Lending Stream

[Natty]

Re: Lending Stream

SnV,

So P2P do respond promptly!!! After four months this is the response to my email:


Dear Natty,

Customer #

Thank you for contacting Pounds To Pocket. The contents of your email were duly noted. We apologise if there was any delay in responding to your complaint.

Your query raised several questions on what loan affordability is based on and what statutory checks are processed before assessing credit approval. Please be advised of the following information in relation to your query:

-We processed credit checks on 30/08/2014 with Call Credit, Cifas, and Experian for your initial loan request. Then again on 04/12/2014 when you requested additional funds for a top up with Call Credit and Experian.

You can find additional information on checks by contacting Callcredit which is one of the Credit Reporting Agencies we use.

-We also run various checks, which include but are not limited to, affordability assessment based on current financial commitments, as well as verifying any personal details provided on the application.

-After the application was submitted, we send our customers an email which contains the pre-contractual agreement and also contains a hyperlink that leads to an audio version for your convenience.

-Prior to making a lending decision, your loan application is reviewed and all of the information discussed above is analyzed and taken into consideration.

-Once that information is reviewed, we make a decision and subsequently contact the consumer to advise of the final credit decision.

After careful review of your account and the information you submitted at the time of your application, we have determined that we diligently followed our processes and conducted a credit and affordability assessment on each credit application that was granted. Furthermore, your request for the removal of interest charges and fees associated with your loan has been denied.

If you have any queries, our Final Resolution Team is here to help.

Kind Regards,

Kristi

P2P say they apologise if there was any delay in responding!!!! I must have sent them over 20 emails.

[Natty]

Re: Lending Stream

Well done you, there you go girl power ( and lovely SnV) xx

nanna, SnV has been truly fantastic and so patient with me. I am so glad I came across this forum in January, really do not know what I would have done without everyone's support.

[nanna58]

Re: Lending Stream

Well done you, there you go girl power ( and lovely SnV) xx

[Natty]

Re: Lending Stream

Natty you are not rediculous and certainly should not be ashamed ,that's not allowed here.. Do not stress that's an order. xxx SnV will not mind at all xx

Thanks nanna, I can deal with these two compaines myself as I have gained so much knowledge from SnV, I just need to know how they handle disputes.

[nanna58]

Re: Lending Stream

Natty you are not rediculous and certainly should not be ashamed ,that's not allowed here.. Do not stress that's an order. xxx SnV will not mind at all xx

[Natty]

Re: Lending Stream

SnV,

I have sent the email to P2P and thank you once again for all the time you have spent on this. As I have said many times before the kindness of strangers on this forum notices to amazes me.


I need to ask your advice on another two PDL companies. I took out a loan with Mr Lender £600 & Wage Day Advance £150, both in early December 2014. I have not mentioned these to you as one I have been making payments and two I did not want to be ridiculed (like I have seen on MSE) plus I felt ashamed for taking out so many PDL. ( however I know this would not happen on this site)

I pay £42.11 a month to WDA, however it appears this company no longer offer this type of loan (it maybe that they have had a slap on the wrist)

I pay Mr L approx £170 per month, and this is over 6 months. (The payments decrease each month) I have 3 more payments to make. I made my last payment on the 01.04.15 on both these accounts.

WDA have a direct debit set up & Mr L has a CPA. I have now cancelled both with my bank.

I have learnt alot of Information from you & other kind members and think I now know how to tackle both companies.

Please can can you advise do you have any experience of these companies and how they deal with disputes.

Warmest wishes


Natty

[Natty]

Re: Lending Stream

Hi Natty

Ok, so how you're going to approach P2P is to send a formal letter of complaint (see below). They will probably ignore it, and thats fine, because what it will do is put the account into dispute. They will then sell the account to a debt collection agency, and then you will raise a dispute with them, because the account was sold while it was in dispute! Now its not unlawful to sell an account while it is in dispute, but it is against FCA guidelines for a creditor to not pass on the history of the account when it is sold on (which its unlikely they will do).

After that? Well lets see

Amend the sections in red below with the relevant information and lets see how they respond.

<START OF TEMPLATE LETTER>

FORMAL COMPLAINT - Please do not ignore this letter

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

Dear Sir/Madam

I am writing to you with regard to the above account that I have with your company. Please note that ALL correspondence with regard to these accounts should now be placed in writing only. In particular please note the email address that this has been send from as it has taken you over FOUR months to alter your records as previous records were incorrect.

I will not discuss the above accounts with you over the phone, and any attempt to contact me by telephone will be considered harassment.

