Lending Stream

[SaltnVinegar]

Re: Lending Stream

Hi SnV, The contents of the DN are on post 458

Hi Natty - yes read it. That is the notice of termination, which they have to send you when terminating the agreement, which is what they are notifying you of. Before that, they have to send you a Default Notice, which is referenced in the termination notice:

We refer to the Default Notice which we issued on 04-Apr-2015 in connection with the above Agreement.

And to which you referenced earlier in the thread about 4th April, but you didn't post the content:

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.

What we really need to see is the exact wording of the Default Notices, reason being is that their wording has to be in a prescribed way and correct otherwise they will be defective, and if so, the termination also. Although this can be remedied, and I certainly wouldn't rely on it as your only legal defence, it is still useful evidence as if the DN is bad, then it also allows more credibility to question LS internal processes.

[Natty]

Re: Lending Stream

SnV,

I also received 4 of the following notices;

Date:05/04/2015

IMPORTANT – YOU SHOULD READ THIS CAREFULLYNOTICE OF DEFAULT SUMS

Served under section 86E of the Consumer Credit Act 1974This Notice of Default Sums now served on you relates to a Fixed-Sum credit Agreement,number XXXXX and dated 22-Sep-2014 entered into by you with Lending Stream LLC.This notice is given in compliance with the Consumer Credit Act 1974 because you havedefaulted on your payments under the Terms & Conditions.This Notice does not take account of default sums which we have already told you about inanother default sums notice, whether or not those sums remain unpaid.

Date Payable Nature of Default Default Sum
05-04-2015 Default Fees 5.00 Total Default Sums Due: 5.00

Email: info@lendingstream.co.uk.
You are encouraged to contact us to discuss the state of your account. Our contact detailsare: Lending Stream, Wisteria Camrose House, 2A Camrose Avenue, Edgware, Middlesex,HA8 6EG; Tel: +44 (0)203 564 7028

Notices

You have not been charged for the preparation or delivery of this notice.Regards,Customer Care Team

Lending Stream.

[Natty]

Re: Lending Stream

Hi SnV,

I have looked back through the 8 emails that I received on the 5 April 2015. I have 4 of the notices for each individual loan: Please see below:



Date : 05-Apr-2015

IMPORTANT – YOU SHOULD READ THIS CAREFULLY - DEFAULT NOTICE Served under Section 87 (1) of the Consumer Credit Act 1974 Details of the breach :-

You are now in breach of your fixed sum loan agreement with us, agreement reference number XXXXX and dated 22-Sep-2014 which is regulated by the Consumer Credit Act 1974. Under the terms of the agreement you borrowed £100.00 repayable by 6 monthly installments commencing on 30-Sep-2014 and repayable in the installments and on the dates specified in your fixed sum loan agreement.

You have failed to pay the following installment(s) on the due date(s), in breach of the terms of the loan agreement, specifically the "Timing and Amount of Repayments" term: £33.60 was due on 30-Jan-2015 £26.80 was due on 27-Feb-2015.

Further, you have accrued the following charges in respect of your arrears: £10.00 missed payment fee in respect of the payment due on 31-Jan-2015 £5.00 arrears fee as your account has now been overdue for over 65 days, £6.80 of default interest As at the date of this notice the total amount of your arrears, including all default interest and default/arrears charges is £82.20.

Action required to remedy Breach

Immediate action is required to remedy this breach. You are required to contact us to discuss your arrears and to pay us the total amount of arrears of £82.20 outstanding on your account by 23-Apr-2015. You must also ensure that you make any payments that fall due under the agreement between the date of this notice and 23-Apr-2015, on time and in full.

