Lending Stream

[Natty]

Re: Lending Stream

Hi SnV,

I have just received this email from the FOS: The first email was asking for confirmation that my letters were attached. The secon email was referring to LS closing one of th accounts:

Dear Natty,

Thank you for the above emails – I hope it’s OK that I respond with one email.

I did receive your initial email with the attachments, thank you for that.

I have also taken on board what was said in the other email regarding your loan XXXX As before, Lending Stream are still due to respond to me and, once they do, I will let you know what they say.

Please also let me know if they come back to you with an update on any of the other loans which were taken out.

Thank you for your patience.

Kind regards,

Adjudicator
Financial Ombudsman Service

[Natty]

Re: Lending Stream

SnV,

You deserve all the credit for LS, I have only typed the emails and letters. This is all down to your hardwork and much patience with me. I cannot thank you enough.

As you say it is a great result! And we have them in a corner now. I will forward the email I receved from LS to the FOS.

I have noted your comments on P2P and will await your instructions. Thank you once again, enjoy your Vank Holiday to,

Warmest regards
Natty

[SaltnVinegar]

Re: Lending Stream



This is perfect - A Notice of Acceleration is a US legal term, that has absolutely no legal standing or basis in UK law. If P2P were to try to rely on this in a court they would be ripped to pieces.

They have also told you that no interest will be added movng forward - there is no rush here Natty - all we need to do now is lodge the formal complaint and dispute with P2P before they sell the account on to a debt collection agency (probably Arc Europe), and we can then deal with them from there.

Please go and enjoy your Bank Holiday Monday! Nothing is going to happen for at least another week or so, and it'll happen whether you send an email or not.

The reason why you will send an email is that when the account gets sold you can state that the account was sold while in dispute, which, as is almost certain P2P will not inform a DCA of, will put them on the back foot immediately.

Best
SnV

Hi SnV,

Just received this from P2P:

Notice of Acceleration: Your Entire Loan Balance is Now Due.



Pursuant to the Loan Agreement that you signed and the Terms & Conditions thereof, you are in default of the above referenced loan and have failed to take corrective action as detailed in the Notice of Default Sums sent to you at least 15 days ago.


We hereby exercise our contractual right of Acceleration. This means that:
- Your entire loan amount of principal, accrued interest and fees of £1495.25 is now due.
- We may notify the credit reporting agency of your default on this loan.
- We may sell your debt to a third-party debt purchaser who may exercise any rights available under the law in collecting the amount owed.
- Interest will not accrue from this point forward.

If you are experiencing difficulty in paying the sums owed under the agreement, then this notice serves as Pounds to Pocket’s offer to you to contact our Collections Team and work out equitable relief.

If you have queries, email or ring us promptly. We value your business, and we ask you to contact us immediately to resolve this matter. In order to retain your good standing with our company and the Credit Reporting Agency, we must hear from you immediately. Possible payment methods include:


- Debit Card
- Direct Debit from your bank account

If you have already made payment arrangements for the entire balance, please disregard this email.

I know that you kindly said you would put something together in a few days, which I really would sppreciate.

Warmest regards
Natty

[SaltnVinegar]

Re: Lending Stream

Hi Cymru,

It looks like it was the second loan I took out.

Jus to add I have received another 3 emails this past hour offering me the usual 40% discount to settle. I know they are automated, but I am being bombarded with these emails and texts.

They may be automated, but they are also under pressure now Natty - keep your resolve here and you're going to get a really good result.

I would also forward that email to the adjudicator at the FOS stating something simple along the lines that if this loan does not reflect their current lending criteria then neither should the others, and your understanding of that email is that LS are acknowledging some of the points in your complaint letter, and that you expect the same to be applied to the other products that they subsequently sold you after the initial loan.

Best
SnV

[SaltnVinegar]

Re: Lending Stream

Hi Natty

This is a great result well done you!

So while this may be the smaller loan, and could be considered a 'gesture' (which I suspect may be the case if pressure is mounting from the FOS), what it also does is set a precedent.

Simply, if this loan did not reflect their current lending criteria, then none of the loans issued subsequent to that could do either, especially if the lending decision was based on the same information. While they are not coming right out and admiting liabiilty, or admitting irresponsible lending, this is effectively what they are saying.

