Lending Stream

[Natty]

Re: Lending Stream

Hi SnV,

I have now received this from P2P. Look like they have now decided to investigate my complaint.



Dear Natty,

I write with reference to your recent complaint about your Pounds To Pocket loan.

I am sorry you have found it necessary to complain. Enclosed is a copy of our complaint procedure for your information.

We are looking into the points you have made and will provide a full response or update as soon as possible.

As you will see from the attached complaint procedure, we have eight weeks from the date we receive your complaint to send you our ‘Final Response’. If at that time you are still unhappy with our decision, you will have six months from the date of our 'Final Response' to refer your complaint back to the Financial Ombudsman Service for them to adjudicate in the matter on your behalf.

Once again, I am sorry that you felt the need to complain. If you have any queries, please do not hesitate to contact us.

Regards
P2P

[Natty]

Re: Lending Stream

Hi SnV,

I have just received this response from FOS:

I cannot believe they are avoiding the irresponsible lending issue. LS wrote off Loan 2 as it did not meet there lending criteria!

Dear Natty,

Thank you for your patience once again while I have been reviewing the information both you and Lending Stream have sent us.

I’ve spoken again with Lending Stream as, like you, I was concerned with what has happened to each of your loans since they have been with our service. Even though I asked Lending Stream to freeze interest and charges whilst I carried out my investigation, I can see they haven’t been and, more so, most of your loan accounts have now defaulted.

As you know, a repayment arrangement was proposed in January 2015 to help you with the financial difficulties you were going through (as this was when you first made Lending Stream aware of your situation).

Even though I understand you turned down this arrangement, I can tell you that this repayment arrangement is still available to you should you choose to accept it. What this will mean is that all the charges and interest added after this date will be written off from the outstanding balance you owe. Just to remind you, your outstanding balance as of Jan 2015 was as follows:


Loan 1 £53.60


Loan 2 £80.40

Loan.3 £241.20

Loan. 4 £80.40

Loan 5 £1165.80


Loan ID 2 has been written off

the defaults on your credit file

A separate issue however, are the default markers which have been added to your credit file as a result of this complaint. I understand you initially agreed a repayment plan but felt you had no other option at the time and, because of this, turned it down later.

Because Lending Stream didn’t receive a payment in respect of these debts, it was correct to record these defaults on your credit file. Banks and loan providers are obligated to record accurate information regarding their customer’s financial affairs, particularly potential future lenders.

going forward

What I need to understand then is what other efforts did you make to explain to Lending Stream that you were unable to make repayments on these and if any alternative payment arrangement was proposed to them. Having looked at your previous correspondence with my colleague Xxxxx it appears as though you wouldn’t propose any repayments if Lending Stream didn’t freeze interest and charges – is this correct? Please can you respond as soon as possible.

Thank you for your cooperation. I’m happy to speak over the phone as well.

Kind regards,
Adjudicator

[Natty]

Re: Lending Stream

The FOS seen to be focusing on me not making payments.

I have sent a number of emails to the FOS (with SnV fantastic help) detailing the basis of my complaint. As far as I can see they are ignoring all the points raised.

I as really hoping the FOS would give me the answer I wanted and resolve the issues. Alas you all told me that they would be spineless.

SnV, when you have a chance can you offer me some guidance once again.

Warmest wishes to all

Natty

[Natty]

Re: Lending Stream

Hi SnV,

I had a message from the FOS on Friday on my mobile. They are awaiting a response from me. Please see post 497. Please can you advise as soon as you get a chance.

Warmest wishes
Natty

[SaltnVinegar]

Re: Lending Stream

Hi Natty

Sorry I had to do a trip for work at very short notice and only got home today. I agree that the FOS only seem to be focusing on your (reasonable in my view) reluctance to agree to a payment arrangement.

Let me have a think on it tonight and I'll suggest a response in the morning. I'm thinking we should push on the fact that LS have already closed one (or maybe two) of your accounts and should use this as a precedent.

best

SnV

[SaltnVinegar]

Re: Lending Stream

Hi Natty

So I think we need to refer the adjudicator right back to your initial complaint letter that you sent back in January:

http://forums.all-about-debt.co.uk/s...g-Stream/page2

Something like this would be appropriate:

<Start of Letter>

Dear FOS person

Thank you for your recent email and voicemail. My apologies for not responding sooner but unfortunately I have had some personal matters that needed my attention.

