Lending Stream

[Natty]

Re: Lending Stream

It does get easier as time goes on. I'm almost 5 years down the line though no payday loans and I have to confess that I was a nervous wreck at first!

I just find the PDL companies scary, I think I have read too many stories of their harsh tactics. However I understand they have now had to change by law.

[nanna58]

Re: Lending Stream

Hang on Natty we have all been there xxxx

[Natty]

Re: Lending Stream

SnV,

I have just received the following email from the FOS in relation to my LS complaint.


Dear Natty,

I’m the adjudicator who will be looking into your complaint against Lending Stream.

I see before my involvement that you’ve been in touch with my colleague XXX. However, from what I can see you are unhappy with Lending Stream’s final say on your complaint which was sent in an email to you on 12 March 2015.

· As I understand it, your complaint is about 5 loans you took out with Lending Stream which you feel were unaffordable. You also feel Lending Stream should have been clearer before your loans were approved as to how much you would be charged for them. I have included each loan account for your reference (this information has been taken from Lending Stream’s email of 12 March 2015):

Loan ID	Current Outstanding Balance	Outstanding Balance in January
X	£77.20	£53.60
X	£131.20	£80.40
X	£373.60	£241.20
X	£131.20	£80.40
X	£1767.40	£1165.80

· FOS person put forward your offer of a monthly repayment plan to Lending Stream of £50.00 on loan ID xxxx and £20.00 on the remaining loans. Lending Stream accepted this and were willing to proceed with repayments on this basis.
· However, you appear not to have accepted this and still feel Lending Stream didn’t carry out adequate checks on your creditworthiness at the time each loan was applied for.
· You also feel Lending Stream didn’t fully answer the points you raised in your letter of 5 January 2015.

Please tell me if you feel there is anything I’ve missed out or misunderstood.

interest and charges on each loan

I’ve spoken with Lending Stream since your last email and they’ve confirmed that interest and charges will not be frozen while we look into your complaint. However, because of your financial situation I am going to ask them if they would be willing to freeze them while I carry out my investigation.

moving forward

I would appreciate if you could answer the following questions in order to help with my understanding of your complaint:

1. Please tell me what you would like Lending Stream to do in order for your complaint to be resolved.
2. I understand you originally proposed the offer of the repayment plan as outlined above however you now don’t want to do this - is this correct?
3. Are you saying that every loan above was mis-sold to you because they were unaffordable?

I would appreciate it if you could respond no later than 30 March 2015.

Please also let me know whether phone, letter or email is the best way to get in touch with you.

Kind regards,
XXX
Adjudicator
Financial Ombudsman Service


I also recieved three emails from LS on Saturday offering a 40% reduction for the above loans.

I am still waiting responses to my letters and emails of: 05.01.15, 25.02.15 and the 12.03.15 from LS.

[Natty]

Re: Lending Stream

Just noted the adjudicator has left a voice mail for me earlier, to discuss my case.

[SaltnVinegar]

Re: Lending Stream

Dear Natty,

I’m the adjudicator who will be looking into your complaint against Lending Stream.

I see before my involvement that you’ve been in touch with my colleague XXX. However, from what I can see you are unhappy with Lending Stream’s final say on your complaint which was sent in an email to you on 12 March 2015.

· As I understand it, your complaint is about 5 loans you took out with Lending Stream which you feel were unaffordable. You also feel Lending Stream should have been clearer before your loans were approved as to how much you would be charged for them. I have included each loan account for your reference (this information has been taken from Lending Stream’s email of 12 March 2015):

Loan ID	Current Outstanding Balance	Outstanding Balance in January
X	£77.20	£53.60
X	£131.20	£80.40
X	£373.60	£241.20
X	£131.20	£80.40
X	£1767.40	£1165.80

· FOS person put forward your offer of a monthly repayment plan to Lending Stream of £50.00 on loan ID xxxxxx and £20.00 on the remaining loans. Lending Stream accepted this and were willing to proceed with repayments on this basis.
· However, you appear not to have accepted this and still feel Lending Stream didn’t carry out adequate checks on your creditworthiness at the time each loan was applied for.
· You also feel Lending Stream didn’t fully answer the points you raised in your letter of 5 January 2015.

