Lending Stream

[SaltnVinegar]

Re: Lending Stream

Hi Natty

Hope you're having a good weekend. Just a reminder to get that email sent off today.

[Natty]

Re: Lending Stream

Hi Natty

Hope you're having a good weekend. Just a reminder to get that email sent off today.

Hi SnV,

Thank you so much for the reminder. It has been a hectic weekend looking after Dad & helping Mum. I was in the middle of responding to the FOS. The email has now gone off to the FOS.

In your earlier post you mentioned about P2P selling my account off. However as mentioned previously I received the following email on the 30 April: Surely they will not sell my account whilst they are investigating?

Thanks again SnV for your continued support

warmest wishes

Natty

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.


Yours sincerely,

[SaltnVinegar]

Re: Lending Stream

Thank you so much for the reminder. It has been a hectic weekend looking after Dad & helping Mum. I was in the middle of responding to the FOS. The email has now gone off to the FOS

Good stuff - lets see what they come back with. At some point they are going to have to make a decision. I'm hoping that the conduct of LS, and the way they have dragged their heels with the FOS may help you but I'm afraid I won't hold my breath. But lets stay positive, they may surprise me!

In your earlier post you mentioned about P2P selling my account off. However as mentioned previously I received the following email on the 30 April: Surely they will not sell my account whilst they are investigating?

They shouldn't, doesn't mean they won't

If they have it will work in your favour as it'll just give you another stick to beat a debt purchasor with. Don't worry about them for now - balls in their court.

[Pixie]

Re: Lending Stream

Hi Natty, so pleased to hear that your Dad's op was a success, that must be a big worry off your mind. I wish him a speedy recovery x

[Natty]

Re: Lending Stream

Hi Natty, so pleased to hear that your Dad's op was a success, that must be a big worry off your mind. I wish him a speedy recovery x

Thanks Pxie! It is tough going at the moment but I am sure a few months down the line things will be fine.x

[Natty]

Re: Lending Stream

Good stuff - lets see what they come back with. At some point they are going to have to make a decision. I'm hoping that the conduct of LS, and the way they have dragged their heels with the FOS may help you but I'm afraid I won't hold my breath. But lets stay positive, they may surprise me!



They shouldn't, doesn't mean they won't

If they have it will work in your favour as it'll just give you another stick to beat a debt purchasor with. Don't worry about them for now - balls in their court.

SnV,

You are wonderful and really know your stuff!! I have only just read this post after receiving my response from the FOS. Yes I have finally received a response and guess what??? They have ruled in favour of LS. I really thought deep down that they would side with me. They have even ignored the loan that they waived and have made no comment. I know you all warned me not to hold my breath, but when they wavied one of the loans due to not meeting their criteria I really thought I would win this fight!

This is the email I have received: I am having problems copying the main letter and will do this shortly.



Dear Natty,

Thank you for your email of 25 May 2015.

I appreciate our main way of contact has been email but please call me on the below number if you have any questions.

I’ve now had the chance to consider what both you and Lending Stream have sent me with regards to your complaint. I’ve attached a letter which sets out my findings in more detail.

As you’ll be able to see, I’m of the opinion that the repayment arrangement proposed by Lending Stream from the point you raised your complaint to be reasonable given the circumstances. I’m afraid to say though that I don’t feel I can say the loans were unaffordable at the time you applied for them and, because of this, I don’t feel I can ask Lending Stream to write off all the interest and charges.

I know this will come as a disappointment to you. However, please have a read of the attached letter and come back to me.

Regards
FOS


As as you can imagine I have gone into panic mode once again and stressing! However I want to fight this as LS have basically admitted they have been irresponsible by waving one of the loans.

I will post the full contents of the letter shortly.

You were so right SnV the response I would receive . However I know you were hoping and praying the FOS would see sense in my case.

I will update this post shortly

Warmest wishes

very stressed Natty
x

[Pixie]

Re: Lending Stream

Please don't go into panic mode Natty, you've lost a battle not the war

[SaltnVinegar]

Re: Lending Stream

As as you can imagine I have gone into panic mode once again and stressing! However I want to fight this as LS have basically admitted they have been irresponsible by waving one of the loans.

I will post the full contents of the letter shortly.

You were so right SnV the response I would receive . However I know you were hoping and praying the FOS would see sense in my case.