Authorised and Regulated by the Financial Conduct Authority. Interim Permission Number 643942.Registered Address: Lending Stream LLC, 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA. | Registered in the State of Delaware, USA | Registration Number: 4124111

IF THE ACTION REQUIRED BY THIS NOTICE IS TAKEN BEFORE THE DATE SHOWN NO FURTHER ENFORCEMENT ACTION WILL BE TAKEN IN RESPECT OF THE BREACH.IF YOU DO NOT TAKE THE ACTION REQUIRED BY THIS NOTICE BEFORE THE DATE SHOWN THEN THE FURTHER ACTION SET OUT BELOW MAYBE TAKEN AGAINST YOU:-

If you fail to pay us the total arrears by 23-Apr-2015 and/or fail to make any of the payments due under your agreement between that date and the date of this notice, we may:Register your default with the credit reference agencies to which we subscribe;

Terminate the agreement with immediate effect;Demand earlier payment of the full outstanding balance under the agreement*;Serve notice on you in writing demanding payment of the full outstanding balance of£87.20 plus all default sums and default interest that have accrued*;If we fail to receive payment by 23-Apr-2015 we may pass your account to a debt collection agency and a further debt collection fee of £5.00 will be charged to your account; and We or the debt collection agency may take court action, if necessary, in connection with the above.

*On early repayment of your agreement, whether upon breach or for any other reason, you may be entitled to a statutory rebate calculated in accordance with the Consumer Credit(Early Settlement) Regulations 2004.

If you cannot pay the arrears in full by 23-Apr-2015 and/or meet your repayments due between that date and the date of this notice, you are strongly urged to contact us on 0203564 7028. You will be able to speak to specially trained members of staff who will assist you. If you are experiencing repayment difficulties or hardship then please let us know and we will work with you to agree an alternative repayment strategy.

IF YOU HAVE DIFFICULTY IN PAYING ANY SUM OWING UNDER THE AGREEMENT OR TAKING ANY OTHER ACTION REQUIRED BY THIS NOTICE,YOU CAN APPLY TO THE COURT WHICH MAY MAKE AN ORDER ALLOWING YOU OR ANY SURETY MORE TIME.IF YOU ARE NOT SURE WHAT TO DO, YOU SHOULD GET HELP AS SOON AS POSSIBLE. FOR EXAMPLE, YOU SHOULD CONTACT A SOLICITOR, YOUR LOCAL TRADING STANDARDS DEPARTMENT OR YOUR NEAREST CITIZENS’ADVICE BUREAU.

This notice should include a copy of the current Financial Conduct Authority information sheet on default. This contains important information about your rights and where to go for support and advice. If it is not included, you should contact us to get one.

[Natty]

Re: Lending Stream

Hi SnV,

I hope you can read the two posts above. I do not know what I have done to post 467! Hope you can read it?

I have made a right pigs ear if it


I need to inform the FOS person about the recent notices received. The court wording has stressed me out, but I guess (well I am hoping this is another scare tactic).

Please let me know if you need me to post anything else.

Once again a million thanks for all you continue to do.

Warmest wishes

Natty
x

[The Tech Clerk]

Re: Lending Stream

Hi SnV,

I have looked back through the 8 emails that I received on the 5 April 2015. I have 4 of the notices for each individual loan: Please see below:



Date : 05-Apr-2015

IMPORTANT – YOU SHOULD READ THIS CAREFULLY - DEFAULT NOTICE Served under Section 87 (1) of the Consumer Credit Act 1974 Details of the breach :-

You are now in breach of your fixed sum loan agreement with us, agreement reference number XXXXX and dated 22-Sep-2014 which is regulated by the Consumer Credit Act 1974. Under the terms of the agreement you borrowed £100.00 repayable by 6 monthly installments commencing on 30-Sep-2014 and repayable in the installments and on the dates specified in your fixed sum loan agreement.

You have failed to pay the following installment(s) on the due date(s), in breach of the terms of the loan agreement, specifically the "Timing and Amount of Repayments" term: £33.60 was due on 30-Jan-2015 £26.80 was due on 27-Feb-2015.

Further, you have accrued the following charges in respect of your arrears: £10.00 missed payment fee in respect of the payment due on 31-Jan-2015 £5.00 arrears fee as your account has now been overdue for over 65 days, £6.80 of default interest As at the date of this notice the total amount of your arrears, including all default interest and default/arrears charges is £82.20.

Action required to remedy Breach

Immediate action is required to remedy this breach. You are required to contact us to discuss your arrears and to pay us the total amount of arrears of £82.20 outstanding on your account by 23-Apr-2015. You must also ensure that you make any payments that fall due under the agreement between the date of this notice and 23-Apr-2015, on time and in full.

