Lending Stream

[Natty]

Re: Lending Stream

Hi SnV,

I hope you can read the two posts above. I do not know what I have done to post 467! Hope you can read it?

I have made a right pigs ear if it


I need to inform the FOS person about the recent notices received. The court wording has stressed me out, but I guess (well I am hoping this is another scare tactic).

Please let me know if you need me to post anything else.

Once again a million thanks for all you continue to do.

Warmest wishes

Natty
x

[Natty]

Re: Lending Stream

Hi SnV,

I have looked back through the 8 emails that I received on the 5 April 2015. I have 4 of the notices for each individual loan: Please see below:



Date : 05-Apr-2015

IMPORTANT – YOU SHOULD READ THIS CAREFULLY - DEFAULT NOTICE Served under Section 87 (1) of the Consumer Credit Act 1974 Details of the breach :-

You are now in breach of your fixed sum loan agreement with us, agreement reference number XXXXX and dated 22-Sep-2014 which is regulated by the Consumer Credit Act 1974. Under the terms of the agreement you borrowed £100.00 repayable by 6 monthly installments commencing on 30-Sep-2014 and repayable in the installments and on the dates specified in your fixed sum loan agreement.

You have failed to pay the following installment(s) on the due date(s), in breach of the terms of the loan agreement, specifically the "Timing and Amount of Repayments" term: £33.60 was due on 30-Jan-2015 £26.80 was due on 27-Feb-2015.

Further, you have accrued the following charges in respect of your arrears: £10.00 missed payment fee in respect of the payment due on 31-Jan-2015 £5.00 arrears fee as your account has now been overdue for over 65 days, £6.80 of default interest As at the date of this notice the total amount of your arrears, including all default interest and default/arrears charges is £82.20.

Action required to remedy Breach

Immediate action is required to remedy this breach. You are required to contact us to discuss your arrears and to pay us the total amount of arrears of £82.20 outstanding on your account by 23-Apr-2015. You must also ensure that you make any payments that fall due under the agreement between the date of this notice and 23-Apr-2015, on time and in full.

Authorised and Regulated by the Financial Conduct Authority. Interim Permission Number 643942.Registered Address: Lending Stream LLC, 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA. | Registered in the State of Delaware, USA | Registration Number: 4124111

IF THE ACTION REQUIRED BY THIS NOTICE IS TAKEN BEFORE THE DATE SHOWN NO FURTHER ENFORCEMENT ACTION WILL BE TAKEN IN RESPECT OF THE BREACH.IF YOU DO NOT TAKE THE ACTION REQUIRED BY THIS NOTICE BEFORE THE DATE SHOWN THEN THE FURTHER ACTION SET OUT BELOW MAYBE TAKEN AGAINST YOU:-

If you fail to pay us the total arrears by 23-Apr-2015 and/or fail to make any of the payments due under your agreement between that date and the date of this notice, we may:Register your default with the credit reference agencies to which we subscribe;

Terminate the agreement with immediate effect;Demand earlier payment of the full outstanding balance under the agreement*;Serve notice on you in writing demanding payment of the full outstanding balance of£87.20 plus all default sums and default interest that have accrued*;If we fail to receive payment by 23-Apr-2015 we may pass your account to a debt collection agency and a further debt collection fee of £5.00 will be charged to your account; and We or the debt collection agency may take court action, if necessary, in connection with the above.

*On early repayment of your agreement, whether upon breach or for any other reason, you may be entitled to a statutory rebate calculated in accordance with the Consumer Credit(Early Settlement) Regulations 2004.

If you cannot pay the arrears in full by 23-Apr-2015 and/or meet your repayments due between that date and the date of this notice, you are strongly urged to contact us on 0203564 7028. You will be able to speak to specially trained members of staff who will assist you. If you are experiencing repayment difficulties or hardship then please let us know and we will work with you to agree an alternative repayment strategy.

IF YOU HAVE DIFFICULTY IN PAYING ANY SUM OWING UNDER THE AGREEMENT OR TAKING ANY OTHER ACTION REQUIRED BY THIS NOTICE,YOU CAN APPLY TO THE COURT WHICH MAY MAKE AN ORDER ALLOWING YOU OR ANY SURETY MORE TIME.IF YOU ARE NOT SURE WHAT TO DO, YOU SHOULD GET HELP AS SOON AS POSSIBLE. FOR EXAMPLE, YOU SHOULD CONTACT A SOLICITOR, YOUR LOCAL TRADING STANDARDS DEPARTMENT OR YOUR NEAREST CITIZENS’ADVICE BUREAU.

