're starting to realize, you have missed the payment deadline for these companies and there has been no massive explosion, the earth hasn't opened up and swallowed you up, and your bank account has not imploded.
Well done for getting through this stage and not breaking
So what happens next? Lets look at the two accounts:
Lendingstream
1) You have sent them a letter challenging them on irresponsible lending - to which they have not responded
2) They are under an investigation by the FOS - to which they are not responding particularly quickly, and infact, they could be accused of dragging their heels
I think the next course of action would be to push for a response to your complaint, as you have not even had an acknowledgement letter yet (which is also another failure on their part). But before we do this I need an answer to the statement below as we need to be prepared for pushback on this point.
The FOS stated that LS believe that at the time of application you stated that you had a disposable income of £1000/month - is this true? What information did you provide to lead them to believe this (if you did provide any information of course).
Pounds 2 Pocket
You let them make the first move - until they do, you can't pre-empt how they are going to approach things. My experience of these companies is that they are very poor at following FCA guidance on dealing with debtors which works in your favour - but you have to give them the rope to hang themselves with
Risks
There are a few risks here - the main one being that they will add interest and charges to the account. However the FCA have limited how much they can do now so a debt cannot escalate 10x or more (the limit is now double).
The most likely thing that will happen is the account will get sold to a debt collection agency - at which point you will negotiate with them.
The worst case scenario is that you get a court claim - however we have only ever seen this happen once, and that was because the person involved buried their head in the sand and didn't address things.
Relax!
The above is worst case scenario and really unlikely - we're pushing for best scenario here, and you are in communication with the companies concerned and in control of the situation.
What you can learn from this now is that in comparison to getting on with your life, and being there for your family, they are low priority.
Best
SnV
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