I can confirm that a payment arrangement was made to me in January 2015, and can confirm that this was in response to informing LS of my financial situation. However, upon further consideration and review of the way that the products were sold to me I then sent LS a formal complaint challenging their lending practices and making clear the basis on which a payment proposal would be acceptable.
I enclose a copy of that letter for your attention. (Natty - make sure you enclose of copy of the letter from post #35 and also amend/delete the bits in red!! )

The letter sent on xx/Jan/2015 outlines the reasons why I believe I have been financially prejudiced and have been sold products that were totally unsuitable for my needs, and consequently why I believe that these products have been sold irresponsibly contrary to the guidelines directed in the Lending Code, those issued by the Financial Conduct Authority, not to mention the legislation within the Consumer Credit Act.

At the time the loans were sold I was also in a vunerable position and believe that this situation was taken advantage of, especially with consideration of the deluge of emails and phone calls I was receiving encouraging me to take further loans, a situation that continued for a significant period of time even while your organization was investigating my complaint!

Despite receiving a formal letter of complaint which has been lodged since January, LS have failed to acknowledge, or even respond to any of the matters raised with them, despite the requirements made of them by the FCA operating under a consumer credit license. I am very disappointed that after significant subsequent correspondence asking them to respond they have yet had the courtesy (not to mention the requirement) to do this, never mind address the issues raised, despite the helpful assistance your organization has provided to date.

A response to my complaint should have been made within 8 weeks of xx/Jan/2015. I think its clear that LS have failed to meet their obligations on this matter also!

I am sure that you can therefore understand my reluctance to engage in any payment negotiations with Lendingstream until the matters I have outlined in the attached letter had been addressed correctly, not to mention the fact that LS have refused to freeze interest and charges, even when requested to do so by your own organization, whilst this matter has been investigated.

I see little sense in making payments to a product that may have been sold unlawfully, or when payments are not reducing a balance due to increasing charges and interest being applied.

I believe that my position on this has been validated by LS already writing off one loan as my situation "did not meet their lending criteria".

In consideration of this, as my situation on subsequent loans was the same, how could thay have met their lending criteria also?

Based on their previous and current conduct LS appear to be brazenly flouting regulations required by a company offering financial products, and also appear to be ignoring your own organization in requests to address the matters of the complaint I have made to them, and all this makes it very difficult to trust right now anything that they say.

I would like to resolve this situation amicably and I would appreciate your assistance in getting LS to adhere to the requirements placed on them by the FCA and address the matters raised in my formal complaint of xx/Jan/2015. I do not understand how this can be causing LS so much difficulty! If LS are unable or unwilling to comply with this then my view is that they should now consider closing the accounts simply as a matter of courtesy due to the stress and inconvenience they have caused.

Regards

Natty

[Natty]

Re: Lending Stream

Hi Natty

Sorry I had to do a trip for work at very short notice and only got home today. I agree that the FOS only seem to be focusing on your (reasonable in my view) reluctance to agree to a payment arrangement.

Let me have a think on it tonight and I'll suggest a response in the morning. I'm thinking we should push on the fact that LS have already closed one (or maybe two) of your accounts and should use this as a precedent.

best

SnV

SnV,

No worries at all! as long as all is well with you.

Warmest wishes

Natty

[Natty]

Re: Lending Stream

Hi Natty

So I think we need to refer the adjudicator right back to your initial complaint letter that you sent back in January:

http://forums.all-about-debt.co.uk/s...g-Stream/page2

Something like this would be appropriate:

<Start of Letter>

Dear FOS person

Thank you for your recent email and voicemail. My apologies for not responding sooner but unfortunately I have had some personal matters that needed my attention.

I can confirm that a payment arrangement was made to me in January 2015, and can confirm that this was in response to informing LS of my financial situation. However, upon further consideration and review of the way that the products were sold to me I then sent LS a formal complaint challenging their lending practices and making clear the basis on which a payment proposal would be acceptable.
I enclose a copy of that letter for your attention. (Natty - make sure you enclose of copy of the letter from post #35 and also amend/delete the bits in red!! )

The letter sent on xx/Jan/2015 outlines the reasons why I believe I have been financially prejudiced and have been sold products that were totally unsuitable for my needs, and consequently why I believe that these products have been sold irresponsibly contrary to the guidelines directed in the Lending Code, those issued by the Financial Conduct Authority, not to mention the legislation within the Consumer Credit Act.

At the time the loans were sold I was also in a vunerable position and believe that this situation was taken advantage of, especially with consideration of the deluge of emails and phone calls I was receiving encouraging me to take further loans, a situation that continued for a significant period of time even while your organization was investigating my complaint!

Despite receiving a formal letter of complaint which has been lodged since January, LS have failed to acknowledge, or even respond to any of the matters raised with them, despite the requirements made of them by the FCA operating under a consumer credit license. I am very disappointed that after significant subsequent correspondence asking them to respond they have yet had the courtesy (not to mention the requirement) to do this, never mind address the issues raised, despite the helpful assistance your organization has provided to date.