Please tell me if you feel there is anything I’ve missed out or misunderstood.

interest and charges on each loan

I’ve spoken with Lending Stream since your last email and they’ve confirmed that interest and charges will not be frozen while we look into your complaint. However, because of your financial situation I am going to ask them if they would be willing to freeze them while I carry out my investigation.

moving forward

I would appreciate if you could answer the following questions in order to help with my understanding of your complaint:

1. Please tell me what you would like Lending Stream to do in order for your complaint to be resolved.
2. I understand you originally proposed the offer of the repayment plan as outlined above however you now don’t want to do this - is this correct?
3. Are you saying that every loan above was mis-sold to you because they were unaffordable?

I would appreciate it if you could respond no later than 30 March 2015.

Please also let me know whether phone, letter or email is the best way to get in touch with you.

Kind regards,
XXX
Adjudicator
Financial Ombudsman Service


I also recieved three emails from LS on Saturday offering a 40% reduction for the above loans.

I am still waiting responses to my letters and emails of: 05.01.15, 25.02.15 and the 12.03.15 from LS.

Hi Natty

Ok so you need to forward the adjudicator the letter you sent to Lendingstream on the 5/1/15, stating that this letter forms the basis of your complaint. I would also point out the following to their 'moving forward' questions:

1. Please tell me what you would like Lending Stream to do in order for your complaint to be resolved.

Your proposals for the complaint to be resolved are clearly laid out in your letter to LS of the 5/1/15. In particular, you should note that LS have added over £600 to the balance of the balance of the 5th loan, and that LS have added £859 in interest/charges in total including the other loans since your complaint was initially lodged. These charges at the very least needs to be removed before any offer is on the table.

2. I understand you originally proposed the offer of the repayment plan as outlined above however you now don’t want to do this - is this correct?

Be careful here Natty - this is a leading question and they are trying to put words in your mouth and make you out to be unreasonable; What you need to state is that this is not correct, and that you may be willing to come to payment arrangement, however it has to be be both reasonable in respect of way that these products have been sold to you, and it has to be affordable. You do not want to make any payment offer on loans that may be unlawful due to Lending Stream not adhering to the Consumer Credit Act, nor through offering you products on the basis of not carrying out suitable affordability and reference checks.

You should also point out that any payment arrangement needs to be afforable and that your initial offer was made under duress due to the threatening emails and texts that were being sent to you by LS. Your initial offer was also made on the basis that LS had frozen interest and charges (they have not - see the evidence provided above that the balances have increased). Now you have had time to think, and assess your financial situation and that your offer needs to be revised based on your calculations with NEDCAB.

3. Are you saying that every loan above was mis-sold to you because they were unaffordable?

Again, your letter to LS dated 15/1/15 lays out your reasons why you think these products were mis-sold, and your reasoning is NOT just based on affordability but other regulatory factors outlined in your letter.

I would also point out that the ONLY contact you have had from LS is via the FOS, that you have had no information regards their complaints process, nor a formal acknowledgement of your complaint as they are required to do so as a company licensed and regulated by the FCA.

Have a go at typing a suitable response based on the above and post it up here so everyone can have a looksie before you send it off.

Best
SnV

[Natty]

Re: Lending Stream

Hi SnV,

I will type something up when I get home later today.

I am shocked at the increase of the balances.

I have received further texts from LS today chasing payment.

I was quite surprised how quickly the FOS have picked this up. What is your general feeling how this will go?

[SaltnVinegar]

Re: Lending Stream

I will type something up when I get home later today.

No problem - as long as you respond before 30th

I am shocked at the increase of the balances.

