Lending Stream

[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



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

[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

[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,

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

[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

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

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

[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.

[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>

[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.

[nanna58]

Re: Lending Stream

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

[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

[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

[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