This notice should include a copy of the current Financial Conduct Authority information sheet on default. This contains important information about your rights and where to go for support and advice. If it is not included, you should contact us to get one.

[Natty]

Re: Lending Stream

SnV,

I also received 4 of the following notices;

Date:05/04/2015

IMPORTANT – YOU SHOULD READ THIS CAREFULLYNOTICE OF DEFAULT SUMS

Served under section 86E of the Consumer Credit Act 1974This Notice of Default Sums now served on you relates to a Fixed-Sum credit Agreement,number XXXXX and dated 22-Sep-2014 entered into by you with Lending Stream LLC.This notice is given in compliance with the Consumer Credit Act 1974 because you havedefaulted on your payments under the Terms & Conditions.This Notice does not take account of default sums which we have already told you about inanother default sums notice, whether or not those sums remain unpaid.

Date Payable Nature of Default Default Sum
05-04-2015 Default Fees 5.00 Total Default Sums Due: 5.00

Email: info@lendingstream.co.uk.
You are encouraged to contact us to discuss the state of your account. Our contact detailsare: Lending Stream, Wisteria Camrose House, 2A Camrose Avenue, Edgware, Middlesex,HA8 6EG; Tel: +44 (0)203 564 7028

Notices

You have not been charged for the preparation or delivery of this notice.Regards,Customer Care Team

Lending Stream.

[SaltnVinegar]

Re: Lending Stream

Hi SnV, The contents of the DN are on post 458

Hi Natty - yes read it. That is the notice of termination, which they have to send you when terminating the agreement, which is what they are notifying you of. Before that, they have to send you a Default Notice, which is referenced in the termination notice:

We refer to the Default Notice which we issued on 04-Apr-2015 in connection with the above Agreement.

And to which you referenced earlier in the thread about 4th April, but you didn't post the content:

I also received earlier this week 4 emails offering me 40% discount off the remaining loans to settle. Moreover, today I have received 8 yes, yes 8 default notices. I only have 5 loans, well 4 now due to the one they are closing.

What we really need to see is the exact wording of the Default Notices, reason being is that their wording has to be in a prescribed way and correct otherwise they will be defective, and if so, the termination also. Although this can be remedied, and I certainly wouldn't rely on it as your only legal defence, it is still useful evidence as if the DN is bad, then it also allows more credibility to question LS internal processes.

[Natty]

Re: Lending Stream

pulling teeth is over quicker!

Hope all goes well for Dad (I am sure it will) xxxx

Thank you Nightwatch x

[Natty]

Re: Lending Stream

Hi Natty

I've looked back through the thread and noticed that although you mentioned the DN's you didn't post their content. Could you post up the exact wording of one of them please?

Thanks
SnV

Hi SnV,

The contents of the DN are on post 458.

Sorry this must be so confusing! as I am constantly posting updates on LS & P2P ( I have received another response from P2P today)

[Natty]

Re: Lending Stream

Hi Natty

I've looked back through the thread and noticed that although you mentioned the DN's you didn't post their content. Could you post up the exact wording of one of them please?

Thanks
SnV

Hi SnV,

I posted the DN at 09:40, sorry I am on my phone and cannot see the post number.

Sorry for the confusion! I keep jumping from P2P to LS.

[nightwatch]

Re: Lending Stream

pulling teeth is over quicker!

Hope all goes well for Dad (I am sure it will) xxxx

[SaltnVinegar]

Re: Lending Stream

We refer to the Default Notice which we issued on 04-Apr-2015 in connection with the above Agreement.

Hi Natty

I've looked back through the thread and noticed that although you mentioned the DN's you didn't post their content. Could you post up the exact wording of one of them please?

Thanks
SnV

[Natty]

Re: Lending Stream

Hi SnV,

I have just received this email from P2P:

It really is like pulling a tooth out with these people'! Do they not read!


Customer #
Natty,


Thank you for your correspondence.