I will update this post shortly

Hi Natty

This is obviously disappointing, but also not surprising. The FOS have yet again proved yet again to be toothless. I'll wait for you to post the final response, but if you could (without identifying features), then we can look at what the FOS have examined, but I expect they have stuck to the 'affordability' argument presented by LS, as they would not commit as to whether the conduct of LS is legal or not - that is for a court to decide.

A positive way to look at this is that the glacial time that it has taken (almost 5 months!) the FOS to come to a decision on this, is time you've not had to make any payments.

Remember - the FOS was the least likely route of success for you in this, so its no surprise that its not come good. There are plenty of ways you can fight this yet, and the other routes LS are actually helping you by the way they are responding.

Easy to say I know but please don't stress, this is not a 'victory' for LS - far from it, as ultimately LS have yet to respond directly to you with regards to your formal complaint, and have breached FCA guidelines, and potentially breached the Consumer Credit Act. LS would be very unlikely want this tested in court, as to do so could potentially mean a ruling that would sink their business.

Enjoy your weekend, help your parents get back on their feet as that is way more important, and the ball is still with LS as they need to respond to the points in your formal complaint to them. While they do not then this account is still firmly in dispute, regardless of what the FOS have stated.

Best
SnV

[CleverClogs (RIP)]

Re: Lending Stream

I agree that the FOS only seem to be focusing on your (reasonable in my view) reluctance to agree to a payment arrangement.

That, alas, is just the sort of Regulatory Capture (link) one has come to expect from the Fobbing Off Service.

[CleverClogs (RIP)]

Re: Lending Stream

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.

Is it just me who believes that the term "bottom feeder"seems redolent of coprophagia? (link)

[Natty]

Re: Lending Stream

SnV,

Here is the full letter I have received from the FOS;

your complaint about Lending Stream Limited

I’m writing to set out my opinion of your complaint. In reaching my opinion, I haveconsidered everything that you and Lending Stream have sent us.Please come back to me if you have any questions about what I’ve said.

my opinion of your complaint

I appreciate how strongly you feel about your complaint and I also know yourcircumstances have been difficult whilst this has been going on. But, I have to tell you that Idon’t feel I can ask Lending Stream to write off the charges and interest you’re beingpursued for on each of your outstanding loans, or ask them to remove the defaults whichhave been applied to your credit file.As per my email of 12 May 2015 as well, I’m of the opinion that Lending Stream’srepayment proposal of removing charges and interest from January 2015 is reasonableunder the circumstances. This option is still open to you should you choose to accept it.I know, however, my opinion will ultimately come as a disappointment to you and I’d like toset out below why I’ve taken this view.

whether each loan was affordable

In assessing whether each loan was affordable at the time of application, I’ve looked at theinformation provided by you, what checks were carried out by Lending Stream and (for thelater loans) the running of your previous loan accounts.I’m satisfied that on each loan application, you provided information which indicated theloan repayments were within your means. I can see for instance that the disposableincome you stated was sufficient to cover the loan repayments. I’m also mindful of the factthat when Lending Stream carried out a credit check, your score was good and there was

nothing to suggest you being unable to repay the loans.

Considering as well the running of your previous loans (I’m referring more to theaffordability of the later loans here), you were making payments on time and within theterms of the agreement. It was only in January 2015 as far as I can see that this changedwhen you told them of your financial difficulties.

the other points you raised as part of your complaint

I considered as well your view that Lending Stream failed to fully explain the charges ofeach loan and that you weren’t given adequate pre-contractual information.As part of Lending Steam’s loan application process, pre-contractual documents areemailed to customers each time they apply for a loan. The customer is required to agreewith what’s outlined in these documents and as far as I can see, you agreed to these eachtime you applied for the loan. With regards to the charges, the APR is available on themain website (which can vary according to when you apply) alongside Lending Streamoutlining what you will be repaying at the time of the loan application.I know you also feel Lending Stream haven’t been cooperating with you since you broughtyour complaint and haven’t been replying to you directly. While I accept what you’resaying, I can see our service has been involved with your complaint from nearly thebeginning. My colleague XXXXXX was speaking with Lending Stream on your behalf andrelaying what they said to you. While I accept this isn’t the usual way in which we wouldlook at a complaint, I don’t feel I can ask Lending to take any further action on this point.

the defaults on each of your loans

The last issue I’d like to cover are the default markers which have been applied to yourcredit file as a result of these loans. I appreciate these markers were applied somewhatrecently however I can’t say that Lending Streams actions have been incorrect in doingthis. With reference to my email of 12 May 2015, all banks and lenders are required torecord an accurate picture of their customer’s financial standing, so as to notify others toyour situation. It is for this reason I’m afraid that I can’t ask Lending Stream to remove thisinformation.

what this means going forward

As above though, Lending Stream have confirmed that they are prepared to make arepayment arrangement for you from the time you went into financial difficulties. This willmean that all charges and interest after January 2015 will be removed. I’m of the opinionthis course of action is reasonable; please let me know if you would like to do this and I canget in touch with Lending Stream for you.But, because of the above reasons, I can’t ask Lending Stream to write off all the chargesand interest on your loans.