Authorised and Regulated by the Financial Conduct Authority. Interim Permission Number 643942.Registered Address: Lending Stream LLC, 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA. | Registered in the State of Delaware, USA | Registration Number: 4124111

IF THE ACTION REQUIRED BY THIS NOTICE IS TAKEN BEFORE THE DATE SHOWN NO FURTHER ENFORCEMENT ACTION WILL BE TAKEN IN RESPECT OF THE BREACH.IF YOU DO NOT TAKE THE ACTION REQUIRED BY THIS NOTICE BEFORE THE DATE SHOWN THEN THE FURTHER ACTION SET OUT BELOW MAYBE TAKEN AGAINST YOU:-

If you fail to pay us the total arrears by 23-Apr-2015 and/or fail to make any of the payments due under your agreement between that date and the date of this notice, we may:Register your default with the credit reference agencies to which we subscribe;

Terminate the agreement with immediate effect;Demand earlier payment of the full outstanding balance under the agreement*;Serve notice on you in writing demanding payment of the full outstanding balance of£87.20 plus all default sums and default interest that have accrued*;If we fail to receive payment by 23-Apr-2015 we may pass your account to a debt collection agency and a further debt collection fee of £5.00 will be charged to your account; and We or the debt collection agency may take court action, if necessary, in connection with the above.

*On early repayment of your agreement, whether upon breach or for any other reason, you may be entitled to a statutory rebate calculated in accordance with the Consumer Credit(Early Settlement) Regulations 2004.

If you cannot pay the arrears in full by 23-Apr-2015 and/or meet your repayments due between that date and the date of this notice, you are strongly urged to contact us on 0203564 7028. You will be able to speak to specially trained members of staff who will assist you. If you are experiencing repayment difficulties or hardship then please let us know and we will work with you to agree an alternative repayment strategy.

IF YOU HAVE DIFFICULTY IN PAYING ANY SUM OWING UNDER THE AGREEMENT OR TAKING ANY OTHER ACTION REQUIRED BY THIS NOTICE,YOU CAN APPLY TO THE COURT WHICH MAY MAKE AN ORDER ALLOWING YOU OR ANY SURETY MORE TIME.IF YOU ARE NOT SURE WHAT TO DO, YOU SHOULD GET HELP AS SOON AS POSSIBLE. FOR EXAMPLE, YOU SHOULD CONTACT A SOLICITOR, YOUR LOCAL TRADING STANDARDS DEPARTMENT OR YOUR NEAREST CITIZENS’ADVICE BUREAU.

This notice should include a copy of the current Financial Conduct Authority information sheet on default. This contains important information about your rights and where to go for support and advice. If it is not included, you should contact us to get one.

Hope you do not mind I have tidied the posting up, and paused paragraphs for easier reading :-

[Natty]

Re: Lending Stream

Hope you do not mind I have tidied the posting up, and paused paragraphs for easier reading :-

Not at all! Thank you so much.

The posts were a mess, I tried to tidy them but when I went to edit and save it would not let me.

Appreciate your help.

Natty

[Undercover Elsa]

Re: Lending Stream

Action required to remedy Breach

Immediate action is required to remedy this breach. You are required to contact us to discuss your arrears and to pay us the total amount of arrears of £82.20 outstanding on your account by 23-Apr-2015. You must also ensure that you make any payments that fall due under the agreement between the date of this notice and 23-Apr-2015, on time and in full.

Just my opinion, but I think they're on shaky ground demanding payments not yet due on the date of issue of the DN as action required to remedy the breach.
How could anyone know exactly what was due, if charges are being added?
It's also odd to include a demand to contact them as part of the action required to remedy. These two issues should surely have been raised in a cover letter, not as part of the DN.

Was a copy of the FCA info sheet attached to the email?

In any event any DN problems should be kept under your hat in case a claim is ever issued.

At least once the DN has expired and the account terminated then the charges and interest should cease, although it will impact on your Credit Record.