Natty I've reviewed you account and see no e-mail or call updating us of your new e-mail address. We canceled CPA in January of 2015 and from that point it was your responsibility to make payments on your loan. It appears we have only received 1 payment thus far on the account.

Natty, e-mail is but one way to contact us to discuss your account. We have free contact via landline via our 0800 line and Live Chat.

We must obtain acceptable arrangements on loan to avoid sell to 3rd party collection agency. We would like to avoid that from happen. Please answer the following questions to help us assist with determining an affordable payment for you.

What is your monthly income?
What is your monthly rent or mortgage?
How much are your monthly utility bills?
How much are your monthly transportation expenses?
How much are your monthly food commitments?
How much are your monthly credit commitments?
Do you have any other major monthly expenses, and how much?

Once we have received your responses we will then use this information to provide a valid arrangement to you!

[Natty]

Re: Lending Stream

SnV,

Each of the 4 notices are identical to what I have posted above, except for the amounts.

Many thanks for posting.

[Natty]

Re: Lending Stream

Hi SnV,

I have received 4 individual emails.

The context of the emails States:

Dear Natty,

We are writing to inform you that your loan account with us has been terminated as of 23-Apr-2015. Since you didn't bring the account below up to date within the 14-day grace period mentioned in our last message, we're required to send you the attached notice.

If you need free and impartial debt advice, you can also contact the Money Advice Service on 0300 500 5000* or at www.moneyadviceservice.org.uk.

Please contact us at info@lendingstream.co.uk or on 0203 564 7028* if you have any questions.

Regards,
Lending Stream Customer Service

Dear Natty,

RE: Agreement Number: XXX
We refer to the Default Notice which we issued on 04-Apr-2015 in connection with the above Agreement. We note that the period during which you could remedy the Default has expired on 23-Apr-2015, and that we still have not received the Outstanding Payments in arrears.
In the circumstances, we hereby give you formal notice of our intention to terminate the Agreement on the 23-Apr-2015 and to demand payment of the Total Outstanding Payments under the Agreement to be debited from Your Debit Card.
Outstanding Amount in arrears is £136.20 Details of Payments to be debited:-
a. Loan Amount (excess to Outstanding Payments in arrears): £0.00 b. Interest (excess to Outstanding Payments in arrears) : £0.00
c. Fees : £0.00
Total Outstanding Payments : £136.20
Also, the interest on the Outstanding Loan Amount will continue to accrue until the Total Outstanding Payments are paid. Hence, we request you to kindly pay the Total Outstanding Payments as soon as possible.
You should be aware that we may take you to court and get a judgement against you requiring you to pay us the money you owe us under the Agreement, you may have to pay us both the amount of the judgement and interest under the Agreement on all the sums
Authorised and Regulated by the Financial Conduct Authority. Interim Permission Number 643942.
Registered Address: Lending Stream LLC, 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA. | Registered in the State of Delaware, USA | Registration Number: 4124111

owed by you at the date of the judgement until you have paid these in full. This means that even if you pay off the whole amount of the judgement, you may still have a further sum to pay. If you do not settle the balance on your account we may transfer the responsibility for recovery of the debt to one of our debt recovery agents with a view to taking action for recovery.
IF YOU HAVE DIFFICULTY IN PAYING ANY SUM UNDER THE AGREEMENT OR TAKING ANY OTHER ACTION REQUIRED BY THIS NOTICE, YOU CAN APPLY TO THE COURT WHICH MAY MAKE AN ORDER ALLOWING YOU MORE TIME.
IF YOU ARE NOT SURE WHAT TO DO YOU SHOULD GET HELP AS SOON AS POSSIBLE. FOR EXAMPLE, YOU SHOULD CONTACT A SOLICITOR, YOUR LOCAL TRADING STANDARDS DEPARTMENT OR YOUR NEAREST CITIZENS’ ADVICE BUREAU.
Please contact Lending Stream on 0203 564 7028 or at the above address if you wish to discuss this matter further.
Regards,
Customer Care Team Lending Stream

[SaltnVinegar]

Re: Lending Stream

And just something else to point out here Natty - these emails have probably been issued via an automated computer system. It will be oblivious to the dispute you have open with them, not to mention the fact the account is being dealt with by the FOS. Its all more evidence to show that LS are being unreasonable, as you have evidence from the FOS they agreed to freeze interest & charges, yet this email states they will not.