What this also demonstrates is that you keep pushing the irresponsible lending route - I think the minimum result we're now looking for here is write off of interest/charges and you repay the capital loaned on an affordable monthly plan. Best result............ well lets see what we can push for

Dear Natty, Lending Stream is committed to being a responsible loan provider and we strive to provide positive outcomes for our customers. During a periodic review of our lending process, we identified your loan account XXXXX as an instance where the loan does not reflect our current lending criteria. Consequently, we have made the decision to write-off the outstanding debt associated with this loan and close it immediately. We will also ensure that any negative credit marks associated with this loan are removed. There is nothing for you to do, you will not be required to pay back the balance of this loan. Should you have any questions, please contact us on 0203 564 7028*. Warm Regards, Lending Stream Customer Service The amount owing on this loan was £90.80, however I have another one with the same amount still outstanding. 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.

[Natty]

Re: Lending Stream

Hi SnV,

Just received this from P2P:

Notice of Acceleration: Your Entire Loan Balance is Now Due.



Pursuant to the Loan Agreement that you signed and the Terms & Conditions thereof, you are in default of the above referenced loan and have failed to take corrective action as detailed in the Notice of Default Sums sent to you at least 15 days ago.


We hereby exercise our contractual right of Acceleration. This means that:
- Your entire loan amount of principal, accrued interest and fees of £1495.25 is now due.
- We may notify the credit reporting agency of your default on this loan.
- We may sell your debt to a third-party debt purchaser who may exercise any rights available under the law in collecting the amount owed.
- Interest will not accrue from this point forward.

If you are experiencing difficulty in paying the sums owed under the agreement, then this notice serves as Pounds to Pocket’s offer to you to contact our Collections Team and work out equitable relief.

If you have queries, email or ring us promptly. We value your business, and we ask you to contact us immediately to resolve this matter. In order to retain your good standing with our company and the Credit Reporting Agency, we must hear from you immediately. Possible payment methods include:


- Debit Card
- Direct Debit from your bank account

If you have already made payment arrangements for the entire balance, please disregard this email.

I know that you kindly said you would put something together in a few days, which I really would sppreciate.

Warmest regards
Natty

[Pixie]

Re: Lending Stream

Hi Cymru,

It looks like it was the second loan I took out.

Jus to add I have received another 3 emails this past hour offering me the usual 40% discount to settle. I know they are automated, but I am being bombarded with these emails and texts.

Can you not block the emails and texts Natty?

That email from LS is a step in the right direction

[nanna58]

Re: Lending Stream

Natty its one less to worry about you ever know the other may be the same, well done you x

[Natty]

Re: Lending Stream

That's good news natty. Which loan was it? If it wasn't the first that may explain why only this one was written off.

Hi Cymru,

It looks like it was the second loan I took out.

Jus to add I have received another 3 emails this past hour offering me the usual 40% discount to settle. I know they are automated, but I am being bombarded with these emails and texts.

[cymruambyth]

Re: Lending Stream

That's good news natty. Which loan was it? If it wasn't the first that may explain why only this one was written off.

[Natty]

Re: Lending Stream

Wow what a result run round and eat choc

nanna, I was quite shocked to read the contents of the email, I am a little confused as it only mentions one of the loans. Surely what they say MUST apply to all the other loans?

I am sure SnV will get back to me after the Easter holiday about this. However it is positive news.

[nanna58]

Re: Lending Stream

Wow what a result run round and eat choc

[Natty]

Re: Lending Stream

Happy Easter to all.

SnV,

I thought you you might find this email I received from LS yesterday very interesting:

View on web

Dear Natty, Lending Stream is committed to being a responsible loan provider and we strive to provide positive outcomes for our customers. During a periodic review of our lending process, we identified your loan account XXXXX as an instance where the loan does not reflect our current lending criteria. Consequently, we have made the decision to write-off the outstanding debt associated with this loan and close it immediately. We will also ensure that any negative credit marks associated with this loan are removed. There is nothing for you to do, you will not be required to pay back the balance of this loan. Should you have any questions, please contact us on 0203 564 7028*. Warm Regards, Lending Stream Customer Service The amount owing on this loan was £90.80, however I have another one with the same amount still outstanding. 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.

[Natty]

Re: Lending Stream

Have a good Easter Natty eat choc xxx

You to nanna. X

[nanna58]

Re: Lending Stream

Have a good Easter Natty eat choc xxx