I appreciate that this is likely to come as a disappointment toyou. I know that this is not the outcome you were hoping for. But I hope that myexplanation has been helpful in setting out clearly why I have taken this view.However, if you disagree with how I have reached my conclusions, please contact me by12 June 2015 – telling me your reasons and including any evidence that you have notalready provided and that you think is important to your case. Please let me know now if you plan to reply fully but do not think you will be able to meet that deadline.As we explain in our leaflet, your complaint and the ombudsman, consumers have the rightto ask the ombudsman to review their case – as the final stage in our process.
But if we donot hear from you by 12 June 2015, we will take it that you have decided not to pursue thecomplaint further.
Yours sincerely
adjudicator

[Natty]

Re: Lending Stream

Hi Natty

This is obviously disappointing, but also not surprising. The FOS have yet again proved yet again to be toothless. I'll wait for you to post the final response, but if you could (without identifying features), then we can look at what the FOS have examined, but I expect they have stuck to the 'affordability' argument presented by LS, as they would not commit as to whether the conduct of LS is legal or not - that is for a court to decide.

A positive way to look at this is that the glacial time that it has taken (almost 5 months!) the FOS to come to a decision on this, is time you've not had to make any payments.

Remember - the FOS was the least likely route of success for you in this, so its no surprise that its not come good. There are plenty of ways you can fight this yet, and the other routes LS are actually helping you by the way they are responding.

Easy to say I know but please don't stress, this is not a 'victory' for LS - far from it, as ultimately LS have yet to respond directly to you with regards to your formal complaint, and have breached FCA guidelines, and potentially breached the Consumer Credit Act. LS would be very unlikely want this tested in court, as to do so could potentially mean a ruling that would sink their business.

Enjoy your weekend, help your parents get back on their feet as that is way more important, and the ball is still with LS as they need to respond to the points in your formal complaint to them. While they do not then this account is still firmly in dispute, regardless of what the FOS have stated.

Best
SnV

Thanks SnV,

Yes agree with all you have said!

I just cannot understand how the FOS has not addressed the loan that was waived and the explantion LS gave.

I do not feel as stressed as last night, I have come a long way since January when i joined this forum. All thanks to you and the other amazing people on this forum.

I have now postedt the full letter

[Natty]

Re: Lending Stream

SnV,

I have until the 12 June to respond to the FOS.

I feel that I should respond as the FOS has not addressed the waived loan.

What at are your feelings on this?

kind regards
Natty

[SaltnVinegar]

Re: Lending Stream

SnV,

I have until the 12 June to respond to the FOS.

I feel that I should respond as the FOS has not addressed the waived loan.

What at are your feelings on this?

kind regards
Natty

Hi Natty - the FOS have made their decision, I doubt now you will achieve much contesting this without stressing yourself out more battling a toothless ombudsman.

You've got a few days to respond so don't worry about it for now, let them wait for a bit

[Natty]

Re: Lending Stream

Hi SnV,

I hope all is well with you.

As you know I am extremely disappointed in the FOS decision, however by the day I am becoming Increasingly angry!

The main point that LS waived one of the loans has not been addressed! How can they possibly ignore this point, which is a valid argument in my case.

I have until Friday 12 June to respond, so I have over a week,

The other forum member done really well getting her loans waived with LS! Glad to hear that they came up trumps for her, but they are never consistent.

Still no update from P2P. They did say I would get a response within 8 weeks. All the payment chasers have now stopped.

I have to say a big thank you to you for sticking with me and guiding me. I really do appreciate the time and effort you have given me, whilst dealing with your own issues.

It is now June, I smile when I look at my first posts in January when I was extremely stressed thinking DCA would turn up at my parents home.

Yes it is June and I am still alive and breathing.

I will await further instructions fom you.

Warnest wishes
Natty


The kindness of strangers on this forum is unbelieveable!