Further to the above I wish to make a formal complaint in relation to the above loan 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.

2) 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) 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.

In recent months your company has also failed until very recently to update their records with my correct email address, despite being informed of such on numerous occasions. This has resulted in confidential and sensitive information being sent to an email address that does not belong to me and caused serious embarassement and is a breach of data protection laws.

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

Account # [xxxxxx] I borrowed [£xxxxxx] on [xx/xx/xxxx] and to date I have repaid £xxxxxx

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. I would specifically remind you of your companies failings in updating your records of my personal details, which has resulted in one sided communication and breach of sensitive data.

With all of the above in mind, my suggestion as to a resolution would be to 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 to the email address that this was sent from, and look forward to receiving your written response (and hopefully agreement to my proposal above) shortly.

Yours sincerely

Natty

<END OF TEMPLATE LETTER>

SnV,

Thanks a million. This is so much appreciated.
Best wishes
Natty

[nanna58]

Re: Lending Stream

I agree Natty dad is so important.The others certainly can wait BTW you are doing reallyb great xxxx

[SaltnVinegar]

Re: Lending Stream

My Dad has been great this past week. he has his surgery in 2 weeks, however it is quite a dangerous op. Thank you for asking.

This is what you should be focusing on right now Natty - not P2P or LS. They can wait.

[SaltnVinegar]

Re: Lending Stream

Hi Natty

Ok, so how you're going to approach P2P is to send a formal letter of complaint (see below). They will probably ignore it, and thats fine, because what it will do is put the account into dispute. They will then sell the account to a debt collection agency, and then you will raise a dispute with them, because the account was sold while it was in dispute! Now its not unlawful to sell an account while it is in dispute, but it is against FCA guidelines for a creditor to not pass on the history of the account when it is sold on (which its unlikely they will do).

After that? Well lets see

Amend the sections in red below with the relevant information and lets see how they respond.

<START OF TEMPLATE LETTER>

FORMAL COMPLAINT - Please do not ignore this letter

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

Dear Sir/Madam

I am writing to you with regard to the above account that I have with your company. Please note that ALL correspondence with regard to these accounts should now be placed in writing only. In particular please note the email address that this has been send from as it has taken you over FOUR months to alter your records as previous records were incorrect.

I will not discuss the above accounts with you over the phone, and any attempt to contact me by telephone will be considered harassment.

Further to the above I wish to make a formal complaint in relation to the above loan 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.

2) 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) 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.

In recent months your company has also failed until very recently to update their records with my correct email address, despite being informed of such on numerous occasions. This has resulted in confidential and sensitive information being sent to an email address that does not belong to me and caused serious embarassement and is a breach of data protection laws.

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

Account # [xxxxxx] I borrowed [£xxxxxx] on [xx/xx/xxxx] and to date I have repaid £xxxxxx

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. I would specifically remind you of your companies failings in updating your records of my personal details, which has resulted in one sided communication and breach of sensitive data.

With all of the above in mind, my suggestion as to a resolution would be to 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 to the email address that this was sent from, and look forward to receiving your written response (and hopefully agreement to my proposal above) shortly.

Yours sincerely

Natty

<END OF TEMPLATE LETTER>

[Natty]

Re: Lending Stream

Hurray, you are starting to sound stronger. How is your dad?

I am trying, but when I get a DN I stress!

My Dad has been great this past week. he has his surgery in 2 weeks, however it is quite a dangerous op. Thank you for asking.

[cymruambyth]

Re: Lending Stream

Hurray, you are starting to sound stronger. How is your dad?

[Natty]

Re: Lending Stream

Logic says that if number 2 didn't satisfy the lending criteria, then none of the subsequent loans would satisfy. Hopefully you will hear from them again.
Ignore the DNS, they follow because by not paying you have defaulted.

Cymru, you would think so! I am finally learning what you have all told me for the past few months, how stupid these PDL companies are.

[cymruambyth]

Re: Lending Stream

Logic says that if number 2 didn't satisfy the lending criteria, then none of the subsequent loans would satisfy. Hopefully you will hear from them again.
Ignore the DNS, they follow because by not paying you have defaulted.

[Natty]

Re: Lending Stream

SnV,

Today I have received 4 separate default notices for the outstanding loans. (Remember I had 5 loans, but LS have closed loan number 2).

Basically each default notice looks as though it has been photo copied.

I still cannot understand why LS closed loan number 2, surely they are admitting they have been irresponsible, they have almost admitted this.

Best wishes

Natty