Elsa x

[Natty]

Re: Lending Stream

Just my opinion, but I think they're on shaky ground demanding payments not yet due on the date of issue of the DN as action required to remedy the breach.
How could anyone know exactly what was due, if charges are being added?
It's also odd to include a demand to contact them as part of the action required to remedy. These two issues should surely have been raised in a cover letter, not as part of the DN.

Was a copy of the FCA info sheet attached to the email?

In any event any DN problems should be kept under your hat in case a claim is ever issued.

At least once the DN has expired and the account terminated then the charges and interest should cease, although it will impact on your Credit Record.

Elsa x

Hi Elsa,

Yes an FCA info sheet was included with each email.

Kind regards

Natty

[Natty]

Re: Lending Stream

Hi SnV,

Dear Natty,

Thank you for your correspondence.

Natty I've reviewed you account and see no e-mail or call updating us of your new e-mail address. We canceled CPA in January of 2015 and from that point it was your responsibility to make payments on your loan. It appears we have only received 1 payment thus far on the account.

Natty, e-mail is but one way to contact us to discuss your account. We have free contact via landline via our 0800 line and Live Chat.

We must obtain acceptable arrangements on loan to avoid sell to 3rd party collection agency. We would like to avoid that from happen. Please answer the following questions to help us assist with determining an affordable payment for you.

What is your monthly income?
What is your monthly rent or mortgage?
How much are your monthly utility bills?
How much are your monthly transportation expenses?
How much are your monthly food commitments?
How much are your monthly credit commitments?
Do you have any other major monthly expenses, and how much?

Once we have received your responses we will then use this information to provide a valid arrangement to you!


SnV,

As discussed previously my aim was to set up a payment plan with P2P. Above is the response I received from my last email to them.

What do you advise?

Warmest wishes
Natty

[SaltnVinegar]

Re: Lending Stream

As discussed previously my aim was to set up a payment plan with P2P. Above is the response I received from my last email to them. What do you advise?

Hi Natty - if you want to set up a payment arrangement, then obviously thats fine, but personally I don't think it should be on the back of them inflating the balance. At the very least I think you should be pushing that you won't be paying a penny unless they remove interest and charges from January. The days of payday lenders are numbered since the FCA brought in the new rules late last year. They know this and are looking now to screw people for the very last ££'s they have before their businesses go under.

If you agree to a payment arrangement then it will be on the basis of the current balance which is almost double what you borrowed. They shouldn't inflate the balance any more, the new FCA legislation won't allow it. So P2P have few choices really:

1) They bully you into paying off the balance immediately (their preferred choice)
2) They bully you into paying off the balance on a payment arrangement over 3/6 months (next preferred choice)
3) They bully you into paying off the balance over an extended period (they will probably accept this)
4) They accept paying off the balance as it was in Jan 2015 over an extended period (they may accept this but less likely)
5) They issue a court claim for the full balance, but with the risk that they may not get a judgement if you can prove irresponsible lending, and if they do get a judgement it would be at worst case scenario (for you) on basis of 4) or even 3). So I don't see this as likely to happen
6) They cut their losses and sell the account to a DCA (likely to happen)
7) They write off the account and do nothing (extremely unlikely to happen)

The thing is that when they sell the account to a DCA, you will have a greater change of negotiating a settlement at a lower balance than you do right now with P2P, as a DCA will have bought the account for a lower sum than the capital P2P have lent you, typically around 10p-20p in the pound.

Personally I would send an email something along the lines of:

Thanks for your latest email, with all due respect your records are incorrect, a fact I can prove hence why I have (and will continue to do so) keep communicaiton in writing.

May I remind you of the FCA guidance on treating debtors with forebearance, as to date your communication has shown little regard as to these guidelines.

I would like to settle this amicably, and do not think it unreasonable that you should remove the interest and charges accumulated as a result of your administrative error in not keeping my correspondence and updating my records. If we can agree on a payment arrangement based on the balance as of 5th Jan 2015 then this matter will be solved swiftly for both parties.