This is what they do - they will inflate the balances before they sell the accounts on. They are now restricted by how much they can increase them with new legislation brought in so cannot increase by much more, and also shows they cannot be trusted as they told the FOS they would freeze interest and charges remember? Gives you a huge bargaining chip.

I was quite surprised how quickly the FOS have picked this up. What is your general feeling how this will go?

I suspect that the FOS will find in favour of LS, but lets wait and see.

[Natty]

Re: Lending Stream

SnV, thanks for getting back to me.

I will type something up later and post it on here before I send off to the FOS.

[Natty]

Re: Lending Stream

SnV,

Please see my response below to the FOS: Please feel free tweek.

Dear XXX

Thank you for your email and voice message of the 23 March 2015 in relation to my Lending Stream complaint. I have attached copies of my letters dated the 05.01.15 and 25.02.15 and email dated the 12.03.15. The letter dated the 05.01.15 forms the basis of my complaint. The ONLY contact I have had from Lending Stream is via the Financial Ombudsman Services, I have had no information regards their complaints process, nor a formal acknowledgement to my complaint, as Lending Stream are required to do so as a company licensed and regulated by the FCA.Please see my responses to your 'moving forward' questions:

1. Please tell me what you would like Lending Stream to do in order for your complaint to be resolved.

My proposals for the complaint to be resolved are clearly laid out in my letter to Lending Stream of the 05.01.15. I have noted that Lending Stream has added over £600 to the balance of the 5th loan, and that Lending Stream has added £859 in interest/charges in total including the other loans since my complaint was initially lodged. These charges at the very least need to be removed before any offer is on the table.


2. I understand you originally proposed the offer of the repayment plan as outlined above however you now don’t want to do this - is this correct?

Please do not think I am being unreasonable, but this is not correct. My initial offer was made under extreme duress due to the threatening emails and texts that were being sent to me (and continue to be sent) by Lending Stream and other personal issues I am currently going through. My initial offer was also made on the basis that Lending Stream had frozen interest and charges (they have not done this – The figures you have quoted proves the balances have increased). I have had time to think, and assess my financial situation and my offer needs to be revised based on my calculations with NEDCAB.
I may be willing to come to a payment arrangement, however it has to be both reasonable in respect of the way that these products have been sold to me, and it has to be affordable. I do not want to make any payment offer on loans that may be unlawful due to Lending Stream not adhering to the Consumer Credit Act, nor through offering me products on the basis of not carrying out suitable affordability and reference checks.

3. Are you saying that every loan above was mis-sold to you because they were unaffordable?

My letter to Lending Stream dated 05.01.15 lays out my reasons why I think these products were mis-sold, and my reasoning is NOT just based on affordability but other regulatory factors outlined in my letter.

Should this be included These charges at the very least need to be removed before any offer is on the table.

Best wishes
Natty

[SaltnVinegar]

Re: Lending Stream

Hi Natty - looks great! I've just made a couple of suggestions below:

SnV,

Please see my response below to the FOS: Please feel free tweek.

Dear XXX

Thank you for your email and voice message of the 23 March 2015 in relation to my Lending Stream complaint.

To assist you with your investigation I have attached copies of my letters dated the 05.01.15 and 25.02.15 and email dated the 12.03.15 (for your reference Lending Stream denied receiving at least one of these letters - something which I can demonstrate is incorrect as they were sent to Lending Stream via recorded delivery).

Please be aware that it is the letter sent to Lending Stream dated the 05.01.15 that forms the basis of my complaint. You should also be made aware that the ONLY contact I have had from Lending Stream in relation to this complaint has been via the Financial Ombudsman Service and I have received nothing to indicate that I would have had any response at all, had I not made a complaint to your organization. I have had no information regards to Lending Streams complaints process, nor a formal acknowledgement to my complaint, as required to do so as a company licensed and regulated by the FCA.

Lending Stream also informed your colleague that they would freeze interest and charges while they were investigating my complaint, something which as can be seen from the increase in the alleged balances they have failed to do so.