A response to my complaint should have been made within 8 weeks of xx/Jan/2015. I think its clear that LS have failed to meet their obligations on this matter also!

I am sure that you can therefore understand my reluctance to engage in any payment negotiations with Lendingstream until the matters I have outlined in the attached letter had been addressed correctly, not to mention the fact that LS have refused to freeze interest and charges, even when requested to do so by your own organization, whilst this matter has been investigated.

I see little sense in making payments to a product that may have been sold unlawfully, or when payments are not reducing a balance due to increasing charges and interest being applied.

I believe that my position on this has been validated by LS already writing off one loan as my situation "did not meet their lending criteria".

In consideration of this, as my situation on subsequent loans was the same, how could thay have met their lending criteria also?

Based on their previous and current conduct LS appear to be brazenly flouting regulations required by a company offering financial products, and also appear to be ignoring your own organization in requests to address the matters of the complaint I have made to them, and all this makes it very difficult to trust right now anything that they say.

I would like to resolve this situation amicably and I would appreciate your assistance in getting LS to adhere to the requirements placed on them by the FCA and address the matters raised in my formal complaint of xx/Jan/2015. I do not understand how this can be causing LS so much difficulty! If LS are unable or unwilling to comply with this then my view is that they should now consider closing the accounts simply as a matter of courtesy due to the stress and inconvenience they have caused.

Regards

Natty

SnV,

Thank you so much for this. Really appreciate this.


I dopped the FOS person an email on Friday, advising due to personal family issues I would get back to him this week.

I have received this response:

Dear Natty,


Thank you for your email. I understand that responding to me will not be your top priority during such a difficult time.

If, however, you are able to respond by 25 May 2015 I would really appreciate it. Please let me know if you need more time.

I hope you can appreciate though that there may come a point where I have to consider progressing your complaint to the next stage.

Kind regards,
Adjudicator


SnV,

I will send the email to them tomorrow, however do you know what the FOS mean by;

"I hope you can appreciate though that there may come a point where I have to consider progressing your complaint to the next stage.

[Natty]

Re: Lending Stream

Hi All,

Just wanted to let you know that Dad had his op on Monday. He was in theatre for over 4 hours! However he is now home and doing extremely well. The surgeons are really impressed with how he is recovering. However he so frail and needs to build himself up. But he is on the road to recovery.

SnV,

I have not sent my email to the FOS as yet, ( I had to respond by the 25 May) as this week I have been at the hospital. However I have noted that another member has had all her loans closed & cleared. Well done to her.

I am really frustrated with the FOS they have no backbone at all. They appear to be backing LS and not me.

Best wishes to all and thank you for all support & kinds words about Dad.

Natty
xxxxx

[cymruambyth]

Re: Lending Stream

Hi natty, so pleased to hear about your dad; that is far more important than any PDL!

unfortunayely most of the financial regulatory bodies lack backbone, however your battle isn't over yet and you will continue to be supported in your battles. Have a good weekend

[Natty]

Re: Lending Stream

Hi natty, so pleased to hear about your dad; that is far more important than any PDL!

unfortunayely most of the financial regulatory bodies lack backbone, however your battle isn't over yet and you will continue to be supported in your battles. Have a good weekend

Thank you Cymru, you are truly right! Dad is much more important than PDL compaines.

The fight continues. Thanks to the wonderful friends on AAD forum.

xx

[nanna58]

Re: Lending Stream

Hi Natty
How lovely to hear dad is doing well, his biggest hurdle is over and done now h can only get better xxxx

[Natty]

Re: Lending Stream

Hi Natty
How lovely to hear dad is doing well, his biggest hurdle is over and done now h can only get better xxxx

Thanks Nanna, It will take a few months to recover, but he is doing brilliant. It has been a truly difficult week as the op was longer than we expected, due to complications. But it is onwards & upwards now.

I just need to deal with P2P & LS and feel a lot more stronger to continue the fight.

x

[nanna58]

Re: Lending Stream

You're tough enough ...... No problem xxx

[SaltnVinegar]

Re: Lending Stream

Hi Natty

Really pleased to hear that your dads operation was a success, and that he is recovering well. Heres hoping that he continues to do well and I'm sure he will and will be back to full health very soon.

With regards to LS and the FOS as long as you get that email off today/tomorrow, you will have responded within their deadline. Nothing is going to happen before Tuesday anyway.

P2P, well they should have sold the account by now, so you will have a bit of time before discovering which bottom feeder has bought it.

But one step at a time!

Best
SnV