[SaltnVinegar]

Re: Lending Stream

Hi Natty

A notice of termination is a legal requirement they have to issue, so they are following the rules there. The wording is naughty and is complete bovine excrement as it makes out that it is a foregone conclusion that IF they go to court then they WILL get a judgement.

A court would take a dim view of LS predicting the outcome of a hearing, the correct wording should be along the lines of 'if we go to court, and a judgement is found in our favour'.

They are also ignoring the requirements laid down by the FCA earlier this year with regard to the maximum interest and charges that can be accrued on payday loans (basically they cannot exceed double the original loan amount).

Is that the full wording of what has been sent to you? If not could you put it up in full please? The exact wording is important, as there are legislative requirements here that they have to follow.

Best
SnV

Good morning SnV

I have this morning received 4 separate notices of termination for each of the 4 loans from
LS.

Formal Demand Pursuant to Default Notice under the Consumer Credit Act 1974, s87 (1)




The notice basically states as I have ignored all requests to settle the accounts

it states this: (The court and judgement wording has stressed me)

Also, the interest on the Outstanding Loan Amount will continue to accrue until the TotalOutstanding Payments are paid. Hence, we request you to kindly pay the Total OutstandingPayments as soon as possible.


You should be aware that we may take you to court and get a judgement against yourequiring you to pay us the money you owe us under the Agreement, you may have to payus both the amount of the judgement and interest under the Agreement on all the sums.

owed by you at the date of the judgement until you have paid these in full. This means thateven if you pay off the whole amount of the judgement, you may still have a further sum topay. If you do not settle the balance on your account we may transfer the responsibility forrecovery of the debt to one of our debt recovery agents with a view to taking action forrecovery.
IF YOU HAVE DIFFICULTY IN PAYING ANY SUM UNDER THE AGREEMENT ORTAKING ANY OTHER ACTION REQUIRED BY THIS NOTICE, YOU CAN APPLYTO THE COURT WHICH MAY MAKE AN ORDER ALLOWING YOU MORE TIME.
IF YOU ARE NOT SURE WHAT TO DO YOU SHOULD GET HELP AS SOON ASPOSSIBLE. FOR EXAMPLE, YOU SHOULD CONTACT A SOLICITOR, YOURLOCAL TRADING STANDARDS DEPARTMENT OR YOUR NEAREST CITIZENS’ADVICE BUREAU.

Please contact Lending Stream on 0203 564 7028 or at the above address if you wish todiscuss this matter further.





These people sure know how to stress you out!

[Natty]

Re: Lending Stream

Good morning SnV

I have this morning received 4 separate notices of termination for each of the 4 loans from
LS.

Formal Demand Pursuant to Default Notice under the Consumer Credit Act 1974, s87 (1)




The notice basically states as I have ignored all requests to settle the accounts

it states this: (The court and judgement wording has stressed me)

Also, the interest on the Outstanding Loan Amount will continue to accrue until the TotalOutstanding Payments are paid. Hence, we request you to kindly pay the Total OutstandingPayments as soon as possible.


You should be aware that we may take you to court and get a judgement against yourequiring you to pay us the money you owe us under the Agreement, you may have to payus both the amount of the judgement and interest under the Agreement on all the sums.

owed by you at the date of the judgement until you have paid these in full. This means thateven if you pay off the whole amount of the judgement, you may still have a further sum topay. If you do not settle the balance on your account we may transfer the responsibility forrecovery of the debt to one of our debt recovery agents with a view to taking action forrecovery.
IF YOU HAVE DIFFICULTY IN PAYING ANY SUM UNDER THE AGREEMENT ORTAKING ANY OTHER ACTION REQUIRED BY THIS NOTICE, YOU CAN APPLYTO THE COURT WHICH MAY MAKE AN ORDER ALLOWING YOU MORE TIME.
IF YOU ARE NOT SURE WHAT TO DO YOU SHOULD GET HELP AS SOON ASPOSSIBLE. FOR EXAMPLE, YOU SHOULD CONTACT A SOLICITOR, YOURLOCAL TRADING STANDARDS DEPARTMENT OR YOUR NEAREST CITIZENS’ADVICE BUREAU.

Please contact Lending Stream on 0203 564 7028 or at the above address if you wish todiscuss this matter further.





These people sure know how to stress you out!