I would like to come to an amicable conclusion to this issue so please see my responses to your 'moving forward' questions:

1. Please tell me what you would like Lending Stream to do in order for your complaint to be resolved.

My proposals for the complaint to be resolved are clearly laid out in my letter to Lending Stream of the 05.01.15. I have noted that Lending Stream has added over £600 to the balance of the 5th loan, and that Lending Stream has added £859 in interest/charges in total including the other loans since my complaint was initially lodged. These charges at the very least need to be removed before any payment arrangement can be considered.

2. I understand you originally proposed the offer of the repayment plan as outlined above however you now don’t want to do this - is this correct?

Please do not think I am being unreasonable, but this is not correct. My initial offer was made under extreme duress due to the threatening emails and texts that were being sent to me (and continue to be sent) by Lending Stream and other personal issues I am currently going through. My initial offer was also made on the basis that Lending Stream had frozen interest and charges (they have not done this – The figures you have quoted proves the balances have increased).

Since this initial offer was made I have had time to think, and assess my financial situation correctly with the assistance of NEDCAB and my offer needs to be revised based on my calculations with NEDCAB.

I may be willing to come to a payment arrangement, however it has to be both reasonable in respect of the way that these products have been sold to me, and it has to be affordable. I do not want to make any payment offer on loans that may be unlawful due to Lending Stream not adhering to the Consumer Credit Act, nor through offering me products on the basis of not carrying out suitable affordability and reference checks.

3. Are you saying that every loan above was mis-sold to you because they were unaffordable?

My letter to Lending Stream dated 05.01.15 lays out my reasons why I think these products were mis-sold, and my reasoning is NOT just based on affordability but other regulatory factors outlined in my letter.

I hope the information above provides more detail on why I believe this products have been mis-sold, and also makes clear why I think Lending Streams subsequent conduct has been unreasonable, especially through the use of the FOS as some sort of email message proxy service. You can see that I have attempted to resolve this situation directly, but Lending Stream have refused to respond until the FOS became involved.

As previously stated I would like to come to an amicable solution to these issues, and appreciate any assistance you can offer in mediation between us.


Best wishes
Natty

[Natty]

Re: Lending Stream

SnV,

Thanks for posting so promptly.

I knew my letter would need tweeking and appreciate your in put. I will send this to the FOS tomorrow.

Cannot thank you enough.

Warmest wishes
Natty

[SaltnVinegar]

Re: Lending Stream

SnV,

Thanks for posting so promptly.

I knew my letter would need tweeking and appreciate your in put. I will send this to the FOS tomorrow.

Cannot thank you enough.

Warmest wishes
Natty

No problem - your response was fine, but the only concern I had was the tone of the adjudictors email was very leading, and certainly seemed to be only focused on 'affordability' as that is what LS are basing their argument on so didn't want you to be herded down that rat hole. The response above should now widen the adjudicators focus. As I've mentioned before, its very unlikely the FOS will comment on the potential legal failings, but on whether LS conduct has been 'fair and reasonable'. I wouldn't hold your breath, but at the very least using the FOS is giving you some time.

[Natty]

Re: Lending Stream

No problem - your response was fine, but the only concern I had was the tone of the adjudictors email was very leading, and certainly seemed to be only focused on 'affordability' as that is what LS are basing their argument on so didn't want you to be herded down that rat hole. The response above should now widen the adjudicators focus. As I've mentioned before, its very unlikely the FOS will comment on the potential legal failings, but on whether LS conduct has been 'fair and reasonable'. I wouldn't hold your breath, but at the very least using the FOS is giving you some time.

SnV,

I have emailed my response to the FOS, you never know he may actually be human and side with the Consumer.

warmest wishes

Natty

[Pixie]

Re: Lending Stream

SnV,

I have emailed my response to the FOS, you never know he may actually be human and side with the Consumer.

warmest wishes

Natty

Keeping my fingers crossed for you Natty x

[Natty]

Re: Lending Stream

Keeping my fingers crossed for you Natty x

Thanks Pixie