Regards

Natty

[Natty]

Re: Lending Stream

Hi Natty - if you want to set up a payment arrangement, then obviously thats fine, but personally I don't think it should be on the back of them inflating the balance. At the very least I think you should be pushing that you won't be paying a penny unless they remove interest and charges from January. The days of payday lenders are numbered since the FCA brought in the new rules late last year. They know this and are looking now to screw people for the very last ££'s they have before their businesses go under.

If you agree to a payment arrangement then it will be on the basis of the current balance which is almost double what you borrowed. They shouldn't inflate the balance any more, the new FCA legislation won't allow it. So P2P have few choices really:

1) They bully you into paying off the balance immediately (their preferred choice)
2) They bully you into paying off the balance on a payment arrangement over 3/6 months (next preferred choice)
3) They bully you into paying off the balance over an extended period (they will probably accept this)
4) They accept paying off the balance as it was in Jan 2015 over an extended period (they may accept this but less likely)
5) They issue a court claim for the full balance, but with the risk that they may not get a judgement if you can prove irresponsible lending, and if they do get a judgement it would be at worst case scenario (for you) on basis of 4) or even 3). So I don't see this as likely to happen
6) They cut their losses and sell the account to a DCA (likely to happen)
7) They write off the account and do nothing (extremely unlikely to happen)

The thing is that when they sell the account to a DCA, you will have a greater change of negotiating a settlement at a lower balance than you do right now with P2P, as a DCA will have bought the account for a lower sum than the capital P2P have lent you, typically around 10p-20p in the pound.

Personally I would send an email something along the lines of:

Thanks for your latest email, with all due respect your records are incorrect, a fact I can prove hence why I have (and will continue to do so) keep communicaiton in writing.

May I remind you of the FCA guidance on treating debtors with forebearance, as to date your communication has shown little regard as to these guidelines.

I would like to settle this amicably, and do not think it unreasonable that you should remove the interest and charges accumulated as a result of your administrative error in not keeping my correspondence and updating my records. If we can agree on a payment arrangement based on the balance as of 5th Jan 2015 then this matter will be solved swiftly for both parties.

Regards

Natty

Hi SnV,

I agree in what you state about setting up a payment plan on the basis of the 5 January 2015 balance. I really, really do not want to go down the court action route. I have emailed P2P and see what they come back with.

I took Dad to hospital at 06:45 this morning and stayed with him for a few hours. His operation is not until 15:00 today. I have spoken to him a few times since I left him and hope to be allowed to visit tonight.

I just want to thank you and everyone else who have given kind words of comfort and support.

Warmest wishes
Natty

[Natty]

Re: Lending Stream

SnV, I have recived the email below from LS today. The balance is now £2'583.00 It appears that they may have closed another loan as they only mention 3 below? Remember I had 5 loans but they closed loan 2 a few weeks ago, advising it did not meet their criteria. Having trouble viewing this email? View on web Your next loan payments are due by 2015-04-30and you still have a total outstanding balance due of £2583.00.We have not received them either because your debit card account information has changed, there's not enough money in your account, or we were unable to attempt an automatic withdrawal because one of your loans is already delinquent. In order to make a payment, you will need to login to your account at lendingstream.co.uk or call us today on 0203 564 7028# - We are ready to help! Here are the payment details for your Lending Stream Loans: Loan Id Number Amount Overdue Upcoming Amount Due XXX 378.60 0.00 XXX 136.20 0.00 XXX 1772.40 295.80 #Call charges apply. Standard charges from BT landlines, mobiles and other providers may vary. This email was sent by Lending Stream LLC | Camrose House, 2A Camrose Avenue, Edgware, Middlesex, HA8 6EG | Registered Address: 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA | Registered in the State of Delaware, USA | Registration Number: 4124111|Authorised and Regulated by the Financial Conduct Authority. Interim Permission Number 643942.

[cymruambyth]

Re: Lending Stream

I hope everything goes well with your dad's operation. I would ignore and see if they close another one!

[SaltnVinegar]

Re: Lending Stream

Hi Natty

Concentrate on your dad the next couple of days and forget about this. It'll still be here when you're ready.

Best
SnV

[nanna58]

Re: Lending Stream

Never mind the money Natty look after dad xx