Lending Stream

[nanna58]

Re: Lending Stream

Take a deep. Breath Natty as Cym says its only money ..... Family first xxxx

[SaltnVinegar]

Re: Lending Stream

Hi Natty

Ok well lets see if we can use the OFT to gain some leverage over LS and use them to get them to freeze interest and charges. Ping them the following email tomorrow:

<Start of email>

Dear Mr/Mrs FOS person

Thank you for your last email of xx/xx/xxxx and I take on board your comments that Lendingstream are under the impression that I had a disposable income of £xxxx, and that as a result you cannot consider that the five products that have been sold to me have misold.

I'm at a loss as to explain as to how they have come to this calculation, and think perhaps their assessment criteria should be examined. While I understand your position with regard to Lending Streams claims to my disposable income, I cannot agree with your conclusion that Lending Stream have not been irresponsible with the way they have offered me their products, not the least the fact they have offered me five loans, and continued to offer me more after this.

In addition are the facts of my complaint that Lending Stream have not followed the provisions laid down by the Consumer Credit Act by neglecting to provide me with the information that they were bound to by its legislation. However I also understand that this can only be tested in the Courts.

With all that said I would like to resolve this situation amicably, and would be grateful in your assistance in coming to a payment arrangement with Lending Stream on the five products I have with them.

I am currently working with North East Derbyshire CAB to put together an income/expenditure plan based on the common financial statement format and will shortly have a monthly figure with which I can afford to repay. However, I would only be willing to discuss this, should Lending Stream be willing to freeze interest and charges on the account otherwise I will be doing nothing to reduce the balance of the accounts.

Any help you can offer me in coming to this arrangement would be much appreciated and I look forward to hearing from you in due course.

Kind Regards

Natty

[SaltnVinegar]

Re: Lending Stream

Did you see my posts about the P2P emails, they have been trying to get in touch with me since the end of January. I forgot that I registered and other email address with them,

I did - don't worry about P2P for now - this is why they should not be using email for communication.

Lets get LS sorted first, then we'll move onto P2P.

[Natty]

Re: Lending Stream

SnV

Thank you do much, really cannot thank you enough

Will send this tomorrow.

Natty

[oscar]

Re: Lending Stream

I am currently working with North East Derbyshire CAB to put together an income/expenditure plan based on the common financial statement format and will shortly have a monthly figure with which I can afford to repay. However, I would only be willing to discuss this, should Lending Stream be willing to freeze interest and charges on the account otherwise I will be doing nothing to reduce the balance of the accounts.

Might just be the way I read it, but the latter part of this sentence to me reads as a sort of threat of non payment? Probably not what's intended (if it is - all well and good)

If its not a threat, would it be better to word it to .....otherwise any payments made will do nothing to reduce the balance of the accounts.

[SaltnVinegar]

Re: Lending Stream

Might just be the way I read it, but the latter part of this sentence to me reads as a sort of threat of non payment? Probably not what's intended (if it is - all well and good)

If its not a threat, would it be better to word it to .....otherwise any payments made will do nothing to reduce the balance of the accounts.

Thanks Oscar - that is intended

I don't see any point in Natty agreeing to a payment arrangement unless LS agree to freeze interest and charges so in my view this is non-negotiable. Unless they agree no payment is forthcoming.

The FOS have yet again done nothing to regulate a lender who, in any reasonable view, have been irresponsible in giving someone five loans. I'm hoping, that at the very least, the threat of an investigation will allow Natty to use the FOS as some sort of leverage, when normally what LS would do is bump up the account and then sell it to a DCA.

Though your wording is nicer I agree

[Natty]

Re: Lending Stream

Email has now been sent to the FOS.

[CleverClogs (RIP)]

Re: Lending Stream

The FOS have yet again done nothing to regulate a lender who, in any reasonable view, have been irresponsible in giving someone five loans.

Are you at all surprised?

The job of 'regulation' is the supposed role not of the Fobbing Off Service but of the Fundamentally Clueless Authority and, previously, of the even more useless Office of Faffing and Twaddling.

[SaltnVinegar]

Re: Lending Stream

Email has now been sent to the FOS.

Excellent - lets see what they come back with

[Natty]

Re: Lending Stream

SnV fingers crossed.

[Natty]

Re: Lending Stream

Cannot believe this response from the FOS!


Thank you for getting back to me.

I understand the reasons for you wanting to take the complaint further. I can pass your case to an adjudicator and they can carry out an investigation into what has happened. If you’d like me to do this please confirm that you agree to the declaration attached to this email.

Lending Stream should have frozen the interest and charges as soon as they were made aware that you were in financial difficulty, I made them aware of this on 21 January 2015 so it should be from this date unless you made them aware before this time.

I’m happy to help you as much as you can with the payment plan however, most lenders will only freeze interest and charges for 30 days to give you a chance to make an arrangement with them. If they don’t receive anything in regards to setting up the plan then they are within their right to start adding interest again. They’ve said that due to your circumstances they’re willing to set up a payment plan without an income and expenditure form. If you can tell me how much you think you can pay I can pass this on to them. I’d recommend you do this even if it’s just until you can get the income and expenditure form to them to avoid any additional charges being applied.

Let me know if you have any other questions.

Kind regards,

[cymruambyth]

Re: Lending Stream

Umdortunately you had been warned that they are fairly useless!

[Natty]

Re: Lending Stream

Cymru, I certainly have. It looks like the FOS have not even read and digested my email. Feel as though I am on a roller coaster with all this. Hopefully SnV will be along shortly.

[SaltnVinegar]

Re: Lending Stream

Hi Natty

One day the FOS will prove me wrong in my opinion of them but not today

I didn't want you to think I hadn't seen your thread. Let me have a think over the weekend - nothing is going to happen with the FOS now until Monday anyway.

[Natty]

Re: Lending Stream

Thanks SnV, I know you have a life and appreciate what you do, when you can.

Well you and many other people have advised about the FOS! So really I should not be shocked.

I will await the next move from you.
Best wishes
Natty